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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 ) Y8 N( n6 o) m- n) R" N' t
- @3 P. o! z# W* I* W( gCFA Level I：Fixed Income - Features of debts securities 习题精选( R) G, Y6 l3 {7 _# s
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：
$ O4 C) n/ M+ X2 Z* {, [Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
* s) R7 Y6 j, r3 l* A% @# cDuring 2012, the payments owed by the issuer were based on a coupon rate+ T/ ~+ P' Q/ Z! M; y' o8 G
closest to:
$ W+ g1 i3 l3 J- Z$ |' B( ^ WA. 6.5%
' x/ a# _. v# E, ZB. 5.0%
" b9 J' N4 r& XC. 4.5%
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t4 j4 D. o% u# h( G# O答案和详解，登录后回复可见：
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22. Which of the following provides the most flexibility for the bond issuer？
! q( j6 |# [. X. |" ^$ @& eA. Put provision
2 J: M5 b+ G! ?+ @, x* NB. Call provision
7 y+ p' D. d }2 ]& [2 UC. Sinking fund provision
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0 _' {3 Q' i4 M4 K2 k V( h23. Which of the following provides the most protection to a bondholder？
) i8 J: k Y4 j7 r2 |0 T# u. n: x/ _A. Call protection. 1 n# s. d/ F" f, w
B. Refunding protection. " h2 s# I* z: e) C8 X
C. Sinking fund protection. # y6 E% R# l9 Y1 _
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24. Which statement regarding sinking funds is least likely correct？
- s. X! e- i$ ~! V+ ~( b+ a( gA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
6 m2 c/ B% g" [% J% L0 a. LB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
* b3 D5 J9 |0 ?6 `- K+ M7 ?8 v' B5 ~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.
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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？
" U7 Y! `( }% L) @) n Y; n- ^! hA. Term repo rate
1 P! y% P4 f9 M! | e- U% Z, RB. Call money rate
. p, E* [9 |! b8 P. VC. Broker loan rate 1 D9 f1 B# w) v/ _; Z
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
