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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 ! [: e) _. S; n- i
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CFA Level I：Fixed Income - Features of debts securities 习题精选, S/ |) Y) O+ Q5 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：7 H, m5 I6 q+ t# Q( ^& \( U; W! f
| Year | Risk Free Rate | Coupon Rate | | 1 | 3.00% | 6.00% | | 2 | 3.50% | 5.00% | | 3 | 4.25% | 3.50% | | 4 | 3.70% | 4.60% | | 5 | 3.25% | 5.50% |
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The security is most likely a(n): % D/ c" a8 y1 c% N l
A. step-up note.
- g3 J9 m# p5 B, S$ vB. inverse floater.
1 r# Y3 j+ q, @; ]' g- T1 { `' dC. deferred coupon bond.
+ S% L2 q9 |! I4 r) ^' K' P答案和详解，登录后回复可见：
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! A' v6 ^' ]4 }% L17. A 10-year bond is issued on January 1, 2010. Its contract requires that its coupon rate change over time as shown in the following table：
$ K) S1 D u0 k4 L; E| Coupon Payment Date Range | Coupon Rate | | 1/1/2010-12/31/2011 | 2.0% | | 1/1/2012-12/31/2013 | 5.0% | | 1/1/2014-12/31/2015 | 7.5% | | 1/1/2016-12/31/2019 | 9.0% |
This security is best described as an example of a:
" R+ U, I7 T; x8 v7 J! b4 xA. step-up note.
5 D! r1 X0 k5 _; e2 WB. inverse floater. 2 s; `, D! B1 D5 N, R1 D
C. deferred coupon bond.
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18. An analyst reviews a corporate bond indenture that contains these two covenants：' s6 u/ t: `: m( [* z
1) The borrower will pay interest semi-annually 3 F7 j# B, b* D7 O% E9 ?8 a
and principal at maturity. ( n0 d% L2 h, I
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
& t5 J- t# b% @/ v& kWhat types of covenants are these?) \) r6 w4 M; Z
A. Both are affirmative covenants. K5 I4 r1 ]- W9 `6 t
B. Covenant 1 is negative and Covenant 2 is affirmative. 3 U1 s5 o. o! Y& n8 ]* r8 c
C. Covenant 2 is negative and Covenant 1 is affirmative. 6 T; l0 b+ p2 R& k( \0 S) E9 k) R' U
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$ {8 a3 p$ u9 F19. 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： g5 H1 I! }0 z+ W( F) T9 @
A. Par value plus accrued interest.
$ b& l$ K( g u: `3 dB. accrued interest plus agreed upon bond price. 7 |" g" r! ]9 O/ @. N6 y
C. agreed upon bond price excluding accrued interest.
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20. Which of these embedded options most likely benefits the investor？
% A% o: W8 H. B; m4 K" jA. The floor in a floating-rate security {) H7 {9 g$ G: N' Y3 P- l
B. An accelerated sinking fund provision
( e+ {% M' R7 h V- @C. The call option in a fixed-rate security7 H7 k7 g) T. X9 m) @3 F" I
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发表于 2017-9-3 16:34:10
