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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 7 y, C& y/ q- u& l
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CFA Level I：Fixed Income - Features of debts securities 习题精选" A: A' `$ E9 b k: F* ?+ t( {
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：5 K" Q; `( [: ]( 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):
- b2 K3 B, y# K" jA. step-up note. 2 F$ @: L. l$ y8 _& U* [
B. inverse floater. ' C3 }" y, j4 `9 ^; L1 J5 P7 Y
C. deferred coupon bond. ; ~; ~6 O! D' K" C0 l/ h7 p1 b
答案和详解，登录后回复可见：5 |) o, G7 B# L' H- @
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5 k: B) t& r6 B8 ?. D# U17. 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：
- k9 }1 ]4 @- X| 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:
, [1 ^% E9 `2 GA. step-up note.
- E+ L! W* E: j: W$ h( jB. inverse floater. ) x$ e4 C4 v0 o% c' ?% ]
C. deferred coupon bond.
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( V4 H- U! Z, q; h18. An analyst reviews a corporate bond indenture that contains these two covenants：
1 X1 P# t2 [3 }- _2 e1) The borrower will pay interest semi-annually ! _/ H$ O# b/ Q! F8 R
and principal at maturity. + u- }: g4 ^. w% I: {3 [4 {4 J! Q
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. 2 R3 j& m l# h6 i2 x
What types of covenants are these?5 }9 \) I5 A1 O& b2 j5 e( g
A. Both are affirmative covenants.
( B5 @, c7 s7 A7 a& @: M& _B. Covenant 1 is negative and Covenant 2 is affirmative.
: f9 F; m7 b+ ^9 a+ D2 PC. Covenant 2 is negative and Covenant 1 is affirmative.
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19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：
1 ?/ I2 m. t `1 C7 hA. Par value plus accrued interest.
0 i; X; h/ D2 R7 h6 B. d jB. accrued interest plus agreed upon bond price. 5 f9 @% J3 |- f3 D, G9 z
C. agreed upon bond price excluding accrued interest.
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20. Which of these embedded options most likely benefits the investor？
' [5 m! } z J* E/ k2 v. N% T, bA. The floor in a floating-rate security$ j) x$ V3 A5 J& X* c
B. An accelerated sinking fund provision8 J- `% C8 \9 I6 q# y4 I; Q
C. The call option in a fixed-rate security7 m2 S W. V4 a" ~, b8 d
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