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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
0 Q% q% k) R) B! K9 V6 Q- x7 @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：
" h3 U( f: a' q! p8 \| 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):
- F* r! e( Z5 {& s" T |A. step-up note. 7 ~1 D) r7 p* Q# @7 [
B. inverse floater.
7 j( z* h4 d9 E+ b- E; ~C. deferred coupon bond. % h# D M, p6 ~2 y
答案和详解，登录后回复可见：
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{; f& D7 O/ E. M" v9 \ c! u. f17. 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：
% X5 q; O/ W$ Q8 v| 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:
) L R5 j* B* U$ ?' y V0 kA. step-up note.
7 E6 O# C9 J# }1 y- j+ ZB. inverse floater. 8 k2 T4 y* j4 @( ]# \6 k
C. deferred coupon bond.
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* m& a1 C, H. w7 h; W18. An analyst reviews a corporate bond indenture that contains these two covenants：
; {" X- t* x! \1) The borrower will pay interest semi-annually
5 [3 c8 C' J' f2 Q4 wand principal at maturity. 1 m* O- Y1 c$ d/ z
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
+ w# r9 z4 f, @: h1 E" g0 wWhat types of covenants are these?" S# f# h; C8 T. d8 _
A. Both are affirmative covenants.
6 K$ H b3 l/ SB. Covenant 1 is negative and Covenant 2 is affirmative.
3 S! T; x; O9 f7 c: i3 D8 r/ `% EC. Covenant 2 is negative and Covenant 1 is affirmative. 2 h0 A, g: T1 p- I$ k X) q
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" v: T+ U7 C* f3 M0 ]$ b d19. 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 p( X# N/ \# e) l5 n5 [A. Par value plus accrued interest.6 [# |. p. t; m: E1 k
B. accrued interest plus agreed upon bond price. & j, S# Z. [! m+ N/ j
C. agreed upon bond price excluding accrued interest.
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20. Which of these embedded options most likely benefits the investor？* ^% C& u4 X% e. s( l ?4 D
A. The floor in a floating-rate security( Q- N; l7 j% m M( ]- ]; A
B. An accelerated sinking fund provision" [* ~* p7 l2 s5 E% T6 c
C. The call option in a fixed-rate security
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