|
|
本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 : J. ]8 c) e! h. O7 M- y
* s1 q1 ~4 j* D/ x' u2 aCFA Level I：Fixed Income - Features of debts securities 习题精选
$ o3 ?# q, J, A$ @5 Q16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：1 m; V3 I( h! A; _
| 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% |
9 c u0 a! ?: m a5 {$ P
The security is most likely a(n):
' l2 d- _: }, ^ E$ l! @! _# V% WA. step-up note. 7 _" j4 w0 L) [7 X3 ?
B. inverse floater.
2 k y8 R) S( m" Z) b6 eC. deferred coupon bond. - q, ?2 s7 O) j: G6 m
答案和详解，登录后回复可见：5 h8 o# l& U& M& u# [% t; \: e
8 r# f( @# X6 I$ q" o3 N; K8 a
8 J' c+ r: q' L2 O1 o7 k17. 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：/ C# I9 a* N o
| 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:
" [' _5 K3 V6 t) v8 c$ c3 WA. step-up note.
" z, x. u7 U. f: c0 ?/ GB. inverse floater. 5 g& k6 |/ \* z9 D! b2 v
C. deferred coupon bond.
# m: K2 n% A9 P' @# ]
2 D4 Z- i/ N6 O5 ~; {: G. A. E% {/ h- u# W5 `; M. s/ q; n7 {
8 ]0 c5 I6 v$ `0 O7 X$ y18. An analyst reviews a corporate bond indenture that contains these two covenants：2 @3 p; o8 r/ f& O+ l, r9 m$ T
1) The borrower will pay interest semi-annually
7 w) G3 ? y# Z7 v' f6 s) y' Mand principal at maturity.
6 D( K4 s, V! t2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
+ O7 ?: ]! T, ]% \, h ~; m* KWhat types of covenants are these?, X# |0 n( x, h$ I! h
A. Both are affirmative covenants.
0 S" N( P; d* S! d2 i% qB. Covenant 1 is negative and Covenant 2 is affirmative.
6 T# h& B m) `8 \! |C. Covenant 2 is negative and Covenant 1 is affirmative.
( D7 c7 A, k3 t6 x; N. a0 _8 F1 F+ h6 p. i. W h, i
# I: G: u4 ?+ m9 i2 X
$ i ^3 A5 B+ Y; G1 Y( i( e
19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：* o6 `1 _% S3 w( H* \+ n, N
A. Par value plus accrued interest.4 v+ o- r; ~6 X' H! t% I- G; f0 q
B. accrued interest plus agreed upon bond price.
9 `8 u8 C! k. v) X( M: x eC. agreed upon bond price excluding accrued interest. 0 y3 q0 J: r9 H
" N) S0 t* G6 S) w) U p1 f( k) b- L; W% o# l# X
) \9 Y G" U6 \. d' n, g20. Which of these embedded options most likely benefits the investor？
, P/ j) T7 @( y1 b+ W2 s& ?A. The floor in a floating-rate security. z! G7 g) l, T2 `8 k/ }2 L2 T
B. An accelerated sinking fund provision
" V% B" K4 j* k8 K9 d% f. @C. The call option in a fixed-rate security$ N' d# w# \* r8 i2 [& c. l# Y$ H
6 t, s9 O1 Z1 U8 j2 W2 G/ d1 |
6 K; G/ b( T# K4 g6 s; W
, A0 I5 f, B |% M* y更多CFA习题可关注：高顿CFA题库.) m7 e, a. W; ^8 Y
关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得$ [, [7 x. N; p3 P. q
; B2 G% l& _# l3 U. V; \% W$ j$ E: ]0 G
|
|
[复制链接]
发表于 2016-1-11 10:20:33
楼主
发表于 2017-9-3 16:34:10
