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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 * [% q5 P S2 d* l2 Y# |
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CFA Level I：Fixed Income - Features of debts securities 习题精选" V4 m5 a0 l/ \5 a4 y
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：
: O1 C7 {' l% C9 M8 u5 ?Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
' V' K, _+ p9 O- U9 BDuring 2012, the payments owed by the issuer were based on a coupon rate5 [2 \/ m- t: }" V
closest to:
6 H. Y r" B- i! _A. 6.5% 0 l2 m" d- b' E& H; S
B. 5.0% ( \) l2 e& _9 y2 W' D
C. 4.5%
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答案和详解，登录后回复可见：
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/ ]2 P# Q* h) ~22. Which of the following provides the most flexibility for the bond issuer？
: L2 S# l6 m( C9 `, I2 s0 XA. Put provision
6 n: M2 Z# \' p4 e# y. A$ {7 lB. Call provision }# K4 c$ s9 {- t0 l
C. Sinking fund provision # `; f% S6 }5 D8 n) Q4 P% f
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5 Z8 y6 y4 V% a3 _! D; C23. Which of the following provides the most protection to a bondholder？
) J- L, n! S% [A. Call protection.
- d$ f1 @, ]: [7 x+ l% @* ?2 T) UB. Refunding protection. 5 H/ v) C# q/ Q1 Z+ [ @
C. Sinking fund protection.
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24. Which statement regarding sinking funds is least likely correct？; G; c" R; Q) b" ^
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
! ~6 L7 a' S! U, g2 e6 JB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. ' ~% Z8 ?5 f2 l0 j7 q8 e' Z
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. , {* F$ p" c) A5 R$ H8 Y
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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？
0 W+ L8 h* }. T0 x9 C) }$ VA. Term repo rate
+ c, F$ s, [2 l1 }3 I, s( PB. Call money rate
' o. c# G# E$ A! b9 J$ BC. 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
