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本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑 ( y1 D6 G2 M# a; `! h" k2 X! R. A
- K1 Q4 W, ^6 Q& }CFA Level I：Fixed Income - Features of debts securities 习题精选
% ]" B4 E8 u0 Q1 K16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：3 v- l- m. ?4 ^# m/ B" I. i% O
| 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% |
' u5 W/ B ~/ V' B. B+ X Y g+ _The security is most likely a(n):
$ |5 k- D9 \' {: B d$ ?A. step-up note. ; b1 z1 Q7 c# F) D5 ]
B. inverse floater.
, {" q/ ?5 r% i) w" lC. deferred coupon bond.
; ^1 B6 x& b r; Q" [4 G, R答案和详解，登录后回复可见：3 U! \$ k; q2 O- C4 B! [0 ~
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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：1 b# _; L: A2 ~
| 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: 5 Q2 h+ w5 q. M; M
A. step-up note.
' t) E9 `( t0 P" D. o5 T4 rB. inverse floater. " O8 g" F$ y) D3 J, C
C. deferred coupon bond. . B4 ?/ n5 r& a' J. _7 Z
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) \, u+ j/ c6 I18. An analyst reviews a corporate bond indenture that contains these two covenants：! [4 ^" j; W8 z& y; q
1) The borrower will pay interest semi-annually
! j) B) a: ^# x- y& iand principal at maturity.
; l/ x8 a# ?! b) w8 B" S3 o+ }2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
; ?6 {1 p& U& QWhat types of covenants are these?
; k( E" c; `3 _; x/ lA. Both are affirmative covenants.
) l6 E8 I0 l; g: SB. Covenant 1 is negative and Covenant 2 is affirmative. # W1 X3 \% ~' Y0 i. G8 F
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 $4.40. The clean price of the bond is：
4 s& h; I2 T' {, j: oA. Par value plus accrued interest.
2 F$ B1 _5 P% MB. accrued interest plus agreed upon bond price.
& i4 [5 d" K, D, U# T, DC. agreed upon bond price excluding accrued interest. ( \0 [4 o' g2 `5 G" \4 j m; G
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20. Which of these embedded options most likely benefits the investor？
6 Q) T+ \. `9 ?" o. @A. The floor in a floating-rate security! ?5 O' h: F% C* E2 w, [3 h/ h6 O
B. An accelerated sinking fund provision
6 c9 p: \" @, g- TC. The call option in a fixed-rate security
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