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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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( V/ i7 l0 a0 ~! PCFA Level I：Fixed Income - Features of debts securities 习题精选
+ i, J" S; U" D21. 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：: Q: \: E1 {: K) J0 y2 t5 \ B
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
! p% F1 I' b. jDuring 2012, the payments owed by the issuer were based on a coupon rate' q+ j0 V* p3 `: u3 o2 b! B. b( k3 ?
closest to: ! i/ ]4 u4 V0 |
A. 6.5% , w0 u* p6 T* E3 {# P* ]
B. 5.0% 4 V ^; v- t* b* v X
C. 4.5%
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4 Z5 i+ c9 S6 m4 E答案和详解，登录后回复可见：9 T. r4 E/ k U) o: b
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8 R9 q/ q* ^* F1 F7 ?6 Q* r. F2 ]% G22. Which of the following provides the most flexibility for the bond issuer？- ?) _9 a( ]' S
A. Put provision
2 V; D3 u. N+ UB. Call provision 0 H4 N) G/ A n1 @6 v
C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？
: u' }% I z0 H# [2 l; B4 dA. Call protection. + s g/ e6 ?" n
B. Refunding protection. 2 W, ~7 v# n) B. z8 u
C. Sinking fund protection. , N$ k0 z; T( W
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$ l6 `- D; L* m7 H4 T24. Which statement regarding sinking funds is least likely correct？
5 `. C% p6 T# NA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. 8 o* L6 s5 ]- y$ X
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
' B; ?0 j" z( @2 D8 q/ K" ]! z$ [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？
% X0 J0 r% t" M* e; KA. Term repo rate * L+ V p7 B. x+ E* x
B. Call money rate
' r) b- V, y) I! ]% rC. Broker loan rate - T: b" r, S0 \# z2 e2 x
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
