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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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t' r. v: u/ T+ BCFA Level I：Fixed Income - Features of debts securities 习题精选6 d- F( O* [, _* {0 N+ B3 K
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：
I& C+ X2 j/ R! G' ]: A( `6 EYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
2 i) B9 F4 `& y0 T' Y0 ?During 2012, the payments owed by the issuer were based on a coupon rate w( }( y8 A9 o6 J
closest to: * E. g. f) E# ^, {7 J4 }+ R3 G
A. 6.5%
& [4 }. e# f& k9 B% |B. 5.0%
7 c$ J/ t; E9 F ~C. 4.5% % ~ l7 ^4 k* v( w, B6 N0 g
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答案和详解，登录后回复可见：
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3 T# y. {# G. W22. Which of the following provides the most flexibility for the bond issuer？& P! [5 O" Z9 J6 u- n1 v
A. Put provision
* W8 r! p ?- e% [B. Call provision
# u( L% O! q! v; P5 j$ N, yC. Sinking fund provision 0 |% J! d2 R4 [. G* ]* P: h
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23. Which of the following provides the most protection to a bondholder？( Q1 U" D- J! D. a7 d
A. Call protection. $ f# j0 R4 A6 r: H/ H* N. P
B. Refunding protection.
$ q/ {( G y* b8 x. Z$ lC. Sinking fund protection. ) ]( }: X2 f/ c. `& @3 x) N
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8 }" J! L7 M6 t) w( A24. Which statement regarding sinking funds is least likely correct？3 t2 Z# n7 I0 {! L# x
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
' P& k6 a; J5 O3 AB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
: k& p% p4 i+ {: |9 I* J# ZC. 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？
1 e6 B6 d; m& p) \( H: {& qA. Term repo rate 9 G4 ^+ m3 z6 h4 z. ]9 h7 ]
B. Call money 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
