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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 $ O! p( q) b" @5 @
. s1 C; V; D' I8 G( kCFA Level I：Fixed Income - Features of debts securities 习题精选/ y! x$ k: E6 \% x7 r% r2 T
16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：
/ A1 a7 c7 \1 G$ L| Year | Risk Free Rate | Coupon Rate | | 1 | 3.00% | 6.00% | | 2 | 3.50% | 5.00% | | 3 | 4.25% | 3.50% | | 4 | 3.70% | 4.60% | | 5 | 3.25% | 5.50% |
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The security is most likely a(n):
. t4 N* n ~: N+ E( X9 u% }# bA. step-up note. / q9 w, n( d7 h4 t$ F
B. inverse floater.
. P" n) }% r. EC. deferred coupon bond. ) k6 Q/ l4 X% S" Q5 E
答案和详解，登录后回复可见：
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0 A% A) u7 F( f17. A 10-year bond is issued on January 1, 2010. Its contract requires that its coupon rate change over time as shown in the following table：3 Y& K" b* W' e2 w, S
| Coupon Payment Date Range | Coupon Rate | | 1/1/2010-12/31/2011 | 2.0% | | 1/1/2012-12/31/2013 | 5.0% | | 1/1/2014-12/31/2015 | 7.5% | | 1/1/2016-12/31/2019 | 9.0% |
This security is best described as an example of a:
: q4 Q* ~. C* i& xA. step-up note.
) C. g9 D% z6 w$ ^B. inverse floater.
9 j3 g# {/ ~& z$ |) B& {, EC. deferred coupon bond.
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$ S. [; L9 f! `; F( V2 F1 \18. An analyst reviews a corporate bond indenture that contains these two covenants：
9 r* @' q. {0 ~6 [7 E1) The borrower will pay interest semi-annually
( z( X8 Q; M( {( oand principal at maturity. $ w8 e% s, e( A" j# @6 P' X
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
9 o9 l6 m0 w+ j( @4 ^9 f4 MWhat types of covenants are these?
0 ` q1 Z, n( P2 \- [A. Both are affirmative covenants.( p( v. o( y( v
B. Covenant 1 is negative and Covenant 2 is affirmative.
C5 `( ~4 e/ N0 d3 ~& }+ }C. Covenant 2 is negative and Covenant 1 is affirmative. 1 f% d0 k8 L. |3 K H5 M
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19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：) f7 d+ S* d- I3 i; \$ L
A. Par value plus accrued interest.
. m O3 g+ d& L9 I7 F; HB. accrued interest plus agreed upon bond price. 0 i/ o; `% E$ ~5 K
C. agreed upon bond price excluding accrued interest. 6 _% \: b3 |( q( Z
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8 Y& R* X% F* V/ R" i) u# D20. Which of these embedded options most likely benefits the investor？
1 @# H/ w9 D/ K7 {) B1 MA. The floor in a floating-rate security& B" w! i' {9 w+ B
B. An accelerated sinking fund provision m5 ?% h. V" i; _/ l/ N2 T1 L9 B
C. The call option in a fixed-rate security0 |: L3 @* n$ I) o9 z
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