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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 ( P% w/ J3 S8 D4 m; C* E: u, D' Y3 P
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CFA Level I：Fixed Income - Features of debts securities 习题精选% Y& o- U2 N7 X9 p0 c7 X4 l' _5 A
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 a+ q* L# @. d" P
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
& {1 j2 g3 c# |0 Wclosest to:
4 x0 p0 [! D# o1 l( C1 |; F8 o sA. 6.5%
1 T m4 A j7 u# s3 z. E2 QB. 5.0% % g2 c8 {5 R/ V. l: g m
C. 4.5%
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. C# H4 n7 _! G( @答案和详解，登录后回复可见：
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3 y$ ]6 Y) K( a" y2 R9 R8 |% Q22. Which of the following provides the most flexibility for the bond issuer？8 I3 ^ A, q9 D; @/ Q3 D* t6 _
A. Put provision
5 i- y2 j/ o; g. Z/ T! F! d2 b- @8 ?B. Call provision
2 N K: H7 R5 ]C. Sinking fund provision
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" O- P& K" p$ ^% L" V23. Which of the following provides the most protection to a bondholder？# a! S. b9 M" l7 j
A. Call protection. * k( i: p# I" _ {, h$ O4 K' [
B. Refunding protection.
' e5 u. ] x$ GC. Sinking fund protection. 6 O5 c1 q" y3 u) X. f: b
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24. Which statement regarding sinking funds is least likely correct？
1 x# S6 j0 n; U3 @+ Y% N6 XA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
" g0 \9 d0 X0 V! \- ~5 bB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
4 V7 `4 z3 H+ B# Y. o2 F# U. mC. 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？: a: y m% G0 f4 p6 E
A. Term repo rate
% l$ N0 f% V$ cB. Call money rate o" {7 Z: T/ G) V* y2 @
C. 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
