CFA考試一級(jí)章節(jié)練習(xí)題精選0330-25(附詳解)

1、答案解析：“ Risks Associated with Investing in Bonds,” Frank J. Fabozzi單選題】CFA考試一級(jí)章節(jié)練習(xí)題精選 0330-25 （附詳解）1、 Which type of bond is most likely to be preferred by investors in a falling interest rate environment?A. A floating -rate note with no cap or floorB. A capped floating -rate noteC. A floored floating

2、 -rate note正確答案 :C答案解析 :A floored floating -rate note prevents the coupon rate from falling below the specified minimum rate. In a falling interest rate environment, this feature will benefit investors because it guarantees that the coupon rate will not fall below the specified minimum rate.2014 CFA

3、 Level I Fixed -Income Securities: Defining Elements, by Moorad Choudhry and Stephen E. Wilcox單選題】Section 4.2 1、 Consider two bonds that are identical except for their coupon rates. The bond that will have the highest interest rate risk most likely has the:A. lowest coupon rate.B. highest coupon rat

4、e.C. coupon rate closest to its market yield.正確答案 :A2012 Modular Level I, Vol. 5, p. 354Study Session 15-54-cExpl ain how a bond maturity, coupon, embedded op tions, and yield level affect its interest rate risk.s value comes from repayment of face value, which occurs at the end of the bondA is corr

5、ect because a lower coupon rate means that more of the bondBased on this information, the duration of the po rtfolio is closest to:【單選題】A. 9.74.B. 9.48.3C.9.35.正確答案:C6答案解析：The market values of the bonds (PriceX Par amount) are $17,479,376, $4,018,928, and $6,771,416,respectively, for a portfolio val

6、ue of $28Therefore,thedurationofthep ortfoliois翳蠱5+(需鐸將心“LCFA Level IUnderstanding Fixed -Income Risk and Return, James F. Adams and Donald J. SmithSection 3.41、 An analyst does research about the various types of debt issued by corporations.A debt vehiclecreated to facilitate commercial trade trans

7、action ismostlikely a(n):【單選題】A.issued bond.B.medium -term note.C.bankers acce ptance.正確答案:C答案解析:保險(xiǎn)過(guò)的債券(issued bond)是一種特殊的地方政府債券，該債券除了由發(fā)行人的收入擔(dān)保外，還由商業(yè)保險(xiǎn)公司通過(guò)保險(xiǎn)條款承保。中期票據(jù)(medium -term note)的特點(diǎn)是，具有靈活的發(fā)行機(jī)制，代理人可以多次發(fā)行期限不同的債券給投資者，來(lái)滿足公司的融資需求。銀行承兌匯票(bankersacce ptance)主要是用來(lái)滿足商品交易的支付工具。單選題】1、 Which of the following embedded options most likely provides a right to the issuer?A.Call featureB.Conversion provisionC. Put feature正確答案 :A答案解析 :The right to call the issue is beneficial to the issuer when interest rates fall.2014 CFA Level IFi