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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑
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CFA Level I：Fixed Income - Features of debts securities 习题精选
& |9 W+ q1 D4 l* P! V/ p16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：2 A9 l4 V/ w+ b: X+ j' {
| 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): - E5 b& q- U' I! x4 p% Z+ T
A. step-up note. 4 U! N9 o' b+ A' y" Y7 c
B. inverse floater. - i0 _& B) J: y# u7 z& y
C. deferred coupon bond.
) Q: J: J- |6 K& g3 `答案和详解，登录后回复可见：. v" u' `1 r8 S
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17. 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：
- d: L0 m7 j- h. k( B( p| 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:
0 C' a: p- B0 F& }A. step-up note.
5 U" q3 M) r2 x( A$ jB. inverse floater.
% X2 P7 B- j0 {( T0 v1 jC. deferred coupon bond.
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- z' @6 B, C% C7 e7 E) {! Z18. An analyst reviews a corporate bond indenture that contains these two covenants：& n; e$ o0 |* N( M: `$ v9 @
1) The borrower will pay interest semi-annually * h6 X4 Q$ Z! ^. C+ L6 K) z' a E
and principal at maturity. & y+ m1 R/ e% P( X1 c6 F3 s" a
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. / e, m: ~# |, A5 I# s
What types of covenants are these?2 x2 k6 f4 k7 }/ m! V
A. Both are affirmative covenants.
! @1 i+ j; f/ n% |B. Covenant 1 is negative and Covenant 2 is affirmative. u$ N6 q, Y6 c* f
C. Covenant 2 is negative and Covenant 1 is affirmative.
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19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：" G& Z: M1 `; o2 o
A. Par value plus accrued interest.
( `9 C' G7 C' F, N6 [B. accrued interest plus agreed upon bond price. 4 B& d( l$ @% m; d% M4 o8 a
C. agreed upon bond price excluding accrued interest.
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20. Which of these embedded options most likely benefits the investor？ [; M6 v" C, h3 P: [% c
A. The floor in a floating-rate security `# Q: W( n" v4 Y" }1 j9 n Q' ~& D
B. An accelerated sinking fund provision
# h3 u. C9 y5 i5 |C. The call option in a fixed-rate security! J4 |- _& U% P$ Q6 F' U' ]( `7 g) J
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发表于 2017-9-3 16:34:10
