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Which of the following statements related to secondary bond markets is most accurate?
ANewly issued corporate bonds are issued in secondary bond markets.
BSecondary bond markets are where bonds are traded between investors.
CThe major participants in secondary bond markets globally are retail investors.
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A bond with 5 years remaining until maturity is currently trading for 101 per 100 of par value. The bond offers a 6% coupon rate with interest paid semiannually. The bond is first callable in 3 years, and is callable after that date on coupon dates according to the following schedule:
The bond’s yield-to-worst is closest to:
A2.88%.
B5.77%.
C6.25%.
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If a default occurs in a non-recourse commercial mortgage-backed security (CMBS), the lender will most likely:
Arecover prepayment penalty points paid by the borrower to offset losses.
Buse only the proceeds received from the sale of the property to recover losses.
Cinitiate a claim against the borrower for any shortfall resulting from the sale of the property.
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An investor buys a three-year bond with a 5% coupon rate paid annually. The bond, with a yield-to-maturity of 3%, is purchased at a price of 105.657223 per 100 of par value. Assuming a 5-basis point change in yield-to-maturity, the bond’s approximate modified duration is closest to:
A2.78.
B2.86.
C5.56.
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Which of the following statements about Macaulay duration is correct?
AA bond’s coupon rate and Macaulay duration are positively related.
BA bond’s Macaulay duration is inversely related to its yield-to-maturity.
CThe Macaulay duration of a zero-coupon bond is less than its time-to-maturity.
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A limitation of calculating a bond portfolio’s duration as the weighted average of the yield durations of the individual bonds that compose the portfolio is that it:
Aassumes a parallel shift to the yield curve.
Bis less accurate when the yield curve is less steeply sloped.
Cis not applicable to portfolios that have bonds with embedded options.
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A bond is currently trading for 98.722 per 100 of par value. If the bond’s yield-to-maturity (YTM) rises by 10 basis points, the bond’s full price is expected to fall to 98.669. If the bond’s YTM decreases by 10 basis points, the bond’s full price is expected to increase to 98.782. The bond’s approximate convexity is closest to:
A0.071.
B70.906.
C1,144.628.
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Stedsmart Ltd and Fignermo Ltd are alike with respect to financial and operating characteristics, except that Stedsmart Ltd has less publicly traded debt outstanding than Fignermo Ltd. Stedsmart Ltd is most likely to have:
Ano market liquidity risk.
Blower market liquidity risk.
Chigher market liquidity risk.
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In a bankruptcy proceeding, when the absolute priority of claims is enforced:
Asenior subordinated creditors rank above second lien holders.
Bpreferred equity shareholders rank above unsecured creditors.
Ccreditors with a secured claim have the first right to the value of that specific property.
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Which of the following statements is most accurate with regard to floating-rate issues that have caps and floors?
AA cap is an advantage to the bondholder, while a floor is an advantage to the issuer.
BA floor is an advantage to the bondholder, while a cap is an advantage to the issuer.
CA floor is an advantage to both the issuer and the bondholder, while a cap is a disadvantage to both the issuer and the bondholder.
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An investor buys a 10-year bond with a 6.5% annual coupon and a YTM of 6%.Before the first coupon payment is made, the YTM for the bond decreases to5.5%. Assuming coupon payments are reinvested at the YTM, the investor’s return when the bond is held to maturity is:
Aless than 6.0%.
Bequal to 6.0%.
Cgreater than 6.0%.
