CFA Level 1 － 模考试题(3)（PM）－Q106-110 statements, following, 考试题, style

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Question 106 

Which of the following statements regarding nonrefundable bonds is most accurate? Nonrefundable bonds: 

A) and noncallable bonds are essentially the same. 

B) require approval of the bondholder to be prematurely retired. 

C) must be refunded from funds generated from operations, not from outside sources of capital such as new debt or equity issues. 

D) may only be called if the source of funds for the redemption is other than a new bond issue with a lower coupon rate. 

 

Question 107 

An investor buys a 25-year, 10% annual pay bond for $900 and will sell the bond in 5 years when he estimates its yield will be 9%. The price for which the investor expects to sell this bond is closest to: 

A) $964.

B) $1,000.

C) $1,122.

D) $1,091.

 

Question 108 

A bond's yield to maturity decreases from 8% to 7% and its price increases by 6%, from $675.00 to $715.50. The bond's effective duration is closest to: 

A) 6.0.

B) 5.0.

C) 7.0.

D) 8.0.

 

Question 109 

Which of the following statements least likely describes a mortgage passthrough security?

A) The payment structure redistributes the prepayment risk among various investors.

B) Participation certificates are sold, representing shares of a mortgage pool.

C) Interest, scheduled principal amounts, and prepayments are collected and passed through to investors after deducting administrative and service fees.

D) The security may be retired before maturity at face value with no penalty.

 

Question 110 

Consider four bonds that are similar in all features except those shown. The bond with the greatest reinvestment risk is:

A) 5% coupon, non-callable.

B) 15% coupon, callable.

C) 15% coupon, non-callable.

D) 5% coupon, callable.

 

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答案和详解如下：

Answer 106 

The correct answer was D) may only be called if the source of funds for the redemption is other than a new bond issue with a lower coupon rate. 

Nonrefundable bonds may be called as long as the firm does not use less expensive debt to do so. The bondholder does not have a say in whether it is refunded, and it may be refunded with outside capital, just not cheaper debt. 

This question tested from Session 15, Reading 62, LOS d

 

Answer 107 

The correct answer was D) $1,091. 

This is a present value problem 5 years in the future. N = 20, PMT = 100, FV = 1000, I/Y = 9 CPT PV = -1,091.29 The $900 purchase price is not relevant for this problem. 

This question tested from Session 16, Reading 67, LOS c

 

Answer 108 

The correct answer was A)

Effective duration is the percentage change in price for a 1% change in yield, which is given as 6. 

This question tested from Session 16, Reading 69, LOS d, (Part 1)

 

Answer 109 

The correct answer was A) 

The payment structure redistributes the prepayment risk among various investors.

A collateralized mortgage obligation (CMO), not a passthrough security, redistributes the prepayment risk among the investors through tranches. Because mortgage holders may prepay the mortgage, the passthrough may indeed be retired before maturity at face value with no penalty.

This question tested from Session 15, Reading 64, LOS d

 

Answer 110 

The correct answer was B) 

15% coupon, callable.

Reinvestment risk is higher with high-coupon, short maturity bonds. Callable bonds have more reinvestment risk than noncallable bonds, since their maturity can be shorter than the stated maturity date.

This question tested from Session 15, Reading 63, LOS i, (Part 1)

 

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