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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 7 e* J8 s0 l5 T" m( ]" \, a
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CFA Level I：Fixed Income - Features of debts securities 习题精选
8 l, \" @9 r( v! U16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：
! h, @' s- H W! h- B| 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 s: p2 r X4 g. D9 Z5 KA. step-up note. : N4 k) p* q' p$ `! r Z
B. inverse floater.
& D2 H2 @' Y) ?$ i" @C. deferred coupon bond.
8 ?/ \; N8 y3 v3 P2 ]答案和详解，登录后回复可见：% J5 W2 P& [! |9 P
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7 b, c- c3 s' s; h4 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：
1 U H* ?( y; I| 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:
( B$ ]! d2 P3 h. TA. step-up note.
L9 ~5 h7 G& NB. inverse floater. ) w8 O# i/ `5 Z- }6 }
C. deferred coupon bond.
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18. An analyst reviews a corporate bond indenture that contains these two covenants：/ J( k8 p& b) G
1) The borrower will pay interest semi-annually
! L# ]: _& E, f6 Fand principal at maturity. ; a( M% ?, A+ m( u5 q
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
/ M) A1 N9 Y2 BWhat types of covenants are these?
5 P( L$ ?0 I6 i3 R. g; J% iA. Both are affirmative covenants.7 O+ F g% o# c6 h7 b+ L
B. Covenant 1 is negative and Covenant 2 is affirmative.
. ]" [4 |: |* I" R8 b8 I- _! M yC. Covenant 2 is negative and Covenant 1 is affirmative. + }5 ?7 J$ j9 i% ?0 q3 T
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3 L- m" G Y' c$ F. j# s19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：! _* M% S) w7 r* [# u4 V; F
A. Par value plus accrued interest.3 F' ~# w9 c7 B4 [3 {
B. accrued interest plus agreed upon bond price. 8 x- ^- W1 T# v( Q
C. agreed upon bond price excluding accrued interest.
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20. Which of these embedded options most likely benefits the investor？
; s7 J0 @6 ~' o3 C, W# R0 {' e$ YA. The floor in a floating-rate security; D% h& E' [: f( G# g* h
B. An accelerated sinking fund provision4 i& u& j( \1 [0 x5 Q3 P1 _6 S8 w: D
C. The call option in a fixed-rate security
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