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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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' K5 U% M7 J5 q8 U$ a& ^CFA Level I：Fixed Income - Features of debts securities 习题精选" p; s5 t5 s, C* a l3 E
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：
# ^9 `2 ?1 \5 L% K8 Y$ v, `Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
/ y" X+ b. C! O0 R) CDuring 2012, the payments owed by the issuer were based on a coupon rate
/ S% q' a1 u3 p" `+ g q- p: ?closest to:
1 G1 o4 }' N' R9 J: wA. 6.5%
3 i" y/ L$ C Q8 P7 s$ T& sB. 5.0%
9 c2 ]4 Z, ?) [5 n# Q- n, ^C. 4.5% . k/ _: @, u# E; W4 E
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答案和详解，登录后回复可见：- H3 ^5 d% h+ l& b" }$ ^* c& V
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22. Which of the following provides the most flexibility for the bond issuer？# O! E1 {& m4 o6 b
A. Put provision
8 B( F6 v, V9 S- ]B. Call provision
8 p- f+ Z" K& J$ U6 W* M! {C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？
- x8 Y' m+ @0 _! Q WA. Call protection.
( O$ Q* @/ `. I1 A, K7 G$ M6 hB. Refunding protection.
4 d# A7 M7 U8 ^5 SC. Sinking fund protection.
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" A' V- h2 r/ s! h24. Which statement regarding sinking funds is least likely correct？
# {' {9 b8 U+ l# X$ O, CA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
f2 m* c5 W: n WB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
0 c; ?* p+ E% D [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. ( s3 T0 r$ A9 |* r
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4 }0 k/ H% |$ @2 M25. 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？
. M. m: b/ G4 P7 ZA. Term repo rate & J) N- k Y5 [/ }6 C2 m/ B
B. Call money rate ( X7 W8 T2 |. y
C. Broker loan rate
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发表于 2016-1-12 10:14:12
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发表于 2019-2-1 13:19:06
