|
|
本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 # p1 |9 r3 m, C( n$ g* ~/ T
" \& L5 ~$ C4 T7 {: c+ }+ `
CFA Level I：Fixed Income - Features of debts securities 习题精选3 Z9 {2 e# N% u) ~
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：
% Y/ }4 O6 Q) v| 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% |
9 |) `. j6 D% L- AThe security is most likely a(n): 0 D1 K" F( w- [5 d4 [' \
A. step-up note.
: D$ A6 G+ y* i$ S' j* MB. inverse floater.
2 m+ U/ [$ \* M" ]1 `8 o( TC. deferred coupon bond. ' w" Q/ S3 S7 ] X7 u1 s
答案和详解，登录后回复可见：, E" Q' q( `4 u3 h9 C
5 e3 s6 y4 x) P
3 i) _9 |* N* q+ E+ Y' \( ~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：( S/ a( I! x5 r
| 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:
) H4 O( N$ j& E. u+ p7 aA. step-up note.
- Y8 b: W- u0 u) ~& LB. inverse floater. 7 j6 W k$ t( N* @, U
C. deferred coupon bond. 3 F' t/ R+ t* J: Y! @
+ ^3 N6 O+ n1 U9 V9 e4 @$ F) w" u
, n1 d) D; o/ S
" o# i5 x1 w3 u' V# O18. An analyst reviews a corporate bond indenture that contains these two covenants：
1 _/ H2 }& {/ L1) The borrower will pay interest semi-annually 5 f: ]! D6 N1 Q& L2 E/ j" j" L
and principal at maturity.
' s' r- B% u2 E4 E2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. ; Q2 i4 W. F( a$ X
What types of covenants are these?4 H, o% Y2 o j* _
A. Both are affirmative covenants.
+ \, i/ v! w4 Y" D4 nB. Covenant 1 is negative and Covenant 2 is affirmative.
2 \5 V8 I ^( }) v) `+ ?C. Covenant 2 is negative and Covenant 1 is affirmative. ! D; j \/ Q2 _( Y
' R# P6 x/ Z" c4 N( `
' R. C: T4 x! G6 e% e9 c# T9 I* _
3 W- E/ j( a! g/ z J19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：
8 y/ v/ J7 }$ Q/ I/ n& DA. Par value plus accrued interest.
4 `! F) Z* |. {/ p n: n6 ^1 vB. accrued interest plus agreed upon bond price.
/ [) s0 {/ l8 AC. agreed upon bond price excluding accrued interest.
: o3 V: x9 m% i, R2 e4 S% ?) S. w2 U, a0 y. R8 i( K
0 q; g* c2 Q7 m8 ?6 r
. |3 i& Z" F" l% ]& A) F20. Which of these embedded options most likely benefits the investor？
& t6 c. J5 G/ }& U# a% _. I. UA. The floor in a floating-rate security" X+ F, ]" k$ I* e- u& F
B. An accelerated sinking fund provision
7 H+ B' u7 i2 O, E w) q- A6 i; tC. The call option in a fixed-rate security
$ I h8 T7 H2 Z) Q' F" y: j' B) U$ o' i5 \& j$ X
, n% W! q8 P# @, I3 r* B1 P' r
5 J9 k5 Z$ l! }0 r9 R更多CFA习题可关注：高顿CFA题库.$ Y; L7 D2 f+ ]/ A8 {
关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得
7 u4 S7 Z" p/ `$ W+ Q; }; g
# z: `) c0 B) P$ [) C0 }# a. R+ [
: s, C& e! B& l2 e% [" S |
|
[复制链接]
发表于 2016-1-11 10:20:33
楼主
发表于 2017-9-3 16:34:10
