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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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2 |9 h) ~* r+ J! ]2 d. l1 ]: uCFA Level I：Fixed Income - Features of debts securities 习题精选7 G4 ?4 G# a& k
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：
* S* {% ~2 L/ u) v& |$ c3 @| 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% |
@5 G1 ^0 y/ k/ ~( ?The security is most likely a(n): 5 {* T; y4 t9 t- ~; { y6 d# Z
A. step-up note. 6 p7 i; `( f, g! x: t$ H, I9 W; p
B. inverse floater.
; q. }6 Z7 e' {C. deferred coupon bond. 0 d" W4 m. Z+ Q9 x, f, O
答案和详解，登录后回复可见：% F( T4 u; ~: N7 f( U7 z
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: [5 P% s: g1 L$ a17. 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：
$ b3 z; g7 A6 A4 ? s3 {| 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: " v% m8 K; @0 v: ?
A. step-up note.
& ~4 y. R/ R( |3 k! E0 yB. inverse floater.
% T( \/ d8 N& g# E8 w5 @* w* u) {C. deferred coupon bond. & R" G' k& w1 }' ^: Y9 }/ F
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' j+ `: ]& g# [5 P18. An analyst reviews a corporate bond indenture that contains these two covenants：1 ?; T; a$ Z4 Y, @5 \
1) The borrower will pay interest semi-annually
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2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. 1 M( n! ^) P: Q. f+ }7 p `- R
What types of covenants are these?
6 X R( T- W' k! }6 n& I. ]A. Both are affirmative covenants.% f4 C8 }# R8 z- |, s$ s
B. Covenant 1 is negative and Covenant 2 is affirmative.
+ ^ l8 i7 A! ?! |3 HC. Covenant 2 is negative and Covenant 1 is affirmative. . h/ K8 ]8 l, _- K- v
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! C+ N+ C/ Z- h19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：
( q8 P6 c: r/ VA. Par value plus accrued interest.$ Y$ @0 N8 Q6 b \
B. accrued interest plus agreed upon bond price. % D" c' p# y" e
C. agreed upon bond price excluding accrued interest.
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" W' N$ |& I3 [! p0 A/ ~/ O20. Which of these embedded options most likely benefits the investor？
5 T+ @" T* K/ P2 T3 d, r( vA. The floor in a floating-rate security
7 c" f9 g& T; e% j8 e6 _B. An accelerated sinking fund provision6 e. _1 v0 x d5 Z7 c$ v( S
C. The call option in a fixed-rate security
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