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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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CFA Level I：Fixed Income - Features of debts securities 习题精选
2 E3 V( Z$ C! m; T `3 n3 h21. 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：1 e8 `# C7 @! d; o& n4 x2 b+ A
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
, `$ g, g1 V# B- P" a4 ]4 x; |( ~During 2012, the payments owed by the issuer were based on a coupon rate' H- N4 C: m6 A! F" ~' H
closest to:
5 a. I" l0 o- c8 YA. 6.5% 3 o# t1 `! d8 n# d& F
B. 5.0% 9 h! H; l/ a1 p* V/ m7 y5 B
C. 4.5% 2 {+ a6 X/ R3 [- f; \& k" A
! }& i. K3 F0 ~( w$ ?答案和详解，登录后回复可见：
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) z& @1 W$ g3 `22. Which of the following provides the most flexibility for the bond issuer？* S+ F5 r% ^9 ]7 u8 O2 _
A. Put provision + I* n8 m* a" l
B. Call provision ' {7 [0 f) D: q2 U7 g
C. Sinking fund provision ( V/ C, W) k. f7 C( w4 {
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23. Which of the following provides the most protection to a bondholder？* v) ]: c- v9 C: m
A. Call protection. ' e! \! t# q% F
B. Refunding protection. 0 `$ X+ ?7 D% T0 F% W2 R. _' J% S( Z
C. Sinking fund protection.
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24. Which statement regarding sinking funds is least likely correct？6 H2 z# _4 z+ M( F+ C5 G
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
$ ]! s2 w% c7 }+ SB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. # W1 v9 m) x( ?+ j" ?# Z$ B$ e
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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1 k- J4 P$ I. @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？; V( H2 Z3 w$ e$ e7 a2 Z+ O
A. Term repo rate 9 o2 Y$ ?8 y( [) t7 q: A
B. Call money rate - Y% V! U7 W3 Y8 _4 F
C. Broker loan rate # M+ K- u! u# R
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
