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It was essential that ______ (申请表要在截止日期之前寄回).

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The structure of interest rates results from all the following EXCEPT:()

A. viewing each bond coupon payment as a separate zero coupon bond.
B. viewing a bond’s cash flows as having maturities ranging from the next coupon payment to the final payment at maturity.
C. creating the yield curve by plotting term to maturity against the coupon rate.

Which of the following statements about fixed income securities is FALSE()

A. The corporate bond sector is more important in the US than in Japan and Germany.
B. Coupon interest and capital gains from municipal bonds are tax exempt at the federal level.
C. Treasuries and agencies are quoted in 32nds of a price point.

Based on the following information to answer questions from 39 to 40:A mortgage-backed security has been divided into three classes or tranches as follows:Tranche Ⅰ receives net interest and all the principal payments until it is completely paid off.Tranche Ⅱ receives its share of net interest and starts receiving all the principal repayments afterTranche Ⅰ has been completely paid off. Prior to that, it only receives interest payments.Tranche Ⅲ receives monthly net interest and starts receiving all principal repayments afterTranches Ⅰ and Ⅱ have been completely paid off. Prior to that, it only receives interest payments. For a relatively small decline in mortgage interest rates, which of the tranches has the least amount of prepayment risk()

A. Tranche Ⅲ.
B. Tranche Ⅰ.
C. Tranche Ⅱ.

Paul Blackburn is describing mortgage backed securities and makes the following statements: Statement 1: A mortgage pass-through security is formed by pooling a large number of mortgages and issuing certificates that represent ownership shares in the pool. Because each mortgage borrower has the right to prepay the mortgage, the value of a pass-through security behaves as if the security has an embedded put feature. Statement 2: A collateralized mortgage obligation with sequential tranches is created by pooling mortgage pass-through certificates. Securities are issued in different tranches that have proportionate claims on the cash flows from the pass-through certificates. Are Blackburn’s statements correct Statement 1 Statement 2 ()①A. Correct Correct ②B. Correct Incorrect ③C. Incorrect Incorrect

A. ①
B. ②
C. ③

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