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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 / }* s8 A. M: G' R1 g' d% t
# L) z+ v) x# m; \0 H" FCFA Level I：Fixed Income - Features of debts securities 习题精选& Q7 l- f3 r4 y" h( S; o
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：
( g$ M2 ^- ?3 h% H* b5 v7 NYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
( h v1 T' q7 K5 ?) ?During 2012, the payments owed by the issuer were based on a coupon rate, T; m+ m% S9 u. i+ G( J
closest to: 8 c8 l! E( ] n
A. 6.5% 1 G3 U: s, G4 _2 u
B. 5.0%
4 P% p O; Z# ]) H3 [C. 4.5%
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答案和详解，登录后回复可见：
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7 j8 z, {# s6 ~5 f22. Which of the following provides the most flexibility for the bond issuer？
2 z. O5 ?+ i; h: ~A. Put provision ' C" S% Q! ~3 V: o' t
B. Call provision
2 W( ^. ~ f5 BC. Sinking fund provision ' ?! _2 _; w8 j$ z/ ]4 C
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' d9 D3 Q D4 h23. Which of the following provides the most protection to a bondholder？7 }' l% a4 X' x+ g4 H
A. Call protection.
9 h( U7 O# A) a7 Q2 i& LB. Refunding protection. 4 L' v3 m4 ~. K/ [) i/ j( H
C. Sinking fund protection. ; f: Z" ]' J+ P9 I5 r1 H) G! _
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8 e8 d A& H% d) j) Y24. Which statement regarding sinking funds is least likely correct？' n" u# i2 l5 Z. J
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
% e$ R; [+ N" U1 M6 _! o5 H" fB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
7 H r1 ], W; J. Y' X9 y' PC. 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？5 \/ i4 f4 r+ P8 F3 n1 ?
A. Term repo rate * H) [* O4 a9 o2 b: u/ e
B. Call money rate
% e" ]2 w# T4 b: B8 T. e# bC. Broker loan rate
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
