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"Fixed Income Investments": Defining Elements
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Questions 1:
Zet Bank has entered into a contract with Louly Corporation in which Zet agrees to buy a 2.5% US Treasury bond maturing in 10 years and promises to sell it back next month at an agreed-on price. From Zet Bank’s perspective, this contract is best described as a:
A、 repo.
B 、collateralized loan.
C、 reverse repo.
Questions 2:
Which of the following bonds are most likely to be bearer bonds?
A、 Foreign bonds
B 、Domestic bonds
C、 Eurobonds
View answer resolution
【Answer to question 1】C
【analysis】
C is correct. A reverse repo (repurchase agreement) is collateralized cash lending by purchasing an underlying security now and selling it back in the future.
A is incorrect because it is the contract known for Louly Corporate as a collateralized borrowing, i.e., repo.
B is incorrect because collateralized short-term borrowing involves selling the security and subsequently repurchasing the collateral posted.
【Answer to question 2】C
【analysis】
C is correct. Most Eurobonds are bearer bonds, meaning that the trustee does not keep records of who owns the bonds; only the clearing system knows who the bond owners are.
A is incorrect because most domestic bonds are registered bonds.
B is incorrect because most foreign bonds are registered bonds for which ownership is recorded by either name or serial number.
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