题目内容

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.

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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.

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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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For a decline in interest rates, the price of a callable bond, when compared to an otherwise identical option-free bond, will most likely rise by:（）

A. less because the price of the embedded option rises.
B. less because the price of the embedded option falls.
C. more because the price of the embedded option rises.

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Which of the following choices correctly places callable bonds, straight coupon bonds, mortgage-backed securities, and zero-coupon bonds in order from the type of security with the least reinvestment risk to the one with the most reinvestment risk（）

A. zero-coupon bonds, mortgage-backed securities, straight coupon bonds, callable bonds.
B. zero-coupon bonds, straight coupon bonds, callable bonds, mortgage-backed securities.
C. mortgage-backed securities, zero-coupon bonds, callable bonds, straight coupon bonds.

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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.

For a decline in interest rates, the price of a callable bond, when compared to an otherwise identical option-free bond, will most likely rise by:（）

Which of the following choices correctly places callable bonds, straight coupon bonds, mortgage-backed securities, and zero-coupon bonds in order from the type of security with the least reinvestment risk to the one with the most reinvestment risk（）

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.