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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
! ]+ D( x) a. v/ h! O% c16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：
[/ b* r9 o' Y6 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% |
/ w3 E3 Q" U% m# VThe security is most likely a(n): $ I( @0 C" l) b4 R+ `0 J/ c4 z! D9 E
A. step-up note. 2 r% u, N7 K; R7 Z) R
B. inverse floater.
" Z! N: e# I# TC. deferred coupon bond.
+ _0 Y7 q" M8 q2 q; y/ w C* x# v# P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：% H/ m, D4 n% v& I+ X- U' Q
| 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:
* }$ q8 V! A% r3 r1 q& s) s; A7 K1 _A. step-up note. , m5 I* M1 l3 s' o. [
B. inverse floater. + l2 P+ ?9 F" w( a- O/ V0 M1 s* `
C. deferred coupon bond. d- I4 ~( ?) [9 U& ?& o9 r
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$ T- l. _/ |) x( |' t18. An analyst reviews a corporate bond indenture that contains these two covenants：
5 ^% q T9 | l+ l& O' y1) The borrower will pay interest semi-annually 6 a4 @8 o" v( f2 f9 N* Q$ Q! s
and principal at maturity.
) `! `" u7 t: N# F2 X2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. 9 g, {% ~; M( e2 N ?& q
What types of covenants are these?
* X$ m7 g/ n. O. M: eA. Both are affirmative covenants.2 _; V4 d+ x5 p0 A% V1 f
B. Covenant 1 is negative and Covenant 2 is affirmative.
( S: E3 O1 G9 z9 ^# d o/ i! J1 V! n. DC. Covenant 2 is negative and Covenant 1 is affirmative.
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5 K/ ~3 P' Q. e. I19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：
1 z2 g4 M7 A+ s& ~, t7 P6 ?6 VA. Par value plus accrued interest.
8 C8 _$ w( Z" y- ~B. accrued interest plus agreed upon bond price.
f: g. q+ B3 G0 S$ T' @9 P8 QC. agreed upon bond price excluding accrued interest. 4 q9 I# K2 m. D, G+ u
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! W5 P/ r, \) i: P- b' D20. Which of these embedded options most likely benefits the investor？" w& i( U( V7 c; x
A. The floor in a floating-rate security& e+ J- z( Y' ~5 q7 z" W, C
B. An accelerated sinking fund provision
$ a5 C5 N% l4 l) T% ^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
