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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 ; B. |$ C( T- i9 \" I3 t
/ O( W! A$ U& K: L' Y8 S& nCFA Level I：Fixed Income - Features of debts securities 习题精选" P8 u1 @ _ I) [7 k, Y" g
21. A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table：( H1 e8 k& r N2 {& k
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
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During 2012, the payments owed by the issuer were based on a coupon rate7 e4 ?8 Y+ }3 `4 K, }) ?+ r
closest to: & P, F) ?& E) k$ |/ X( j3 Q8 d
A. 6.5%
" e6 h" x- D% o0 g/ ~/ n7 NB. 5.0% 9 g! [" }! _2 ~* E5 S
C. 4.5%
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1 s! \/ E- p+ Y+ w6 P) |22. Which of the following provides the most flexibility for the bond issuer？. X1 G. U. C0 l9 q: Q6 @9 q
A. Put provision
* ?/ j* a( V4 p2 Z, X3 z5 Z" j$ RB. Call provision
4 f i% q0 y3 p* D2 IC. Sinking fund provision $ [3 Q3 O# @3 B4 Q
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23. Which of the following provides the most protection to a bondholder？7 {0 b: h8 J! t
A. Call protection.
$ ~0 Q/ i* T. n+ m( PB. Refunding protection.
6 f3 i3 N7 i) TC. Sinking fund protection.
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* d$ W& G9 A! Z24. Which statement regarding sinking funds is least likely correct？
* U1 X, }, o& GA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. , W2 h9 Y1 K. k/ i, Y
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. ; ~; O \2 E* Y. E9 v& ^
C. If rates have declined since the bond was issued, companies are likely to choose to retire a proportion of the debt through the delivery of securities.
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# M! m# A5 i+ Z. A+ Q$ H25. If an institutional investor wants to borrow money for 30 days to finance a bond purchase, which of these is most likely to be the lowest loan rate available？
# V u- a/ \3 L6 u' ?4 T4 WA. Term repo rate
3 }4 c2 s: D+ f- jB. Call money rate ; }5 l* k. ~3 ], y0 i
C. Broker loan rate
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
