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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
2 N5 B: u5 e! c1 A, ~- H- N; ^& b16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：9 T5 N+ r ^5 g0 T
| 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):
o- W+ ~) E* b6 a" \7 q6 Z eA. step-up note. * N' F0 J e* R2 G S! T% E
B. inverse floater.
+ n3 [& a# {+ j* gC. deferred coupon bond. 8 u$ z2 w; d6 Y9 L. \4 D
答案和详解，登录后回复可见：
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* ]8 I+ _' t+ j$ K9 ]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：
. |) n4 b- F0 }! b5 w* A| 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: 3 F$ M2 v7 V \$ p& j4 j
A. step-up note.
/ e( L0 y- B0 B( x% kB. inverse floater.
; h1 ^' l% q& ] _! N% QC. deferred coupon bond. ! y5 N' l- M" c: ]; g
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: n4 v& j5 t4 L& x2 L) q: k18. An analyst reviews a corporate bond indenture that contains these two covenants：
. o# C ~- d# N* _ K0 W1) The borrower will pay interest semi-annually $ P! Y6 c6 }8 b1 P2 I1 x
and principal at maturity. + d* u( V& ^8 K' [ e
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. * ^ b6 T( Q( m* A3 Q7 x
What types of covenants are these?, U5 X/ \: A2 a4 B9 h, h1 T$ I
A. Both are affirmative covenants.. O6 h! @, l, _* @, Y" W% C+ a
B. Covenant 1 is negative and Covenant 2 is affirmative.
. j$ N0 v; B# P; ]; {) fC. Covenant 2 is negative and Covenant 1 is affirmative. 5 Z0 u" z! l+ K- 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 $4.40. The clean price of the bond is：1 h. a4 F6 T5 _' z0 \
A. Par value plus accrued interest.
; y+ ^5 L) F! r& `7 dB. accrued interest plus agreed upon bond price.
( P( c3 Y$ t% q$ ^; G7 FC. agreed upon bond price excluding accrued interest. / O3 ]% J" o6 n, f4 @' G4 m/ T, y
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4 e$ d; W" m2 Z1 X" I% D6 w, ?; g20. Which of these embedded options most likely benefits the investor？+ Y3 Y s& b& N+ ]8 ^2 y/ g
A. The floor in a floating-rate security9 H" l7 J" A$ U0 o- ]" Z& O7 V; O
B. An accelerated sinking fund provision
) @$ L( F7 i& _9 u2 RC. The call option in a fixed-rate security
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