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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0 R r7 e: X$ A$ G$ P/ W5 S6 c7 k
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：
" v# x" k, X" U' k| 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% |
! r/ r) K @ J0 v2 v. ?; F: c2 TThe security is most likely a(n): g/ x9 b, \: Q6 I4 ]# I) |7 p$ H
A. step-up note.
$ N6 Y6 s: }2 n! F' TB. inverse floater.
, m3 ^0 b U3 B5 @8 D P/ \C. deferred coupon bond.
2 T/ N5 K' z. k) I: o; q' A答案和详解，登录后回复可见：
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6 X6 I, a0 R+ B6 L' z; \8 S17. 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：; R0 ]" g( H' X4 Q" 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:
: V2 i( a' J- @# Y8 k, CA. step-up note.
/ V) H& x+ ~! F+ k% vB. inverse floater. ! ~$ Q: O9 z. l+ B1 P
C. deferred coupon bond. / E* |" K' y, r6 C% I5 T
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, }! u. e, O! `! j X8 g18. An analyst reviews a corporate bond indenture that contains these two covenants：
* f% [# g0 ?* V5 ^- F, Q+ @1) The borrower will pay interest semi-annually
- t9 w. |% w( j! J9 i" Aand principal at maturity.
. M' W7 x% e% U9 k" j9 s. C2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
& @: L& B; ^ i8 Y5 iWhat types of covenants are these?+ _. t6 V0 W# i0 ^' }+ b% t
A. Both are affirmative covenants.6 }0 I+ _: r9 x8 n9 q
B. Covenant 1 is negative and Covenant 2 is affirmative.
& V& d8 t3 x8 ~+ [# U8 pC. Covenant 2 is negative and Covenant 1 is affirmative.
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0 P4 z! _% {5 a* I" [; }. B. b o19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：- F6 N- R. x- z1 U
A. Par value plus accrued interest.
3 ?4 o3 g3 K$ f! X) j, m9 EB. accrued interest plus agreed upon bond price. ! L. `* s2 H2 b1 }- ?. \& J
C. agreed upon bond price excluding accrued interest. ! _8 F4 s' v$ m$ x/ p
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: z# T4 q! h" p$ P20. Which of these embedded options most likely benefits the investor？0 r, I( {- c8 g% d; B3 i
A. The floor in a floating-rate security S( r+ U& Q8 a
B. An accelerated sinking fund provision
" g( A3 M2 |" @9 H/ Z* D0 Q0 ]7 h$ }C. The call option in a fixed-rate security
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