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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' ^1 K" @9 @# J9 z
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：
# m7 e) d' X- b: _, y) m' `| 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):
- W1 l2 {% W% f& }, NA. step-up note. . _- R5 \6 }" U8 G6 P0 x
B. inverse floater. . t* v) r$ k( M$ }8 T, x
C. deferred coupon bond.
7 c- o9 W$ x) Q* y2 A答案和详解，登录后回复可见：
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: ?1 r' b9 O% F" R! D$ 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：
8 X) G+ a' 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:
0 k3 p& b. f( F* R' h5 w6 D$ a" vA. step-up note.
+ A5 r2 y) v; t; ?4 f g) i, ~0 I9 k- sB. inverse floater. * N8 C5 u/ e' }/ ]# t
C. deferred coupon bond. " v% \/ w; d! C, C- R( v
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. w( e. N; c& K( Z18. An analyst reviews a corporate bond indenture that contains these two covenants：2 W' q9 I4 ~8 `- G9 D3 m+ P3 F
1) The borrower will pay interest semi-annually
5 V( F+ u0 V# O- band principal at maturity. ! G3 K$ P7 x3 A1 Z q! y# h
2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
7 {* f1 C. [2 }# @3 g% R- g; nWhat types of covenants are these?# N _! W; e1 Z! b2 P# Z8 y
A. Both are affirmative covenants.+ ^" h+ d8 k" {4 x% s9 F4 a
B. Covenant 1 is negative and Covenant 2 is affirmative. # e9 O+ r' W5 ~% Q r Q6 L
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 $4.40. The clean price of the bond is：7 Y3 j }* t9 F2 j- ~# l
A. Par value plus accrued interest.0 d1 T* z3 f# S* X
B. accrued interest plus agreed upon bond price.
# Z w# k F# V: b: Q0 CC. agreed upon bond price excluding accrued interest.
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3 B- @2 t( V6 B i* X. D# D/ g20. Which of these embedded options most likely benefits the investor？- ?$ O5 h, Y2 `. O
A. The floor in a floating-rate security3 K! z) d- x9 H: r9 A
B. An accelerated sinking fund provision
4 L5 Q5 l/ K; I1 x% \% ?C. The call option in a fixed-rate security
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发表于 2017-9-3 16:34:10
