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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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CFA Level I：Fixed Income - Features of debts securities 习题精选1 Z1 r& Q# E0 V5 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：
: \- ?% \% u" p1 Y) ]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 rate
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A. 6.5% # q( P; {: w9 o% F# z/ J4 k! T* A
B. 5.0%
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答案和详解，登录后回复可见：$ l3 |. h: q( d8 q7 d* G& J$ ~
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6 e( H) I0 L5 i: t* D( v22. Which of the following provides the most flexibility for the bond issuer？2 h2 E$ X, E' N, K
A. Put provision
7 \: s; M) `# M& tB. Call provision 6 ^6 L5 b) ^7 z; ?4 i
C. Sinking fund provision / F4 Q, n' M* }/ }7 o( `$ V
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23. Which of the following provides the most protection to a bondholder？
$ [' ^2 ?, G* K# H; MA. Call protection. 8 a a4 M& h5 d {0 e! j
B. Refunding protection. 2 ]6 i4 Y, r# |7 ^3 ?. M8 j' x
C. Sinking fund protection.
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" M$ D+ L1 y0 A# d$ p6 @' J24. Which statement regarding sinking funds is least likely correct？
- A/ G$ y, c; p' D# ~A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
7 l# u$ F: n1 |# T* gB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. - W' E, n+ H, 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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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？
: Q$ l% J! }3 p1 _A. Term repo rate 2 A* R% T, G5 ` a! S! }! a3 G
B. Call money rate
& _% O: t- I8 TC. Broker loan rate $ w( X% @ [; L/ u1 f
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
