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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% |
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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%
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C. 4.5%
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3 P" A4 k4 t. d; Q$ n* }答案和详解，登录后回复可见：
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, 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 [
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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.
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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
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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？
$ 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
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
