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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 $ u4 v5 K6 [. s3 T
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CFA Level I：Fixed Income - Features of debts securities 习题精选6 z6 x1 _3 l* J [; R. U) \2 y
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：8 M8 @8 x' r3 h V5 i/ g1 L4 N
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! [7 g9 A" T: w5 ~6 l% L
closest to: 5 D1 |' o* Y' L+ o a! Q9 W3 f$ q
A. 6.5%
8 z. Y1 [( B" B# IB. 5.0%
; Z- X( y n# oC. 4.5% 0 \( ]1 S V( Z) C* P$ ~0 H$ R
7 s) B7 c) q% ?- b答案和详解，登录后回复可见：
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( ^6 F1 Y' K! X% i4 ]22. Which of the following provides the most flexibility for the bond issuer？
. b9 R1 F( g4 D: o$ u7 U aA. Put provision
& ^1 \- T1 K" J4 N3 rB. Call provision ) M: X; I) ~; H0 K: T$ O
C. Sinking fund provision
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8 y' {& t \8 R7 T- H23. Which of the following provides the most protection to a bondholder？& k# ?! S# A( Q8 C) N
A. Call protection.
+ Q, x% u1 [, b/ t: {& xB. Refunding protection.
0 g2 r/ N# O$ V- PC. Sinking fund protection.
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24. Which statement regarding sinking funds is least likely correct？, J! |5 f& ^+ Y5 Y
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. : {4 L- W2 b/ j
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
: K; B: Z5 `. o; R! u7 r* uC. 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. 4 w; J. V9 H0 A7 G' ]* j5 V. L
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# k6 F' e- E: a1 t$ H25. 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？
; A- }/ x3 E* e+ N% A0 xA. Term repo rate 4 N, p& P* R& z5 F2 G/ b D$ M
B. Call money rate
4 e* m+ e# p" ]8 L) H# f: dC. Broker loan rate 1 V" Y; C; W% x+ h- N" j8 U8 s% N
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
