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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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CFA Level I：Fixed Income - Features of debts securities 习题精选8 u/ g) j8 ^& U& W3 P+ M
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：
* u. T% F; \, f- `- d9 [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 A; D3 s( m+ Y* A; E6 O- C
closest to: 1 D$ m G4 P; P% D; T
A. 6.5%
0 [1 H2 F& m3 a$ g3 H1 `B. 5.0%
, O, ?+ |1 g/ _ D& P* WC. 4.5%
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答案和详解，登录后回复可见：+ C- B F2 l# _
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/ `, E; ^: l! m c% u) H7 r! N! J22. Which of the following provides the most flexibility for the bond issuer？ e( ^( }# y! P& F$ _) W5 u/ w! j
A. Put provision
" F- ?$ B0 `) N+ g8 ?8 d* j9 B% t( KB. Call provision
( `) N4 a& K# k# Y' T8 [* N2 @/ jC. Sinking fund provision 8 l" _' ~% v# G+ a4 [4 c; k
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7 _1 y1 E1 K- n9 g! r1 i/ f/ U23. Which of the following provides the most protection to a bondholder？" d9 W; [3 F5 L9 Q7 V7 K* v
A. Call protection. 3 @6 }# j4 x! ?9 s
B. Refunding protection. ' O/ J/ z) L$ |5 Z! E$ W
C. Sinking fund protection. 9 j8 U+ y2 U6 D
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: T7 o1 ]) I8 x1 N/ A; I3 z24. Which statement regarding sinking funds is least likely correct？- m( d6 |1 |* [, Q
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. & D, u# R' {# i1 H2 @' Q( \8 a @
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
6 d! x. D$ b$ V# C1 i5 Y NC. 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. 0 a7 E- f* `. c* i% X
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7 B0 q; m2 N+ j/ i25. 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 ?4 [( ^* f6 u! f' E# ^
A. Term repo rate $ f1 y8 N2 s0 x% o
B. Call money rate ) |, r# ]( B2 Q: w: k. p
C. Broker loan rate + K0 O# O$ V2 Z, t" b3 K4 i
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
