|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 ' ?; W9 w6 j2 j9 \: W# o. R9 I: G" q
6 U) C* h9 x2 Q1 [
CFA Level I：Fixed Income - Features of debts securities 习题精选
7 D7 G2 R! P0 g! P o E) q21. 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：( {3 E2 E' M! ~/ e% F1 {
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
1 t3 v+ A. t! @9 }
During 2012, the payments owed by the issuer were based on a coupon rate5 f$ M# ~1 U/ |: r# k9 m
closest to:
4 H4 H5 k. h0 mA. 6.5% # F; N; ?& t/ P, U m5 T
B. 5.0%
1 C$ _0 A. v- I; UC. 4.5%
3 H1 g7 A! m4 v# s. _
+ ~2 p! ?' C# Q9 G% o! \+ b; v答案和详解，登录后回复可见：% d$ P7 _: r% s! A$ K; Y, W M) t! E
% l* i, |. s5 F
; Y6 n; _/ Q/ ^
* X# C" n$ M4 z8 y22. Which of the following provides the most flexibility for the bond issuer？
# |; I# I4 E1 j- M8 s r1 I2 s0 FA. Put provision / ]& Y9 C& P& _; y8 H- A; B1 G
B. Call provision , q& ]5 E* d6 j3 X
C. Sinking fund provision
. U% o u8 o! N/ M9 A+ C9 _: e8 Z3 J/ E& m) [
7 o+ Y z. A, r1 O5 ?9 z7 z9 T' K) m; E4 O
( i8 |: j9 O. ^% L; O23. Which of the following provides the most protection to a bondholder？9 v# f: v/ u# h4 y' `
A. Call protection. ' F& \1 U: k" z* F4 b
B. Refunding protection. / v5 S$ g( E: H: O0 O# T
C. Sinking fund protection.
9 {6 F; {1 H6 i& E0 A1 ?) F0 }! [
0 Z. P, w# _+ {% F7 X1 U- } }
% X1 c+ {) e) }+ C& s2 M9 t
' h$ H1 l$ v! T4 E: a. y: g4 v+ v24. Which statement regarding sinking funds is least likely correct？, I# v* d( Q% L. n+ t8 C
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
2 I$ U( f0 d9 d5 n/ Z1 hB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 8 E$ I4 W; A! Y: ~
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. - [- }' D# Q' H# F: [
" b: B/ M( @/ x+ ^1 k8 J1 G4 @3 S6 U% z9 Z$ n( I1 {; d
! E* ?7 h) b, } A/ Y1 k& j
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？
9 X3 \+ y, W- }/ K- r. n" sA. Term repo rate
* q: {( [$ o4 K2 A0 ZB. Call money rate
" m R" O: p* p* `5 U+ _: E' |8 bC. Broker loan rate " Z) H/ B& M2 w6 F8 n
1 C L: _7 ~- a t$ \1 o4 k. I; s
0 G8 s7 `6 T6 \更多CFA习题可关注：高顿CFA题库.6 d+ R8 \- N% _& I
关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得& |1 H, Z# o7 f7 y b* E$ }- Y5 l
0 X+ r* x1 [* c- t) }* k
0 ?6 _3 b- r {
2 i3 [, ?+ D! e/ P$ `1 R) D' _) a! r5 g1 o# F9 s T) a* J
|
|
发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
