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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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; S! [# F9 p# oCFA Level I：Fixed Income - Features of debts securities 习题精选
7 u$ z- y1 p( ]3 Z3 K( V21. 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：2 L4 j3 y/ @/ m. J2 \5 x
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
/ e% |; H/ \$ S- ADuring 2012, the payments owed by the issuer were based on a coupon rate
" G2 P$ ]2 l/ i6 ^closest to:
$ t4 G q) H5 h5 [% R+ G: G8 JA. 6.5% / F8 A$ [# n4 D1 D8 Q
B. 5.0%
/ |4 D! l& @# JC. 4.5%
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答案和详解，登录后回复可见：. D0 D4 X- v4 p: J
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22. Which of the following provides the most flexibility for the bond issuer？& z7 _2 R" D5 R: w& t* [
A. Put provision
) e8 v! [# C: e, W3 X, Y$ \6 wB. Call provision
) W+ h" U `' b1 w4 rC. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？& I. u/ V# t* W! g9 r" u# H
A. Call protection.
+ i1 _) e8 k1 Q# ~7 L% fB. Refunding protection. 7 F* e8 S8 @" H% k
C. Sinking fund protection. - W" \" m0 S; R" I0 u) n' ]. T M
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7 H, {" ?: U, h1 E, R# I24. Which statement regarding sinking funds is least likely correct？
$ o$ \, o {# m6 ~A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. / w0 R% N/ J3 v6 z, l4 q( P7 @3 |9 Y
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
: ~/ _7 y8 w: ?0 |% D$ c2 yC. 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. - m; [& a4 I0 }( F$ h5 {
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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？
5 U- |& k. m, w2 d: A. o7 ]4 |A. Term repo rate 6 J4 O/ n" D4 n1 N
B. Call money rate
" R; z1 ] J$ [- D; xC. 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
