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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 [: H* S, T& @1 J! G& Z* P
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：( H; _' _6 [- F" H
| 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% |
4 w6 h& U& b% \( V* e1 j- ^* x- uThe security is most likely a(n):
; c# q- w# E$ v3 v. w: pA. step-up note.
+ l7 I' G3 @* F3 v1 z3 M9 {B. inverse floater.
0 ]6 } r4 o1 Q; {C. deferred coupon bond.
5 c& Y* g8 D4 h6 O3 T答案和详解，登录后回复可见：( \/ g$ r: ^, E2 m
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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：- P) ]# X. }- b5 Z f) @+ H, w7 F
| 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:
& O) J# {( ^0 YA. step-up note. 0 H; g" Q( M ~
B. inverse floater.
/ k+ ~) U0 G3 I8 aC. deferred coupon bond.
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18. An analyst reviews a corporate bond indenture that contains these two covenants：
( [& D6 G9 c R1) The borrower will pay interest semi-annually
- R5 w% M" O) {+ J& S5 xand principal at maturity.
1 S) c% ?! `( Q9 {. ^2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
5 |3 p+ X J; U$ a% M/ vWhat types of covenants are these?5 m. A, e) I$ F8 X: s; S. p
A. Both are affirmative covenants.+ x6 J; I3 X& f- S+ V6 v
B. Covenant 1 is negative and Covenant 2 is affirmative.
' \4 c% ?# H. [* I/ J7 | N/ U9 X: yC. Covenant 2 is negative and Covenant 1 is affirmative.
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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：2 V) s1 j3 s+ R: d( U
A. Par value plus accrued interest.
0 k4 R1 P# |7 }5 n' n' X; nB. accrued interest plus agreed upon bond price.
, {7 Y6 @& C9 u! W/ vC. agreed upon bond price excluding accrued interest. 0 m/ Q5 S0 Z4 i8 x! D
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7 E' e( J* P, Q, b# B: p20. Which of these embedded options most likely benefits the investor？# u7 `4 Y) q. s5 h7 ` v+ n3 J
A. The floor in a floating-rate security
4 G# E& p9 [0 DB. An accelerated sinking fund provision
$ ^, A& a1 M |5 I4 }( uC. The call option in a fixed-rate security$ L) K- {( i7 N
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