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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
+ H2 S9 H$ g. o16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：0 `$ O& O5 j; ] d" w
| 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% |
% P1 G6 I; k" i4 D# Q/ CThe security is most likely a(n): 7 ]( o) L# |1 ^" ?/ S4 x& X5 q
A. step-up note.
$ L4 @2 Q; f8 R0 R, a2 B) v/ jB. inverse floater. ) L8 X6 N) r1 i* c) {+ q
C. deferred coupon bond. ! L6 N" Z( k; i- ?
答案和详解，登录后回复可见：% q2 Z6 K* \$ v
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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：
9 c+ V7 \" X+ b0 b0 L| 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:
& F5 H6 R. n) V. l1 r: D. uA. step-up note.
: ~. Z) @, @. Q7 ` n. z" R7 IB. inverse floater.
8 m) b+ {3 S2 r( h( g! o- r8 n4 VC. deferred coupon bond. 7 F9 V% S; a* v/ Z
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+ ]7 t0 h! n! E; _2 a18. An analyst reviews a corporate bond indenture that contains these two covenants：
1 X' X! b3 a$ C5 j0 c+ a2 I& J, T' w1) The borrower will pay interest semi-annually
6 k. z0 d# h2 H& ]$ P$ iand principal at maturity. M8 c8 g/ |5 ^8 J) V1 f
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
, W0 A4 m! \8 m% aWhat types of covenants are these?
# R- g0 s( R- z; x8 M/ {7 b# jA. Both are affirmative covenants.
9 x! i. ^2 T5 V( qB. Covenant 1 is negative and Covenant 2 is affirmative. ' S# Y& i0 z# K* x7 q* i& Y
C. Covenant 2 is negative and Covenant 1 is affirmative.
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% |6 V7 s5 H8 [: T) y/ z7 U19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：- {( o* V' a) p4 d# B- a; w6 n$ r& n
A. Par value plus accrued interest.
. d/ ^+ |! G$ a' g& r+ AB. accrued interest plus agreed upon bond price. ; u( [5 p: K. x! ^2 d( q
C. agreed upon bond price excluding accrued interest. ' I0 x, d3 l3 _- c4 M0 a
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' Y `) c1 L" ~. J7 R, Q1 Q! s E+ m20. Which of these embedded options most likely benefits the investor？3 E0 o. s/ f1 a- {
A. The floor in a floating-rate security" B- J* h9 T* D: p/ [& k
B. An accelerated sinking fund provision
; ?3 l2 ?( c3 z- ?5 W/ jC. The call option in a fixed-rate security
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发表于 2017-9-3 16:34:10
