|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑
* W: g' ?5 h8 l. e( f( U
9 ~- ]3 P& s# q& X( Q8 OCFA Level I:Fixed Income - Features of debts securities 习题精选
$ ~/ K+ O& ]+ ~, h( H+ U1 J21. 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:
) f' S# _( w4 M0 _+ cYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% | 5 f/ A- ?: x. l) x1 c7 P
During 2012, the payments owed by the issuer were based on a coupon rate, R! L) w6 S7 r
closest to: * F( x9 ~- q; b; `
A. 6.5%
, `5 S2 P9 O* V4 [( ]2 r% C6 h% gB. 5.0%
) J o2 A1 o) K* @/ fC. 4.5% ) e* m! N" J7 V' f; n3 R- w& o
8 S+ J: J+ H/ ~$ l( e' o2 g答案和详解,登录后回复可见:# L: j. n6 u/ h. j5 _
+ Q+ ]" ]: g8 g3 K% N0 ~- a7 S0 |; g; D
5 M6 y! M. p! w% b+ x# K7 [22. Which of the following provides the most flexibility for the bond issuer?/ K5 M# k8 q2 E$ [
A. Put provision 8 r8 r! }' L9 `7 K5 C
B. Call provision - S3 V5 x U# d
C. Sinking fund provision
4 {/ F3 W1 N/ @( F! n, `3 _
6 a$ Y V) e" o3 `
1 b. }& ]! ?' ^, T6 _! G. H( s
) c+ w1 c* X" X7 W& l9 ?$ ~' e8 ^8 H9 j4 v/ \# l/ N5 k. W3 n4 N
23. Which of the following provides the most protection to a bondholder?
" C5 I+ T4 a# {2 f1 aA. Call protection. - h9 r/ w) Q( Y3 Q1 s" S
B. Refunding protection.
+ d0 Z# u, ?4 [1 mC. Sinking fund protection. " A( i5 H( F5 h7 p+ B
& o! k6 m: T( O7 G4 V# o j
, _; J K( }8 |; f/ s% j0 I! S! E3 T, M
+ [5 @% w T6 ?2 r/ u0 S
24. Which statement regarding sinking funds is least likely correct?2 i# _2 |0 K) `
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
2 D7 J. i8 ?5 B9 MB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. ( s7 p$ g+ `' ]( Q
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. ' J" t) k& b! i
, ^0 l$ y9 o1 \, ]
/ K8 P6 W: B c3 K8 g0 ]
2 }. O" n( B. S) F25. 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?) P4 @& U6 U$ U' b
A. Term repo rate + N+ i0 R+ b3 o+ Q# v
B. Call money rate
8 p7 l9 d( U+ M) bC. Broker loan rate : x- h# K2 n9 u- R1 N/ d
- V8 x! k+ _2 o) S! [9 d
! Q7 q# M: i" _更多CFA习题可关注:高顿CFA题库.
* Q0 Q: U5 w, b. Q关注微信CFA-FRM (CFAFighting)CFA考试资讯抢先得
' t* b3 q9 Q) e U
; T5 g5 W, @3 H5 b* w. U( J
/ U3 p z' I2 U, m, t: e4 S4 @- I
$ d2 Q1 \- H& a$ N7 k5 }
|
|