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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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0 `9 {5 w, p; w, f4 \8 U1 ]2 QCFA Level I：Fixed Income - Features of debts securities 习题精选
' J0 H9 s/ \' s1 e4 v. L16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：
+ u& Z9 L) l8 q0 Z| 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): 8 Q4 b7 K+ o" B
A. step-up note. & y T# V: E: M3 K- N6 B
B. inverse floater.
; M; Y* K2 _6 l& c' VC. deferred coupon bond.
6 F0 ?6 g3 [2 {9 B) F7 j) n- A5 G' G答案和详解，登录后回复可见：, ?6 B4 N( L, E! e, X' m# z& b
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# M) m. L' Z" q! C; K7 I17. 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：
9 \0 [ u8 M" t$ J, X| 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: v# W4 R. M* k: r, j
A. step-up note.
; N7 u/ y* J$ I& B- i4 qB. inverse floater. % f8 `9 {$ [& t
C. deferred coupon bond. & [) ` ]% @1 h3 j. I+ R
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18. An analyst reviews a corporate bond indenture that contains these two covenants：
% D: S+ W2 K# z& S; \1) The borrower will pay interest semi-annually . w! n, j. V% q3 G3 p
and principal at maturity. - F1 J* @; \$ N$ W5 W
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
7 k6 Z' ?. |$ {: {/ gWhat types of covenants are these? W/ a2 w& K0 I& K
A. Both are affirmative covenants.
/ k4 O" n$ T) {' b5 J: J4 WB. Covenant 1 is negative and Covenant 2 is affirmative. ' Q6 p6 l. s8 D7 c/ i |3 ~
C. Covenant 2 is negative and Covenant 1 is affirmative. & h1 }# C7 h5 x, f) Q6 S4 e+ m# k% f$ \
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19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：. v; ]$ ?3 d* I1 |3 \5 `" S
A. Par value plus accrued interest.
2 e+ y1 U. [3 u, b' wB. accrued interest plus agreed upon bond price. b" `) {, g2 E2 l7 T8 p; u/ U& |
C. agreed upon bond price excluding accrued interest. 5 n2 B6 m" n# b. M
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20. Which of these embedded options most likely benefits the investor？
9 v& P" L3 |1 y$ n) ]1 rA. The floor in a floating-rate security- k; y7 u; E, O2 g
B. An accelerated sinking fund provision7 m; K6 C3 Y" X1 p" `7 E0 i
C. The call option in a fixed-rate security
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发表于 2016-1-11 10:20:33
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发表于 2017-9-3 16:34:10
