|
|
本帖最后由 一起学CFA 于 2016-1-12 10:15 编辑
: T5 L' h5 ]9 d+ C6 a# o, [
9 O5 p: n0 ^1 n! A- TCFA Level I:Fixed Income - Features of debts securities 习题精选
# J8 a; Z* w' G/ f, Q* O0 l0 {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:. r9 `- \' ~2 @0 I- c/ l; u; W3 Y
| 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% |
2 b1 M0 j6 U" F5 X/ r" O# hThe security is most likely a(n):
4 }: Z, o* y2 U% O; T- |7 D- q1 mA. step-up note.
/ p2 U( I6 Q, h4 J8 p2 V7 R" pB. inverse floater. : F: @; B% P7 _! ~
C. deferred coupon bond.
, [$ i' F3 F4 A+ r" n# `& c答案和详解,登录后回复可见:9 ?$ Q% L5 l$ Y0 D& E7 F
+ I9 p0 F+ ], m1 H
8 \6 Q8 ~- ~2 U
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:
& x- _* d7 G2 ~8 C! ]) {| 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:
" m; U* c; \& Y8 b6 o, jA. step-up note. : x7 B9 x' y2 w- a- G; D
B. inverse floater. % q/ y: J# p, D* O9 _
C. deferred coupon bond. ( j. C* ?. R n0 X% _5 u: a
; {, ?# q7 l5 m& z' I
% n; A; w. `7 Y( B" U" F g( }0 P* ^, y5 H/ \
18. An analyst reviews a corporate bond indenture that contains these two covenants:+ O7 |8 |0 F! Y+ r
1) The borrower will pay interest semi-annually
2 k+ Z8 l' W* ]/ K, M( Fand principal at maturity.
4 X L% v8 t+ e+ }; ?! k5 b9 N8 c2) The borrower will not incur additional debt if its debt/capital ratio is more than 50%. ; q1 ^6 R) m/ g& ~! Y% v
What types of covenants are these?" k. R& U+ P$ Y3 \3 B$ e
A. Both are affirmative covenants.* _ J" A5 R5 A, \- e. v3 w; X
B. Covenant 1 is negative and Covenant 2 is affirmative.
! g9 R" p3 [1 S! @% jC. Covenant 2 is negative and Covenant 1 is affirmative.
. Q4 ?, D/ y8 w/ x2 |# i7 i
; v7 a `6 \6 B! y3 `: r4 w$ h" b* a
" _5 D3 F6 e. w7 j0 g19. 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:: |( P( C# | o, l( n1 e0 C6 x
A. Par value plus accrued interest.
8 q8 x4 x* {- D; [) n9 L' ~* IB. accrued interest plus agreed upon bond price. 9 P) a0 X& Q& I; N# Q
C. agreed upon bond price excluding accrued interest. ( }+ t/ c8 ]& _6 `4 C
$ b2 L8 [+ q9 P0 p
2 {; j- t0 G+ m& ?, E2 c7 i
: Y( V% \9 v8 w( K# p# V8 v$ l20. Which of these embedded options most likely benefits the investor?7 k/ ~, P7 A1 n$ _6 w2 b
A. The floor in a floating-rate security
0 O+ r) t6 c3 NB. An accelerated sinking fund provision3 P2 B6 u' W$ u5 y4 o" i, e
C. The call option in a fixed-rate security
2 \! N" P* P4 {& n7 I5 A% h- G* c- ~- u% ]3 r% _- D5 {
8 v6 w6 x M5 b, b# m+ X1 R) S! b) l, S6 ?1 E) y( F, H' V. i# D+ k. b1 F
更多CFA习题可关注:高顿CFA题库./ Q8 m! I, ?3 U7 }5 Y6 T
关注微信CFA-FRM (CFAFighting)CFA考试资讯抢先得( G: U) s9 _1 n. _) r# O3 i, s3 j6 u
! D" C8 S! D i2 [. j6 a2 K, R8 W9 ?% _
|
|