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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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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：
2 ?, L" l% N* |# Q1 ?2 i6 ]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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- o! W. |9 V; z- g2 {A. 6.5%
: `( h1 Q( a0 l8 ]. C! ^! t8 UB. 5.0% 1 }$ g- P/ i# C" h/ S! n' S
C. 4.5% ! Y- Z) J* E( b' C0 \5 J
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答案和详解，登录后回复可见：
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z2 E/ v) [6 A ]22. Which of the following provides the most flexibility for the bond issuer？
/ I$ g& E5 a# S5 `% V/ sA. Put provision ( g& g" q9 A% L) @& }
B. Call provision
4 }& k. [% H; @7 ]- M) {C. Sinking fund provision
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9 W6 e+ }. @, y E6 a$ t, Z2 ~23. Which of the following provides the most protection to a bondholder？
- I+ T$ o2 F3 k* P5 N0 w9 xA. Call protection.
- Y ^3 ^" _) i! H& O. _( }B. Refunding protection.
# A! c) ^/ C0 e7 l9 s% qC. Sinking fund protection. 4 d3 y9 U d6 u" T. B" i; t
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24. Which statement regarding sinking funds is least likely correct？; P ?9 y% j1 F9 R3 y
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
, k4 x6 }7 H) `) B$ O$ bB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 8 X3 a, E* A, A3 A1 O; s t
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？: D: B( a% L4 d8 }0 D! L
A. Term repo rate
3 v# d6 D1 P1 d% y. D0 V1 |B. Call money rate : o- v2 H; `+ i* x. y4 n" B
C. Broker loan rate
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发表于 2016-1-12 10:14:12
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发表于 2019-2-1 13:19:06
