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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 " x* L* n) s, T+ F/ `
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CFA Level I：Fixed Income - Features of debts securities 习题精选
) { k* V& f! v- q16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：
% B5 f; F7 j) ^4 z, b| 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): 5 _6 R1 o; ^$ K" C9 |1 V9 M' H
A. step-up note.
( a! n4 ^7 M$ `7 q0 {, mB. inverse floater. , E' y2 a2 E% w+ W' M/ Z6 F
C. deferred coupon bond. 9 B: J! `9 P Z6 b& U; Y
答案和详解，登录后回复可见：8 y" _3 ]) F6 V) M7 {) b
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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：
. N9 _, c T8 E7 z) }% @| 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: ( c; {* @/ J8 V: Z5 S# f0 w
A. step-up note.
, |+ l2 E4 [& t* V$ L) gB. inverse floater.
. s7 T% k9 s+ o7 k' Q) XC. deferred coupon bond. 7 V1 O9 _8 N9 W5 F: p' `
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0 V6 I$ v7 N# X( V18. An analyst reviews a corporate bond indenture that contains these two covenants：
* `. ^2 o. U. G0 h1) The borrower will pay interest semi-annually
4 E' T) O- {9 _1 o( t8 iand principal at maturity. ! b1 v; O2 F, @4 S! y/ ~' ?5 {8 h
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. 7 O5 T9 @6 p/ C
What types of covenants are these?
7 v3 h, N* J8 \, WA. Both are affirmative covenants.
& a; a; y# d5 S8 P- l1 n) S* HB. Covenant 1 is negative and Covenant 2 is affirmative. * R( U$ K x2 N
C. Covenant 2 is negative and Covenant 1 is affirmative. 7 D; E2 D2 ?- K! d: ^8 R& b
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19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：- {0 Q8 ]9 g: J4 y
A. Par value plus accrued interest.
4 N6 B/ {$ ~' _6 q, ^1 k0 Y! nB. accrued interest plus agreed upon bond price. - y$ K% h6 }* ?% ?. J
C. agreed upon bond price excluding accrued interest.
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20. Which of these embedded options most likely benefits the investor？% G* |' H" q0 e
A. The floor in a floating-rate security
/ j8 t1 o1 X( `2 ~B. An accelerated sinking fund provision' S5 @9 W7 q8 p N" y. ~9 C" Q
C. The call option in a fixed-rate security
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