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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 , y5 }% E6 |6 }
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CFA Level I：Fixed Income - Features of debts securities 习题精选
( N1 N: ?( T! G& y* l' L& H' T16. 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( F. O; {7 J# ~# \3 z7 |; S
| 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% |
; y. @8 `: C! P$ {' P/ \The security is most likely a(n):
0 U% J3 n( Q" V0 C- y+ ] cA. step-up note. 5 l/ c9 B& k% G" \3 _* y3 _6 a
B. inverse floater. * O! |2 Q. I4 c9 E
C. deferred coupon bond. / q1 |9 P$ ? [1 ?/ P0 s/ K, J. B+ u
答案和详解，登录后回复可见：4 p! u7 x$ I% l% K
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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：( x% Y; V; c. ~+ s3 Y! z
| 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:
- U$ b" s' t( i# ~: d8 y* ^8 t% cA. step-up note.
& ^0 n4 Y7 E, H2 HB. inverse floater. b7 u9 t' [) h/ w- D4 O
C. deferred coupon bond.
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18. An analyst reviews a corporate bond indenture that contains these two covenants：4 w, b8 d3 W: i% B. @
1) The borrower will pay interest semi-annually 3 A' E: y3 c% R. T6 `6 O) F
and principal at maturity. 4 ?7 X/ a& r" Q# }+ e
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
! y# v+ K# u1 t- e1 R+ mWhat types of covenants are these?! {& F& `3 j: _
A. Both are affirmative covenants.
( l$ ^2 Q+ x0 ^- _" `* J7 HB. Covenant 1 is negative and Covenant 2 is affirmative.
6 s! s0 S; U: j [% J3 t( |C. Covenant 2 is negative and Covenant 1 is affirmative.
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6 c( }) E: Q5 v19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：6 V, o9 z7 R$ N. p& ^: j# V8 b
A. Par value plus accrued interest.
" Z3 K0 m5 B: [1 nB. accrued interest plus agreed upon bond price. ' Z% P8 f' Z0 g/ i1 O
C. agreed upon bond price excluding accrued interest.
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20. Which of these embedded options most likely benefits the investor？
S0 Y; K7 o" fA. The floor in a floating-rate security
- I+ n! o1 @+ Y( w) QB. An accelerated sinking fund provision
5 D- e- v z; v8 [9 oC. The call option in a fixed-rate security( k2 x( F4 g. w2 M
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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
