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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 & P3 S0 l' f' _5 m! {
' V- M/ d% F9 Z1 gCFA Level I：Fixed Income - Features of debts securities 习题精选
$ f7 W% a& q1 @( N& z8 s) F9 p6 }# N16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：$ ]" n) j Y7 a& D
| 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):
5 i( o! l0 v" H( O! WA. step-up note.
. r; ^: d" {6 v4 W3 kB. inverse floater. + O8 `, J) m& s3 g1 L: m
C. deferred coupon bond. 7 W+ J0 [, W* k# q' }
答案和详解，登录后回复可见：0 c0 \8 V( F' d1 I9 e: R
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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：2 U7 @* C1 z( X+ `1 g& h
| 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: & Y, f7 m$ K) A; g0 s( y1 _
A. step-up note.
7 ?& J5 o$ c5 O; wB. inverse floater. ; Z( C* f- K. i8 X, A k4 s
C. deferred coupon bond. , _6 T- Y0 y; ]* Z- Z1 g5 u
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7 H8 l$ m+ |9 x& I18. An analyst reviews a corporate bond indenture that contains these two covenants：
2 @7 h% `; J. K4 ]* p+ k1) The borrower will pay interest semi-annually + e6 i3 i+ |' c2 G
and principal at maturity.
( q% d: `& C& u" j* j$ {2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. , W) | E/ a6 [! U. n3 C
What types of covenants are these?
4 z( F) a) T, x/ y! FA. Both are affirmative covenants.. b( Z7 Q# v! ]7 p8 N! D
B. Covenant 1 is negative and Covenant 2 is affirmative.
% x/ l4 ?' X3 y: y/ F- ~C. Covenant 2 is negative and Covenant 1 is affirmative. . Y* U; `2 M2 [6 k, M) A: A+ A
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/ A8 v# M. n, F, y19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：
, [1 d% C! G! c1 B) sA. Par value plus accrued interest.
) i- r' v( I4 bB. accrued interest plus agreed upon bond price. " }* [( ^$ Z5 n) x9 ]* o/ x
C. agreed upon bond price excluding accrued interest. . q4 k+ m) I- D* ]
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20. Which of these embedded options most likely benefits the investor？
! h; ~; u2 }$ J' Q6 ~! U, A% h- L! eA. The floor in a floating-rate security8 H3 _0 A" ]* J5 p; e/ G
B. An accelerated sinking fund provision6 i: x# H* J4 {; c9 \- i8 T- F
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
