|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑
" K) r3 y+ c2 E7 r1 L ?! X0 z2 H$ C$ d. T1 v
CFA Level I:Fixed Income - Features of debts securities 习题精选. e+ ]( P! `& T2 D2 h) B* ]! 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:
5 Q. H- `5 P, r5 w! IYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% | 4 _: y; S: D, l x
During 2012, the payments owed by the issuer were based on a coupon rate
0 i! H; H4 G1 K- T% Eclosest to: ! [* h U h+ M
A. 6.5% / Q0 G% t E9 k
B. 5.0% : s6 U0 ^( p; [
C. 4.5%
, I3 \3 B' s3 \5 c+ `& m/ {7 w {9 Q: a) `6 n& x; G o! i
答案和详解,登录后回复可见:6 ^$ T5 f1 X" P6 P8 P: H" O
l) b" U* e% Y& w- O
% D2 z$ s) B/ }) t3 J' [$ i ?& z* ?5 T5 \" n8 l1 g
22. Which of the following provides the most flexibility for the bond issuer?1 N9 o# b- N- v+ f) t5 t
A. Put provision . y( R! a% B, q7 y/ m# d2 D3 ]8 F
B. Call provision
6 [6 u. [( {- m% s. f4 M$ C2 I0 m4 PC. Sinking fund provision
5 J8 o7 F+ n7 j8 t
9 n7 J1 E; j" D6 s1 y) n" I& C$ ~+ Z; w/ u) K
' r; R; U+ h0 C4 _( r
( w9 M- |% k \. R23. Which of the following provides the most protection to a bondholder?
9 [. ?& M$ w$ g4 l# l8 qA. Call protection.
9 T' S9 q8 ^( y' l" c- U. a' T7 B8 qB. Refunding protection.
6 c8 V% ]2 p' ]5 i/ VC. Sinking fund protection.
! P: t( w, c# V0 h
' D( E: y8 L( t; U1 O% _$ O; c' ], }0 j" w: |9 v' N
; q0 C8 Y6 x" P9 c
4 C' `7 j4 I6 C2 |) r2 x( E; m24. Which statement regarding sinking funds is least likely correct?
; u1 X! }6 p. e2 tA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. ' ^5 w* _# Q! T, H7 j' W% X
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
) N" L% Q; Q- ?3 ^8 `0 k! hC. 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.
" e+ x" t) |5 d0 g' b3 d6 C0 K+ |2 r j' e a/ n; m( F
; C, T& |/ i1 G0 O
8 u1 H4 y8 v. _- L( d2 P
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?# {. ?3 N, K Q9 w+ M# l) C* o
A. Term repo rate
9 j: E$ K9 T% @9 c% u, ~B. Call money rate 4 T; ^ ?7 G& A# L5 v. {( U& f
C. Broker loan rate
) p) _& N/ k2 u! w% F; g# v' i- Y& j5 @8 x/ F4 i( Q
( e2 V: a- w$ u0 g$ H
更多CFA习题可关注:高顿CFA题库.% b1 Q- R/ R' a' d1 V( Z
关注微信CFA-FRM (CFAFighting)CFA考试资讯抢先得$ t( h. N9 K4 V4 p
+ j& x& @0 _# i( Z8 v8 i# Z
( z5 V% S& e4 N% W* J: J. L( ?( u4 t" V# {
% [2 i8 r) ^, P) s/ q; S- D6 D |
|