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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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) o0 d. V8 k. Y2 VCFA Level I：Fixed Income - Features of debts securities 习题精选' t. h* k# \* }" L
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： ^% V5 c! v4 W; v y
Year | 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
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A. 6.5%
" B, E8 a: s$ YB. 5.0%
# @ [, h) y5 j! l# F0 e8 |0 t1 d. j9 pC. 4.5%
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* \5 c8 G/ n' L9 g0 }答案和详解，登录后回复可见：
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22. Which of the following provides the most flexibility for the bond issuer？0 z' s) {3 o; D
A. Put provision * Q; Z/ C: \" L/ r; M; t" f
B. Call provision " L7 _- k0 m) S7 C4 E
C. Sinking fund provision % Q+ a y/ |* i4 y* `& A1 l
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23. Which of the following provides the most protection to a bondholder？
' G3 z- P. Q0 \. Q# UA. Call protection.
2 J1 m0 M/ I" ^/ y1 b- I( d% a( ^3 MB. Refunding protection.
% H3 p6 J9 o {3 `% } D6 AC. Sinking fund protection. 5 x C; d1 U9 G8 j7 |% G
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4 L/ l7 ], N: S! h6 G N. ]24. Which statement regarding sinking funds is least likely correct？
2 e' U% f" ^# h# _6 i1 Z+ MA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
3 `( S( m* l' O( ? M* L' KB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
: o; t3 Q: `/ t8 ]+ Z# 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？
N w7 B6 ?' a( `6 t' lA. Term repo rate
1 Z9 R H9 q8 @/ dB. Call money rate
9 o# A5 e" V3 L: k4 Y8 DC. 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
