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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
% y$ \2 j" x- _- U3 X" L0 B6 T16. The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period：9 X0 C1 D3 d J( i% i5 e& F1 k" j
| 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):
+ d1 H; W: L0 b0 y; o& F2 YA. step-up note. 1 a m" e2 t8 X& q5 u$ y- Z- ^
B. inverse floater.
' |: t) p# T6 u; a. h9 ^C. deferred coupon bond. . e& t/ a" l' D( G7 L
答案和详解，登录后回复可见：
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% w4 \: X; T4 e4 q! ~5 b+ c) C2 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：# H/ n$ Z( u% ~
| 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:
: o$ C4 W4 z N6 G. `/ qA. step-up note.
$ j/ p' W, Q3 S1 r* FB. inverse floater.
2 [6 z- Z `& gC. deferred coupon bond.
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8 H7 c+ i6 r" Y18. An analyst reviews a corporate bond indenture that contains these two covenants：
3 R( X5 b9 H; b) t& q, A1) The borrower will pay interest semi-annually 5 u# N1 R7 _, X c
and principal at maturity.
0 a9 J- e9 T5 f0 q2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%.
$ t& q+ o D7 d9 J% |# Q/ E" W$ n, ~What types of covenants are these?3 |5 A' V4 S9 t6 M
A. Both are affirmative covenants.( N, n0 a' e+ X& v4 ^! J7 r
B. Covenant 1 is negative and Covenant 2 is affirmative. - e/ R1 e' i: `7 w4 C& ~" c: ?1 c
C. Covenant 2 is negative and Covenant 1 is affirmative. 6 O$ ~+ a) T" J# J$ u
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19. An investor sells a bond at the quoted price of $98.00. In addition he receives accrued interest of $4.40. The clean price of the bond is：0 ]0 P: ~0 O; S& b5 F
A. Par value plus accrued interest.: X1 N9 y8 h4 F4 ?
B. accrued interest plus agreed upon bond price. & m, }$ @- d/ i
C. agreed upon bond price excluding accrued interest. & e* S/ ~ _. H: ]* R$ E
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20. Which of these embedded options most likely benefits the investor？
" ~5 y1 s1 ^8 X4 J0 d5 _% FA. The floor in a floating-rate security' M0 L" ^- ]2 X; \! S: m7 m9 d
B. An accelerated sinking fund provision
# m9 W% S, y& h ^6 Q cC. The call option in a fixed-rate security
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