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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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; ^% ^ f8 l" y) y6 lCFA Level I:Fixed Income - Features of debts securities 习题精选
8 r6 t/ k6 n K; \/ s21. 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:
9 \1 C0 V$ H9 Q5 r/ F: KYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
$ |7 @0 r3 n1 ODuring 2012, the payments owed by the issuer were based on a coupon rate6 k2 O+ G C4 ^+ G6 R( O: i; H
closest to: " R6 u# D# N2 a# c3 F. i3 F
A. 6.5% 1 a0 q6 z0 P, N# G5 x+ O+ u
B. 5.0%
. V8 a( {5 u$ P9 Y' `2 }# cC. 4.5% # x! S+ M4 c" x a# U6 `
' h* L; |9 u4 ]6 O' S% j答案和详解,登录后回复可见:9 }! A% i9 O9 y. b* B$ O
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6 U0 P" l! a+ V- L22. Which of the following provides the most flexibility for the bond issuer?
, \; W ~8 T, Q* cA. Put provision 5 C7 J9 R0 c, o' X! I8 G
B. Call provision
3 c; ]4 M2 @4 W. }# |C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder?
' r; D% ?! x9 b4 d1 b/ ZA. Call protection. 9 n/ L" `5 p) h# R
B. Refunding protection.
8 P/ z( v' s; E, G9 M) iC. Sinking fund protection.
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2 P+ i" W" d" j4 e24. Which statement regarding sinking funds is least likely correct?
' g6 ~7 o" U2 m' [A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
. K. U% [6 W- j# J$ jB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
+ M3 A9 d- r' Y U, {" 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.
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7 Q0 {, i9 ]* i" `. p4 p, I( Z25. 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?
- [/ x" J3 ^' z6 A1 {9 DA. Term repo rate
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8 c& d" V* W, [( B* U: LC. Broker loan rate
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