|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 , F, n" I, m6 n, y
$ j7 v+ A. W# @9 fCFA Level I:Fixed Income - Features of debts securities 习题精选
0 m) w0 M# i! `/ p0 s7 w9 M21. 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:) G5 T0 U0 h& i$ c# T
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% | & T, ?# R; D( i3 L2 }0 v, l' U
During 2012, the payments owed by the issuer were based on a coupon rate
9 i/ a! C4 \% R7 B$ iclosest to: 2 Q; U1 W1 r& g, P4 i" K$ I
A. 6.5%
' v& }9 x: p( U6 F1 l5 wB. 5.0% 3 z; e# ~8 S4 M) q3 C) M
C. 4.5%
* ^* Y+ M$ [, i7 h6 T
3 P" A4 k4 t. d; Q$ n* }答案和详解,登录后回复可见:
6 Q; O% O, A* Z1 i# k
3 e3 m" |8 [1 p# i0 X6 {/ d5 ?/ H0 W! i5 F8 f
, M: M7 C+ R. L, f3 ~8 V6 j22. Which of the following provides the most flexibility for the bond issuer?
1 T7 L& S4 N$ ?* p; EA. Put provision
1 x* S/ ^% X# u# c RB. Call provision ( v1 W6 G. A8 W) y) z
C. Sinking fund provision 9 r- E6 Y9 f9 A) H: [3 [
. U. x5 c. O3 _( a2 J/ r. z
# U& V! M: f" ?4 ]) w& T! |; B
+ H" Y6 Z g: w8 a1 { J9 }) S$ R" a* m, Q
23. Which of the following provides the most protection to a bondholder?/ O) Y( D# S% _
A. Call protection.
+ X8 B) k. ~7 G. \1 UB. Refunding protection. - ]& t* C' ? {* d2 M3 e r! v/ ^
C. Sinking fund protection.
1 k4 @% a, |. e# \* a4 q/ {* f: T/ M3 h2 \) I
% G6 n q$ x& q4 `1 E
% v. w" W0 N6 s. j8 ?" e* Z' F1 g# p5 }" Z& s0 g" [( R& @
24. Which statement regarding sinking funds is least likely correct?/ U: L3 R$ _ H7 W* t+ X) E
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. + `) {; a2 Y6 a, }* T
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
" y- D& C0 M8 xC. 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. / H/ U2 }" J9 D* Z/ E' s
: c+ P6 F# W1 l1 c; n: {5 ]- Y4 r
, \: v* \1 }0 J7 |& g1 y+ Q* E# L% U# x3 t- ]& _& ?
25. 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?
$ h/ z2 F0 G- I1 eA. Term repo rate
6 a3 ~# T9 i9 x2 ^9 _4 AB. Call money rate
# u0 E8 _' ]& |% O& uC. Broker loan rate
7 S! r+ W" Y4 s: \! s" v7 v* @8 B" ~5 C/ \- Z# T
' s( c8 i; f0 {3 Z) f
更多CFA习题可关注:高顿CFA题库.
' g$ C' i) C" l8 a关注微信CFA-FRM (CFAFighting)CFA考试资讯抢先得) ]+ D& s, R% P% F3 |
( |9 k% [$ g7 z& k& z h: M6 a4 E! `5 l1 G( F2 ?8 s
5 X' x8 Z. k3 {) Q1 F1 j
* K j2 }! K' c: e9 N
|
|