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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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1 S8 ?7 P7 E) Z9 i& b5 E8 e3 kCFA Level I：Fixed Income - Features of debts securities 习题精选
+ z2 w/ j; T3 [4 b21. 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：/ X- U3 c6 X, G. Z$ u
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/ r& j O, H( K4 Q1 f
closest to:
! H( E+ x2 i5 H! _8 jA. 6.5% ]5 s7 {! v' d
B. 5.0%
7 o; l( D" H7 zC. 4.5%
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4 h! F: U; t- e& ^/ c0 m6 J- T8 B答案和详解，登录后回复可见： F8 T. ?3 a" L* Y+ [3 k' C& p& \* S
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22. Which of the following provides the most flexibility for the bond issuer？, r# S; ~' S. N7 R
A. Put provision - J. d M# Z! H m6 y2 M( _' Z
B. Call provision
F; Q+ H ~2 gC. Sinking fund provision . S) J; G: M: T
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23. Which of the following provides the most protection to a bondholder？5 O* u4 u: J& n" d- E
A. Call protection. 8 q/ Y# K2 b2 h- K
B. Refunding protection.
' E/ q) g* I, S* }' q, V! U, BC. Sinking fund protection. 9 w6 Z3 L- ~/ a* b
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' W2 n) W; F& r/ H24. Which statement regarding sinking funds is least likely correct？
# v+ R. ?- T: M0 S. d6 UA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
* B* d5 Z* A2 kB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
3 d! n9 v& }; n& v9 m4 Y9 tC. 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？
& P3 }" o/ N7 K0 q3 Z7 |# n/ FA. Term repo rate
, n, P; \# f* n; G; y% U) }6 c8 [1 [B. Call money rate
* d( B6 a/ W9 x5 Y3 xC. Broker loan rate 3 M, l& m& c8 V" ~* t. w; {
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发表于 2016-1-12 10:14:12
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发表于 2019-2-1 13:19:06
