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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
6 H! A$ P1 @% s1 O/ b$ V16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：
( P- {3 T! Y' `2 ?+ f! d| 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): : z. E& Z5 P7 ~( w9 n0 I& e# t
A. step-up note.
6 o+ y( z- f3 u4 N# y- [B. inverse floater.
6 |% G: l! }# j9 \- S' ~$ lC. deferred coupon bond. - J* Y1 \9 w0 i" Z
答案和详解，登录后回复可见：
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/ C; B( O4 ?9 s- V9 ~! }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：& t- ?, k" c0 u, i; x: B A! J6 d
| 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: : c) t7 [* g7 S3 D M# ?3 y+ B: [
A. step-up note.
: ~* P* L, |3 M* B! R# H6 _B. inverse floater.
. G' V) x/ p% H, V( OC. deferred coupon bond.
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18. An analyst reviews a corporate bond indenture that contains these two covenants：! I4 }& t; \5 j$ I6 u
1) The borrower will pay interest semi-annually
. c, V* H( e6 ~- s5 P% i6 V' kand principal at maturity. & D5 K& r1 Z+ P" f5 X
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
* y) ^+ `1 g4 ~) P4 uWhat types of covenants are these?4 ~4 y6 y% ^- w" ?# S1 o; t
A. Both are affirmative covenants.
% n! R. N' G& }7 ?& i( Y9 x" {B. Covenant 1 is negative and Covenant 2 is affirmative. : d6 i* v9 S7 b* ^
C. 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 $4.40. The clean price of the bond is：
. `# p4 a/ a! X& ?/ ZA. Par value plus accrued interest.
6 D0 c B9 ^2 C |B. accrued interest plus agreed upon bond price. 0 k2 p; R5 H l& @, v5 N
C. agreed upon bond price excluding accrued interest.
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20. Which of these embedded options most likely benefits the investor？& @ L2 D3 i5 R! A+ w
A. The floor in a floating-rate security
" R; N8 Z8 J. wB. An accelerated sinking fund provision
9 G' S, l3 w( ^7 GC. The call option in a fixed-rate security- G$ a s+ O+ Z: |3 C8 J
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