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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 ' c' L* c& y( [0 F1 E/ k! C# `
9 n& ^! E2 [! y- l0 ^ f& RCFA Level I：Fixed Income - Features of debts securities 习题精选4 e2 Y9 Y( v; ~# A0 ~ Y, D6 h
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$ e/ [# l0 r
| 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):
/ A8 K) F' Z! z$ {3 Y* NA. step-up note.
( o6 o" A' p) J4 Z3 GB. inverse floater. $ U+ o3 w, l M: C0 x4 k" U! J- W
C. deferred coupon bond. 4 `4 q+ X" z, h4 H0 _
答案和详解，登录后回复可见：1 q1 L9 ]. g! O
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( \. \5 x q4 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：$ u; _0 N6 f7 T/ {
| 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:
/ d- [, u: {) j- s3 `A. step-up note. ' Y# _4 D. q+ ]8 K# C5 _. J g
B. inverse floater. 4 Q! z: E4 o* m2 d0 ~
C. deferred coupon bond.
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18. An analyst reviews a corporate bond indenture that contains these two covenants：# t' ^8 p: U1 e2 Q3 r) ?) P. Z
1) The borrower will pay interest semi-annually # T4 T( C3 c4 U
and principal at maturity. ) R) T6 Y4 d1 ^1 }
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. . A5 x$ l, n5 y% b
What types of covenants are these?
. D, H- s: ?( Q9 N4 x# V7 r" L: OA. Both are affirmative covenants.& k P( o+ x# n5 N
B. Covenant 1 is negative and Covenant 2 is affirmative. 2 I5 C0 a5 f4 ]" s
C. Covenant 2 is negative and Covenant 1 is affirmative. 8 [# r6 ] F$ V- Z
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8 Q* x. x& e3 \% r6 t" U6 |& ]19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：
! ] @0 e% a) W w; W/ {* x0 |" KA. Par value plus accrued interest.- z! s3 i& p) E. E: k
B. accrued interest plus agreed upon bond price. 7 f8 \# Y: d% R o7 U b4 K
C. agreed upon bond price excluding accrued interest. 4 _$ `' S& J) o8 D
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20. Which of these embedded options most likely benefits the investor？7 h- w9 a+ ]2 }, y5 ~
A. The floor in a floating-rate security; O" D6 }. |6 l
B. An accelerated sinking fund provision$ l- d1 m/ W' Q& j( R9 y
C. The call option in a fixed-rate security
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发表于 2016-1-11 10:20:33
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发表于 2017-9-3 16:34:10
