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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
4 G: d# S0 J+ C4 ^1 P8 q16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：% Z) x4 j0 R0 g8 u4 ?
| 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% |
% S R( k+ g' C0 f' x- HThe security is most likely a(n):
" d3 p: A& w- F9 p. [1 PA. step-up note. ) a& ^' X) v3 b# J* B! q! I! z
B. inverse floater. ( w/ V' Q, q. d9 I: o+ S# n
C. deferred coupon bond.
5 O- d$ S/ V7 x) J4 v答案和详解，登录后回复可见：
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7 K6 }2 x6 B* Y17. 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：
& |( T, Y- J: A( |' `8 q/ {| 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: ( L% B) s* U3 W' {" l
A. step-up note. / }( U; O5 Q' i% P7 E
B. inverse floater. ) x5 N1 k% _ t8 y Z
C. deferred coupon bond. $ n# G$ g8 s7 q& \# D8 p
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@/ R/ Y# U/ Q' J18. An analyst reviews a corporate bond indenture that contains these two covenants：
& i" @5 d; V7 v0 h! G: p1) The borrower will pay interest semi-annually 6 F9 t" X" E, m0 b. r% Y: |, m
and principal at maturity.
* {( T' v! B; ]1 T9 v+ h2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
+ `; r$ {3 ? T3 A% [What types of covenants are these?
) @+ d- G7 y" k2 c# z' ]0 F# {A. Both are affirmative covenants.$ p8 z( q1 A. `7 T! @
B. Covenant 1 is negative and Covenant 2 is affirmative.
$ ?+ U( E* ]% q0 \# _! RC. Covenant 2 is negative and Covenant 1 is affirmative. c+ x5 n; s3 |7 ]( ?# o+ i. V1 R
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* R d1 k. N4 n- ]# f19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：& p. r9 ?: @; `% p7 _; [! t
A. Par value plus accrued interest.
9 A }) |& W+ A% kB. accrued interest plus agreed upon bond price. 1 m2 t4 ?% G5 r$ r0 W/ J
C. agreed upon bond price excluding accrued interest. : E9 s- V2 M, g& L3 S* x
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0 C, @8 |2 P$ E: A20. Which of these embedded options most likely benefits the investor？
: P$ w7 f9 j: ~. b" P% ]1 uA. The floor in a floating-rate security# Q9 F6 J& T$ c" [2 I8 z
B. An accelerated sinking fund provision
; }* I1 J( l5 A! HC. The call option in a fixed-rate security" w3 D! L0 p ]* v2 e0 ^
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