|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑
6 J" Q4 m" Y. ~ t8 A
| V" r. [+ A( P7 y# U- ZCFA Level I：Fixed Income - Features of debts securities 习题精选/ `2 a2 c& _2 T/ _' `3 d8 s
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：1 L3 Q" R$ W: C) Y: G$ n2 E
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
3 j1 a8 D. S ^8 A6 w6 B0 j: o
During 2012, the payments owed by the issuer were based on a coupon rate/ y* B4 h" e- [4 @
closest to: . ~0 ?% W5 q, g; H
A. 6.5% ) T2 W. _7 Y; T7 G2 N) \) O* B6 k
B. 5.0%
6 L8 p0 N. A, m9 i* G, C6 LC. 4.5% * \$ f- u# [) Q9 Q- _
; |" y6 r& P1 T
答案和详解，登录后回复可见：
7 q' k3 B1 E. U8 T+ o: F& a" A( x0 O' T6 g1 ?3 |0 z# K4 _
3 p2 X, j1 Z/ ^
6 \, s8 K! [7 B+ O
22. Which of the following provides the most flexibility for the bond issuer？
9 h! I$ s; p! a9 R' [ J1 EA. Put provision : q+ I- S3 L2 `9 u5 ~( v7 v# d1 B# x
B. Call provision
0 t' V( Y ]0 f/ MC. Sinking fund provision
3 c) E. d3 R: H! A" M9 B! d+ v
6 N. z1 o- n3 K0 N% a' o
3 @/ \" t- X7 q; l7 j5 b, v J1 e: d0 I O/ F `$ F4 M" z
4 F. Q- ~9 e4 b& ]23. Which of the following provides the most protection to a bondholder？% ]8 |: f8 \: ?- Q' g0 L+ W8 o
A. Call protection. & \% R' X$ ^( m8 C
B. Refunding protection. - d0 ?2 w9 H+ k6 i' e9 W$ G# H5 m
C. Sinking fund protection. 9 H: ?8 h0 y. m/ J4 i! N( w
! x/ E* Q/ |. V
3 N/ o- o1 I# L1 X
3 a$ R2 E1 ^7 Z8 f3 v" V ^
3 H/ Q. w8 L0 c% q. k) L; T
24. Which statement regarding sinking funds is least likely correct？
2 ~ A2 r& C5 YA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. : {' M; m5 R# L, S; ^" v, G3 o
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 1 K4 L. q4 b! z" X6 g7 J- ^
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. 5 v, ~9 Q* H' I" ?$ w$ S' L8 B0 b
# R/ d/ N0 i; Y4 I7 b7 ]( r# c* E6 Q9 d+ B
( V9 [1 J; t& Z. ?; T5 i8 J
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？
9 E* s; o; X) |' z& B lA. Term repo rate
- U0 l+ R. u: e5 C) eB. Call money rate
" p. f8 a& L- Z, S& B+ XC. Broker loan rate 2 ~( Q& @4 f) w
: r) s1 I+ h) z9 M# M# Y* L" E: C* w. L& [: ?, C
更多CFA习题可关注：高顿CFA题库.7 s+ i/ r, `' e# x
关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得0 p t: J5 X, G$ M/ l8 ?- b
% G, ~$ d+ |2 Z3 z* o w3 k' U
- i1 V& y1 M3 Q& ]/ |8 ~* `
: j5 t. w9 [5 M1 p+ [$ n1 {/ j' t' C _* w
|
|
发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
