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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 & _# Q) b" B5 |. W5 @/ C' V* i
/ {2 @6 U4 E3 u6 t+ C+ pCFA Level I：Fixed Income - Features of debts securities 习题精选
" M5 k! N( a* b; X8 l* U16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：2 E% N" N0 N. B# C, S- w; R& O; e; H
| 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):
2 P* W8 @" N x! Y& n# BA. step-up note. " x) O1 M) w, o4 |0 i. P d
B. inverse floater.
6 C- Q4 R; Z5 \: N1 PC. deferred coupon bond.
7 n/ |; \. z: ^' `答案和详解，登录后回复可见：
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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：2 a* }; [( y* i" L( Q+ |
| 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: ! m3 y/ _8 T7 M1 e% @2 j2 `% R
A. step-up note. 4 K7 x* w% x0 }- z0 ~4 ^; Q
B. inverse floater.
. M3 ]) S& y9 |' {8 ]4 O/ ~C. deferred coupon bond.
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18. An analyst reviews a corporate bond indenture that contains these two covenants： Q: D; _* e; @ _- J
1) The borrower will pay interest semi-annually : ]& W+ e/ N) B& i5 ^
and principal at maturity.
1 M4 `! X! T6 M2 S( K# _' i) r2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
3 M* D! o [4 z! w- A, a7 UWhat types of covenants are these?& x5 w" A* [9 T# Q
A. Both are affirmative covenants.# Y: ~* R! I: @- q; |
B. Covenant 1 is negative and Covenant 2 is affirmative. + S- y, Z9 g' T" y- p
C. Covenant 2 is negative and Covenant 1 is affirmative. 6 r+ V: l: B0 o" x. e4 T: ?
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+ U* \8 K/ Y: Z' d9 @+ ^19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：
5 G9 d; t' f1 i$ T) E+ F, ^0 zA. Par value plus accrued interest.; _" c( e$ v/ x# ^
B. accrued interest plus agreed upon bond price. ( l7 J7 Y) s6 O9 B4 X/ W5 j
C. agreed upon bond price excluding accrued interest.
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20. Which of these embedded options most likely benefits the investor？/ \; } b: H- l% s- B
A. The floor in a floating-rate security ~( t5 B6 I5 q+ n+ ?( q
B. An accelerated sinking fund provision
/ [5 M, g+ G- M9 z8 PC. The call option in a fixed-rate security% W `) f5 x1 X9 v/ N4 W
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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
