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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑
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9 ~- ]3 P& s# q& X( Q8 OCFA Level I：Fixed Income - Features of debts securities 习题精选
$ ~/ K+ O& ]+ ~, h( H+ U1 J21. 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：
) f' S# _( w4 M0 _+ cYear | 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 rate, R! L) w6 S7 r
closest to: * F( x9 ~- q; b; `
A. 6.5%
, `5 S2 P9 O* V4 [( ]2 r% C6 h% gB. 5.0%
) J o2 A1 o) K* @/ fC. 4.5% ) e* m! N" J7 V' f; n3 R- w& o
8 S+ J: J+ H/ ~$ l( e' o2 g答案和详解，登录后回复可见：# L: j. n6 u/ h. j5 _
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5 M6 y! M. p! w% b+ x# K7 [22. Which of the following provides the most flexibility for the bond issuer？/ K5 M# k8 q2 E$ [
A. Put provision 8 r8 r! }' L9 `7 K5 C
B. Call provision - S3 V5 x U# d
C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？
" C5 I+ T4 a# {2 f1 aA. Call protection. - h9 r/ w) Q( Y3 Q1 s" S
B. Refunding protection.
+ d0 Z# u, ?4 [1 mC. Sinking fund protection. " A( i5 H( F5 h7 p+ B
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24. Which statement regarding sinking funds is least likely correct？2 i# _2 |0 K) `
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
2 D7 J. i8 ?5 B9 MB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. ( s7 p$ g+ `' ]( Q
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. ' J" t) k& b! i
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2 }. O" n( B. S) F25. 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？) P4 @& U6 U$ U' b
A. Term repo rate + N+ i0 R+ b3 o+ Q# v
B. Call money rate
8 p7 l9 d( U+ M) bC. Broker loan rate : x- h# K2 n9 u- R1 N/ d
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
