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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑
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CFA Level I：Fixed Income - Features of debts securities 习题精选! u6 w: [+ t& V. w
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：
/ z( z% E3 v9 N: F! e8 n* l| 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% |
8 i1 F9 k6 m) k6 P( HThe security is most likely a(n):
; t& J4 a" m* @6 CA. step-up note. / A8 |/ c, [) g' g* v c- P
B. inverse floater.
8 j! L2 c% ^8 u; s% _: vC. deferred coupon bond. - O- l4 ]- y( @5 m
答案和详解，登录后回复可见：
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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：% ~) F3 W2 b) }6 D' p2 D \5 l
| 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:
5 t! {+ K T% Q1 j& G. A1 W' vA. step-up note. # ?; P7 W+ x, f5 j$ Y
B. inverse floater. ; d; [* R+ D% B; N5 K% ~6 c
C. deferred coupon bond.
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6 B; H6 F+ ^" ?; i/ C' T18. An analyst reviews a corporate bond indenture that contains these two covenants：5 j1 V( h) n" d
1) The borrower will pay interest semi-annually 4 v' `# v5 d- {, ?% w, U
and principal at maturity. ( r( ? B0 W9 |" M4 n2 s8 z
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
8 ^ d- H4 X2 q x# | sWhat types of covenants are these?" H1 k1 S1 _% [# ~# h* _8 M
A. Both are affirmative covenants.: G; J: |2 C# W3 w4 n* ~
B. Covenant 1 is negative and Covenant 2 is affirmative.
) F7 B) ]' K v5 }; a# y8 dC. Covenant 2 is negative and Covenant 1 is affirmative. . K, q) N. Y9 P; }- ?7 h. u
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19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：
6 _" L7 I. r- ^8 [: sA. Par value plus accrued interest.
0 n$ B+ r. a* P/ E) LB. accrued interest plus agreed upon bond price. # J% L2 d9 }+ E
C. agreed upon bond price excluding accrued interest. : K. \9 Y) g& P$ ?2 A
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/ ?/ E3 U4 M3 q- r, A5 N7 L20. Which of these embedded options most likely benefits the investor？
* E$ w3 w9 y$ }& ]- }A. The floor in a floating-rate security
X+ `% o# V2 p5 cB. An accelerated sinking fund provision* ^4 n* G7 ]; Z& Y4 ^# S3 `. F
C. The call option in a fixed-rate security; H, ]* w) j0 z+ {( T8 M% `0 \
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