|
|
本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 ( \+ d" \; x9 z1 h5 i
, e/ [7 l" Q8 w% j& _CFA Level I：Fixed Income - Features of debts securities 习题精选( W$ D3 O( z1 Q5 Z
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：: }' N8 J6 `1 h& M) y6 U U
| 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% |
4 E8 e: D O# PThe security is most likely a(n): ' c7 X0 {8 Z, t4 L) ~/ L& t; H8 q
A. step-up note.
, N' n! j& G+ e2 z. i" zB. inverse floater. ; b$ m$ g6 @* r% s( X
C. deferred coupon bond.
K* `9 L0 p/ M) u7 _答案和详解，登录后回复可见：
c, V0 a; m3 \, S
3 w7 e& b% \$ N' g) r( w. | ^6 o
. T Q ]9 ~/ M17. 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：
p- V( e8 S; q# f3 ?| 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:
+ |1 c* v+ k e0 D8 L0 [0 eA. step-up note. ' _) f5 N( l9 }# e0 u( _. ]0 Y
B. inverse floater.
6 |8 `5 ?2 l& F, |, u" ^& l& zC. deferred coupon bond. 3 m$ s" r. a" B( q3 S; G! k
% n! P. q) s( S8 R
6 B" G( i$ |# O" W. S! u
5 k* V3 U% B( \. U v% @18. An analyst reviews a corporate bond indenture that contains these two covenants：
! B" U( z& Z$ R" b6 X& e5 ]" h1) The borrower will pay interest semi-annually
: k. d% p' f% K3 j) M; band principal at maturity. 3 {( n# h& e$ H6 _7 K
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
1 d( `, f( {: b: b3 n, ?What types of covenants are these?
+ u: y( M0 y, b0 x$ m$ |; e: nA. Both are affirmative covenants./ L4 T, i7 a1 f; e
B. Covenant 1 is negative and Covenant 2 is affirmative.
# |) W) O H& I( ?; W; M. H0 SC. Covenant 2 is negative and Covenant 1 is affirmative. 1 k1 B8 b" Y P$ L
5 d) R* X8 _4 ?: B
; `4 K7 B8 y- Y7 ^3 H8 K! d* y$ ^+ @" Z1 x9 q' K" S8 c9 K5 ^: W
19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：+ r7 n K' L" m2 f6 R
A. Par value plus accrued interest.# ~$ x3 |2 j# S5 o6 g
B. accrued interest plus agreed upon bond price. * d6 w: l* m0 Q/ u2 U2 |% N% I& i
C. agreed upon bond price excluding accrued interest.
( p/ g) M, t5 s2 X5 H! g4 K( L: w) P1 F8 q2 q; e
4 a% e/ s \! B0 T$ G" c/ Q0 f. w7 N1 e. _
. N2 R# a: q- H0 }0 V
20. Which of these embedded options most likely benefits the investor？! h; s7 a. d0 u' W
A. The floor in a floating-rate security% P5 {4 _9 E$ ^& [) ~: M
B. An accelerated sinking fund provision1 \, c) l0 X% ?; Z' _
C. The call option in a fixed-rate security
! r0 V# G/ }6 b! S3 R) F: t! g* h$ @1 u8 Q" A2 q: @+ x
4 p5 T: A5 w* C( e/ t2 u, E
$ J$ H ^4 a9 N% K& B8 l$ a更多CFA习题可关注：高顿CFA题库.
: p; A0 Q- K) J5 @关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得! R$ f2 _; k* o
, v! r5 }$ d. g2 @
! [/ o8 P9 B7 s4 @. S% C) Y |
|
[复制链接]
发表于 2016-1-11 10:20:33
楼主
发表于 2017-9-3 16:34:10
