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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 $ d& t7 }. ]- h* r7 q( L2 C6 r
1 B( @! G3 t9 }8 H/ FCFA Level I：Fixed Income - Features of debts securities 习题精选+ @: i# N! y/ b3 e- |0 a
16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：
Q' x" }3 I- y4 T1 I0 P| 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):
) S9 K. Q. u6 h/ o; x6 l! ^: D4 n% a4 gA. step-up note. L6 z6 ?. g& \( I( \& ?
B. inverse floater.
2 u5 C: ], f: F3 o+ OC. deferred coupon bond.
1 W+ @' \* U( l- v% ^) f; m" g答案和详解，登录后回复可见：
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: o8 J6 T2 l) e3 T17. 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：
! r8 i4 J2 w+ M% h2 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: 7 u, L Q8 \* w3 U9 L3 Q9 u/ ]
A. step-up note. ( |! g/ _' j% f$ ], c6 E0 f _
B. inverse floater.
& E2 @# |( G5 zC. deferred coupon bond. & \% ~* _0 \* Z u1 c* w3 z4 m7 R
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18. An analyst reviews a corporate bond indenture that contains these two covenants：
2 C( ~7 [# A. P5 }1) The borrower will pay interest semi-annually
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2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. . z2 M- q; E; m" f) X. A
What types of covenants are these?
0 {- H4 ?/ x9 q4 j2 n- m: }. PA. Both are affirmative covenants.5 x4 x7 t. G! a5 e- o
B. Covenant 1 is negative and Covenant 2 is affirmative. * k ? ~! a: ?$ d8 K; H# G) U
C. Covenant 2 is negative and Covenant 1 is affirmative. / r- B% Y& G* @ S# i
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19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：7 p, r |4 v0 I; D
A. Par value plus accrued interest.
% ?3 E1 i5 Y6 r' }B. accrued interest plus agreed upon bond price. 2 X% L& D. @$ m+ h3 o
C. agreed upon bond price excluding accrued interest.
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1 ]1 s3 d! d( `, D/ H' D! T* _4 [- y6 ]20. Which of these embedded options most likely benefits the investor？
, ?+ ?( W) S6 t4 @2 n# \7 jA. The floor in a floating-rate security ?; U Q9 U1 F! A: D A+ t) C
B. An accelerated sinking fund provision
B2 ]' ^" C8 ]% i4 RC. 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
