FINRA advertising standards permit a dealer to state that a CMO has an implied AAA rating if the securities are issued:
Answer(s): B
by a US government agency. Since government agencies do not apply for ratings, it is permissible to state that its issues have an “implied AAA rating”. Private issuers must receive a rating in order to state it in advertising.
What is the term applied to a classification of CMO securities having a stated maturity, average life, and estimated yield?
Answer(s): A
tranche. That’s the term used to describe a separate class within a CMO issue.
Bubba is buying a Federal Home Loan Bank issue that is offered at 95.22. How much will he pay to purchase one bond?
Answer(s): D
$956.88. The price of 95.22 means 95 and 22 / 32. One thirty-second of a $1,000 bond with a par of 100.00 is $0.3125. Twenty-two thirty-seconds is therefore about $6.88. The 95 is the percentage of one bond with a par value of $1,000. Multiplying 95% by $1,000 equals $950. Adding $6.88 plus $950 equals $956.88.
How much currency is one mil worth?
one-tenth of one cent. A point equals $10 and a basis point equals ten cents.
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