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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 4 s2 l+ @1 g' C. B; R
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CFA Level I：Fixed Income - Features of debts securities 习题精选: g( L4 r$ D4 _
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：
" L T& T$ X& hYear | 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 rate/ b7 ]$ \% ^. W8 ^
closest to:
: [2 P: @0 I1 q% Y5 c+ W5 i4 eA. 6.5%
: k# e. j$ x. s& `/ n6 h* T# k! e0 WB. 5.0%
7 r- S$ P( Z# o/ ~- g0 B) pC. 4.5% " [* q" z! G! B
; l4 d9 G) U+ l+ j& ]2 {( p; B答案和详解，登录后回复可见：% a3 v8 ^ c6 l1 ^
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% f* P% v# Y9 Y0 m$ v% y' I22. Which of the following provides the most flexibility for the bond issuer？
2 \+ R# C8 Y1 Y& [# Z9 QA. Put provision . m; a- q& y5 d9 Y
B. Call provision 5 ]" }3 m6 G' ?5 n
C. Sinking fund provision 2 M4 e" n, \/ [* X
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23. Which of the following provides the most protection to a bondholder？
4 Y; d' u, S" v8 JA. Call protection.
" r/ R# O$ i. N: G# k6 @B. Refunding protection. ; r: i* |. e! p% p
C. Sinking fund protection. . B) G3 g1 {+ Y6 e; l7 L( ^
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24. Which statement regarding sinking funds is least likely correct？
3 R9 ]% L: k) H4 QA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
j; F) d9 y! O0 j; QB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 8 h: ]# R' A1 \' t$ p2 @( a
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. ! t; m$ V! p6 n$ R: {9 w5 x
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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？
! ~* `) q! i( U6 b1 z3 Z0 t! M# jA. Term repo rate
9 z. T4 p! _+ x1 w# LB. Call money rate
* z' W, A; j( o( O; l; ~) XC. 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
