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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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9 O5 p: n0 ^1 n! A- TCFA Level I：Fixed Income - Features of debts securities 习题精选
# J8 a; Z* w' G/ f, Q* O0 l0 {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：. r9 `- \' ~2 @0 I- c/ l; u; W3 Y
| 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% |
2 b1 M0 j6 U" F5 X/ r" O# hThe security is most likely a(n):
4 }: Z, o* y2 U% O; T- |7 D- q1 mA. step-up note.
/ p2 U( I6 Q, h4 J8 p2 V7 R" pB. inverse floater. : F: @; B% P7 _! ~
C. deferred coupon bond.
, [$ i' F3 F4 A+ r" n# `& c答案和详解，登录后回复可见：9 ?$ Q% L5 l$ Y0 D& E7 F
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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：
& x- _* d7 G2 ~8 C! ]) {| 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:
" m; U* c; \& Y8 b6 o, jA. step-up note. : x7 B9 x' y2 w- a- G; D
B. inverse floater. % q/ y: J# p, D* O9 _
C. deferred coupon bond. ( j. C* ?. R n0 X% _5 u: a
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18. An analyst reviews a corporate bond indenture that contains these two covenants：+ O7 |8 |0 F! Y+ r
1) The borrower will pay interest semi-annually
2 k+ Z8 l' W* ]/ K, M( Fand principal at maturity.
4 X L% v8 t+ e+ }; ?! k5 b9 N8 c2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. ; q1 ^6 R) m/ g& ~! Y% v
What types of covenants are these?" k. R& U+ P$ Y3 \3 B$ e
A. Both are affirmative covenants.* _ J" A5 R5 A, \- e. v3 w; X
B. Covenant 1 is negative and Covenant 2 is affirmative.
! g9 R" p3 [1 S! @% jC. Covenant 2 is negative and Covenant 1 is affirmative.
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" _5 D3 F6 e. w7 j0 g19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：: |( P( C# | o, l( n1 e0 C6 x
A. Par value plus accrued interest.
8 q8 x4 x* {- D; [) n9 L' ~* IB. accrued interest plus agreed upon bond price. 9 P) a0 X& Q& I; N# Q
C. agreed upon bond price excluding accrued interest. ( }+ t/ c8 ]& _6 `4 C
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: Y( V% \9 v8 w( K# p# V8 v$ l20. Which of these embedded options most likely benefits the investor？7 k/ ~, P7 A1 n$ _6 w2 b
A. The floor in a floating-rate security
0 O+ r) t6 c3 NB. An accelerated sinking fund provision3 P2 B6 u' W$ u5 y4 o" i, e
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
