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Section B – TWO questions ONLY to be attempted Sembilan Co, a listed company, recently issued debt finance to acquire assets in order to increase its activity levels. This debt finance is in the form. of a floating rate bond, with a face value of $320 million, redeemable in four years. The bond interest, payable annually, is based on the spot yield curve plus 60 basis points. The next annual payment is due at the end of year one. Sembilan Co is concerned that the expected rise in interest rates over the coming few years would make it increasingly difficult to pay the interest due. It is therefore proposing to either swap the floating rate interest payment to a fixed rate payment, or to raise new equity capital and use that to pay off the floating rate bond. The new equity capital would either be issued as rights to the existing shareholders or as shares to new shareholders. Ratus Bank has offered Sembilan Co an interest rate swap, whereby Sembilan Co would pay Ratus Bank interest based on an equivalent fixed annual rate of 3·76?% in exchange for receiving a variable amount based on the current yield curve rate. Payments and receipts will be made at the end of each year, for the next four years. Ratus Bank will charge an annual fee of 20 basis points if the swap is agreed. Required: (a) Based on the above information, calculate the amounts Sembilan Co expects to pay or receive every year on the swap (excluding the fee of 20 basis points). Explain why the fixed annual rate of interest of 3·76?% is less than the four-year yield curve rate of 3·8%. (6 marks) (b) Demonstrate that Sembilan Co’s interest payment liability does not change, after it has undertaken the swap, whether the interest rates increase or decrease. (5 marks) (c) Discuss the factors that Sembilan Co should consider when deciding whether it should raise equity capital to pay off the floating rate debt. (9 marks)
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【多选题】预防局麻药毒性反应的措施包括( )
A.
限制麻醉药的用量
B.
麻醉前使用巴比妥类药物
C.
适当加入微量肾上腺素
D.
小量多次注射
【单选题】条屏一般具有以下特点
A.
一条或以上条幅组成
B.
四条或以上偶数条幅组成
C.
三条或以上条幅组成
D.
若干件条幅组成
【单选题】条屏一般具有以下特点
A.
一条或以上条幅组成
B.
三条或以上条幅组成
C.
若干件条幅组成
【单选题】淘宝DSR动态评分描述错误的是()。
A.
提高一家店辅的核心是提高客户在店铺的购物体验,提高客户的满意度
B.
在购物过程屮提供给客户惊可以提高客服的服务休体验
C.
多参加电商平台的任何活动都可以提高店铺的DSR评分
D.
提高物流达到的效率
【单选题】淘宝DSR动态评分描述错误的是()
A.
提高一家店铺的核心是提高客户在店铺的购物体验,提高客户的满意度
B.
在购物过程中提供给客户惊喜可以提高客服的服务体验
C.
多参加电商平台的任何活动都可以提高店铺的DSR评分
D.
提高物流达到的效率
【单选题】淘宝DSR动态评分描述错误的是
A.
提高一家店铺的核心是提高客广在店铺的购物体验,提高客户的满意度
B.
在购物过程中提供给客户惊喜可以提高客服的服务体验
C.
多爹加电商平台的任何活动都川以提高店铺的DSR评分
D.
提高物流达到的效率
【单选题】淘宝的DSR是指?
A.
商品详情页的质量、发货的速度、促销活动的力度
B.
· 宝贝与描述相符、卖家的服务态度、物流服务的质量
C.
· 日均成交量、日均浏览量、日均客服咨询量
D.
· 月均店铺转化率、月均店铺浏览量、月均成交量
【单选题】10下列总分类账与明细分类账关系的表述中,不正确的是( )。
A.
总分类账与明细分类账所反映的经济业务是相同的
B.
总分类账与明细分类账所反映的经济业务的详细程度是相同的
C.
登记总分类账与登记明细分类账的原始依据是相同的
D.
总分类账对所属明细分类账起着统驭控制作用,明细分类账对有关总分类账起着补充说明作用
【判断题】货物损失款额为9万元,则货物损失为一级损失。
A.
正确
B.
错误
【多选题】预防局麻药毒性反应的措施包括
A.
限制麻醉药的用量
B.
麻醉前使用巴比妥类药物
C.
适当加入微量肾上腺素
D.
小量多次注射
E.
避免药物注入血管
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