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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 8 [3 |& U( f3 D" P) m6 C3 x
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CFA Level I：Fixed Income - Features of debts securities 习题精选3 u- i* G0 k7 z) ]2 H2 o% ~0 {
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：. E" c, w' @; K7 O* v$ @5 O
| 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% |
; |+ i( v! r$ U( [/ jThe security is most likely a(n):
/ [5 S$ F3 `$ K$ p# uA. step-up note. / P+ @( ~* ~. N6 ]
B. inverse floater. ' [' A8 M4 o m. d2 ]9 ]- t
C. deferred coupon bond.
; I: r& |5 |& c5 Z答案和详解，登录后回复可见：$ w2 z$ z" X U. [
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/ h7 C& u$ \! V2 L$ U7 ?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：4 A9 C1 t/ B8 y" z. j" S3 q& d4 K$ J0 N$ {
| 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: 4 U$ J/ ^" X" \& g Y5 a
A. step-up note. + \# k- x T* X; l) W
B. inverse floater. 8 W6 r* v4 O" H
C. deferred coupon bond. 2 f2 M1 j2 T- ]/ o0 V: s
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3 G2 s3 Z( J1 [1 s! p# f7 g18. An analyst reviews a corporate bond indenture that contains these two covenants：% F3 m; I( Q" Z2 Q6 S
1) The borrower will pay interest semi-annually
) X% B" Z3 R T& J& S! j8 [9 d8 z6 r Sand principal at maturity. ; u( y$ e: u! d8 i0 h
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
; |% w! @1 p1 \' D) p% nWhat types of covenants are these?
( X" m1 l9 N j0 ~( l/ vA. Both are affirmative covenants.8 e6 ]& U9 D0 F3 B5 `: w
B. Covenant 1 is negative and Covenant 2 is affirmative.
0 l. z- |6 ]5 aC. Covenant 2 is negative and Covenant 1 is affirmative.
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0 w1 V' a# E \19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：# i: c2 c/ u3 @3 K: p
A. Par value plus accrued interest.& w7 N! S- N7 U. E1 e
B. accrued interest plus agreed upon bond price. P; K1 {8 f7 ^! C) F/ l
C. agreed upon bond price excluding accrued interest. . H. I! Z9 J/ Q5 v" S6 }
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1 m7 e! |, l$ ?3 L; v20. Which of these embedded options most likely benefits the investor？' {6 w+ s4 ]) o o; g, _6 ~2 k
A. The floor in a floating-rate security9 K" w5 J0 z4 }
B. An accelerated sinking fund provision
]/ q' ^. L+ O; ~- v; w8 c1 @C. The call option in a fixed-rate security6 Q: ? g% S' K, k: L3 Y
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" y+ ]3 }3 v" f0 S- v+ H更多CFA习题可关注：高顿CFA题库./ X9 p1 g: j: ~- g' M- C! T) m3 Q
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