CFA Level I：Fixed Income 习题精选题（26 - 30）

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CFA Level I：Fixed Income - Risks associated with investing in bonds 习题精选


26. An investor purchases a 5% coupon bond maturing in 15 years for par value. Immediately after purchase, the yield required by the market increases. The investor would then most likely have to sell the bond at：
A. par.
B. a discount.
* G2 P  l+ E: }4 P6 u0 P/ B4 Y9 }C. a premium.
: l/ D# i8 S, w  }4 A' u$ A
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27. Given two otherwise identical bonds, when interest rates rise, the price of Bond A declines more than the price of Bond B. Compared to Bond B, Bond A most likely：
A. is callable.
* i/ ?% w9 ~/ M$ y. e( C' aB. has a lower coupon.
C. has a shorter maturity.
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9 p3 U) R' i" X( k# n28. An analyst is evaluating the two bonds below：
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	Bond A	Bond B
Coupon	6.90%	8.25%
Maturity	Oct 29, 2022	Nov 5, 2022
Callable	No	No
Price	$102.17	$102.39
Yield	6.60%	7.90%

Compared with Bond A, Bond B most likely will have:
6 ~1 r) w# l7 ^A. less interest rate risk and more reinvestment risk.
9 r9 T9 K: Z, C. g, gB. more interest rate risk and less reinvestment risk.
5 R0 W' z1 D5 oC. less interest rate risk and less reinvestment risk.
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29. When interest rates fall, the price of a callable bond will：
A. rise more than an option-free bond.
: c+ F# V  W8 G0 V( j! p- O7 uB. rise less than an option-free bond.
C. fall less than an option-free bond.

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6 |: O- m' V0 Q+ i7 w( [' H  e30. If market interest rates rise, the price of a callable bond, compared to an otherwise
identical option-free bond, will most likely decrease by：
& r  s5 t* v6 V- R- \7 nA. more than the option-free bond.
B. the same amount as the option-free bond.
C. less than the option-free bond.

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