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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 9 _: W- @) }) u, e0 h
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CFA Level I：Fixed Income - Features of debts securities 习题精选1 g/ O/ v% P. ~. Z* \
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：
. ^$ U9 G* }. V0 DYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
; y& a4 D! Z1 ]& xDuring 2012, the payments owed by the issuer were based on a coupon rate
3 E o" j; x$ q! C# sclosest to: * I2 ~: f' t: F5 k
A. 6.5%
% ^! a) o; N* Y1 c5 {B. 5.0%
; e, A6 J* Q, W) PC. 4.5% 9 U4 ]) _2 L- w* J- G
, t* s# p F) ]5 n答案和详解，登录后回复可见：
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22. Which of the following provides the most flexibility for the bond issuer？
$ s1 s {; e' ^: NA. Put provision 3 x6 `8 d& z% `% Y
B. Call provision ) N; T2 r+ q. _3 X. S: n
C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？
4 P. W& ?+ e' Z9 n) G) g* |A. Call protection.
) g4 x Y$ ^- Y) s- x4 \' pB. Refunding protection.
" Y9 y5 s: R6 P3 u# t) zC. Sinking fund protection.
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24. Which statement regarding sinking funds is least likely correct？2 R5 |$ B3 c4 l" r% b; k0 [5 v% R
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. 9 i' [* }, Y/ [* t8 R6 o6 G
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
" a0 U' A8 D& r4 d( j8 bC. 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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+ L2 z8 Y6 t4 x- G25. 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？
0 h: k- z$ f- u2 b/ |, N5 _8 L, JA. Term repo rate + Y/ f6 v4 g" `& @; t( P
B. Call money rate
8 Y: C, I6 x) y( M. O- C0 }. i8 D! R8 @C. Broker loan rate ! e4 s' K' W2 ?) W6 z% E8 Q
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
