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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
5 _8 }" }2 T# e! W/ y8 X16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：
2 b( d% |" ]& N% o4 D7 p| 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): $ K, P3 b# n! d1 ]
A. step-up note.
1 C l M: E% w' ?- ~B. inverse floater.
( S5 Y5 W' O. h: P1 M6 [C. deferred coupon bond.
( b/ s- \) R0 v# o9 x答案和详解，登录后回复可见：
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' ^; f; e& D5 u/ I" L2 }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：0 n, `( s3 A5 [9 @/ W: r* W1 ^! S
| 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: ) O: f7 ^, F) }! D
A. step-up note.
* U8 c- N7 p- p) I# d" e4 U4 MB. inverse floater.
' i+ c* n0 {" lC. deferred coupon bond.
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# c+ M/ [; N1 K& x% l18. An analyst reviews a corporate bond indenture that contains these two covenants：
, ?% E* s% R. p) H1) The borrower will pay interest semi-annually
+ l9 D1 x: _6 a" l1 jand principal at maturity.
3 ]& U* }5 d& d; k }( K r2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. " S3 Q. q5 X2 B i: u7 D5 ?( l
What types of covenants are these?! j% V$ h# e9 \9 Z5 ?- }+ `, [
A. Both are affirmative covenants.
: u9 {* m( ]) F% G% C7 O: RB. Covenant 1 is negative and Covenant 2 is affirmative.
; o2 x- w4 Q+ H( vC. Covenant 2 is negative and Covenant 1 is affirmative. * A$ _$ }" j$ K6 [
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19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：7 V! Z) Y' D2 h" c! Q# n
A. Par value plus accrued interest.& ~' V `7 X1 q* K
B. accrued interest plus agreed upon bond price. # z# P; X3 C& `" e& e
C. agreed upon bond price excluding accrued interest. 7 C M4 Z/ Q) E2 K% |, A
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8 }6 \5 i9 y7 Y9 R20. Which of these embedded options most likely benefits the investor？$ s" O6 U( B7 Z7 Q$ Q
A. The floor in a floating-rate security
0 V4 b( ~& M0 q4 O jB. An accelerated sinking fund provision3 m/ @$ J" [: E9 M, b4 \. m; J
C. The call option in a fixed-rate security
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