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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9 G S" g5 h; E6 c; x8 D" O& 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：+ p' Q, f, q/ q! {2 v/ H. H' I3 b8 H
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 rate4 w' k7 `6 c4 V3 m
closest to:
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, u4 x8 n2 m$ W- q3 X0 U _% pB. 5.0% 8 y3 l% A, t+ h' F1 O9 T6 m" g
C. 4.5% * u, D w, T7 ~
: g8 v& x! m: P7 n, F! V4 U! ^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？
, P1 t2 Q- }6 ]5 U) {A. Put provision & K* }. N) y4 \* i, B. m
B. Call provision 3 f) x* A, M4 S" H" p6 y6 k. i( V
C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？
7 O Z& I+ ?; _- `A. Call protection.
A q( ?; C% J8 M0 T/ r- GB. Refunding protection.
" ?/ j7 e" M( _) q, SC. Sinking fund protection. ( q8 `& ]: }) H, X* r# ^
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24. Which statement regarding sinking funds is least likely correct？
# y+ ?( ^! p! Z( b) A, _A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
- p; A: E6 W: `' |/ @B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. . P* T; Q5 _: T6 D: J) K1 J. e1 e* T$ P
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？
! L: ~, H5 |+ K/ p& mA. Term repo rate + c! h' f' ~1 K, B# e" A
B. Call money rate + f- c* N3 q! f9 J# P/ V' I: x
C. Broker loan rate : O8 ^9 Y( n5 Y2 @" l8 B( 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
