CFA固定收益证券知到章节答案智慧树2023年首都经济贸易大学

CFA固定收益证券知到章节测试答案智慧树2023年最新首都经济贸易大学绪论单元测试

Thenominalrisk-freerateisbestdescribedasthesumoftherealrisk-freerateanda

参考答案:

expectedinflationpremium

Abankquotesastatedannualinterestrateof4.00%.Ifthatrateisequaltoaneffectiveannualrateof4.08%,thenthebankiscompoundinginterest

参考答案:

daily

Thevalueinsixyearsof$75,000investedtodayatastatedannualinterestrateof7%compoundedquarterlyisclosestto

参考答案:

$113,733

aclientrequires$100,000oneyearfromnow.Ifthestatedannualrateis2.50%compoundedweekly,thedepositneededtodayisclosestto

参考答案:

97532

Aninvestmentpays$300annuallyforfiveyears,withthefirstpaymentoccurringtoday.Thepresentvalueoftheinvestmentdiscountedata4%annualrateisclosestto

参考答案:

$1,389

Asweepstakeswinnermayselecteitheraperpetuityof$2,000amonthbeginningwiththefirstpaymentinonemonthoranimmediatelumpsumpaymentof$350,000.Iftheannualdiscountrateis6%compoundedmonthly,thepresentvalueoftheperpetuityis

参考答案:

greaterthanthelumpsum

Asportscar,purchasedfor$200,000,isfinancedforfiveyearsatanannualrateof6%compoundedmonthly.Ifthefirstpaymentisdueinonemonth,themonthlypaymentisclosestto

参考答案:

3867

Whichofthefollowingprovisionsisabenefittotheissuer?

参考答案:

Callprovision

Grandparentsarefundinganewborn'sfutureuniversitytuitioncosts,estimatedat$50,000/yearforfouryears,withthefirstpaymentduein18years.Assuminga6%effectiveannualrate,therequireddeposittodayisclosestto

参考答案:

64341

Givenastatedannualinterestrateof6%compoundedquarterly,thelevelamountthat，depositedquarterly,willgrowto$25,000attheendof10yearsisclosestto

参考答案:

461

第一章测试

A10-yearbondwasissuedfouryearsago.ThebondisdenominatedinUSdollars,offersacouponrateof10%withinterestpaidsemi-annually,andiscurrentlypricedat102%ofpar.Thebonds

参考答案:

tenorissixyears

Thelegalcontractthatdescribestheformofthebond,theobligationsoftheissuer,andtherightsofthebondholderscanbebestdescribedasabond’s

参考答案:

indenture

Whichofthefollowingisatypeofexternalcreditenhancement?

参考答案:

Asuretybond

Anaffirmativecovenantismostlikelytostipulate:

参考答案:

null

Whichofthefollowingbestdescribesanegativebondcovenant?Theissueris

参考答案:

prohibitedfrominvestinginriskyprojects

ASouthAfricancompanyissuesbondsdenominatedinpoundsterlingthataresoldtoinvestorsintheUnitedKingdom.Thesebondscanbebestdescribedas

参考答案:

foreignbonds

If

interest

rates

are

expected

to

increase,

the

coupon

payment

structure

most

likely

to

benefit

the

issuer

is

a

参考答案:

cap

in

a

floating-rate

note

Investorsseekingsomegeneralprotectionagainstapooreconomyaremostlikelytoselecta

参考答案:

credit-linkedcouponbond

Relativetoanotherwisesimilaroption-freebond.a

参考答案:

putablebondwilltradeatahigherprice

第二章测试

Thedistinctionbetweeninvestmentgradedebtandnon-investmentgradedebtisbestdescribedby

参考答案:

creditquality

Comparedwithdevelopedmarketsbonds,emergingmarketsbondsmostlikely

参考答案:

exhibithigherrisk

Inanunderwrittenoffering,aninvestmentbankthatunderwritesabondissuemostlikely

参考答案:

buysandresellsthenewlyissuedbondstoinvestorsordealers

Inmajordevelopedbondmarkets,newlyissuedsovereignbondsaremostoftensoldtothepublicviaa(n)

参考答案:

auction

Aliquidsecondarybondmarketallowsaninvestortosellabondat

参考答案:

null

Amechanismbywhichanissuermaybeabletoofferadditionalbondstothegeneralpublicwithoutpreparinganewandseparateofferingcircularbestdescribes

参考答案:

ashelfregistration

Whichofthefollowingstatementsrelatingtocommercialpaperismostaccurate?

参考答案:

Commercialpaperisasourceofinterimfinancingforlong-termprojects

Fortheissuer,asinkingfundarrangementismostsimilartoa

参考答案:

serialmaturitystructure

Whichofthefollowingisasourceofwholesalefundsforbanks?

参考答案:

Negotiablecertificatesofdeposit

Therepomarginonarepurchaseagreementismostlikelytobelowerwhen

参考答案:

theunderlyingcollateralisinshortsupply

第三章测试

Aportfoliomanagerisconsideringthepurchaseofabondwitha5.5%couponratethatpaysinterestannuallyandmaturesinthreeyears.Iftherequiredrateofreturnonthebondis5%,thepriceofthebondper100ofparvalueisclosestto

参考答案:

101.36

abondoffersanannualcouponrateof4%,withinterestpaidsemiannually.Thebondmaturesintwoyears.Atamarketdiscountrateof6%,thepriceofthisbondper100ofparvalueisclosestto

参考答案:

96.28

TwobondsAandBbothhave5yearstomaturity.BondA’scouponrateis6%andBondB’scouponrateis8%.Bothbondsarecurrentlytradingatparvalue.RelativetoBondB,fora200basispointsdecreasesintheyield,BondAwillmostlikelyexhibita(n):

参考答案:

greaterpercentagepricechange

BondAisasemi-annualcouponbondwithacouponrateof5%.ItpaysinterestonApril10andOctober10eachyearanditsmaturitydateisOct10,2020.IfitsYTMis4%and30/360day-countconventionmethodisused,whatisitsfullpriceonJune16,2018?

参考答案:

103.10

Theaccruedinterestper100ofparvalueforBondAinQuestion4on16June2018isclosestto

参考答案:

0.92

TheflatpriceforBondAinQuestion4on16June2018isclosestto

参考答案:

102.18

Matrixpricingallowsinvestorstoestimatemarketdiscountratesandpricesforbonds

参考答案:

thatarenotactivelytrade

Atwo-yearfloating-ratenotepays6-monthLiborplus80basispoints.Thefloaterispricedat97per100ofparvalue.Current6-monthLiboris1.00%.Assumea30/360day-countconventionandevenlyspacedperiods.Thediscountmarginforthefloaterinbasispointsisclosestto

参考答案:

236bps

Thebondequivalentyieldofa180-daybanker'sacceptancequotedatadiscountrateof4.25%fora360-dayyearisclosestto

参考答案:

4.4%

The2-yearand4-yearspotratesare3.5%and4.2%,respectively.Whatistheimplied2-yearforwardrate2-yearfromnow,iftherateissemi-annuallycompounded?

参考答案:

0.04902

第四章测试

Securitizationbenefitsfinancialmarketsby

参考答案:

allowinginvestorstotailorcreditriskandinterestrateriskexposurestomeettheirindividualneeds

Inasecuritization,thespecialpurposeentity(SPE)isresponsibleforthe

参考答案:

issuanceoftheasset-backedsecurities

Inasecuritization,timetranchingprovidesinvestorswiththeabilitytochoosebetween

参考答案:

extensionandcontractionrisks

Ifinterestratesincrease,aninvestorwhoownsamortgagepass-throughsecurityismostlikelyaffectedby

参考答案:

extensionrisk

Thetranchesinacollateralizedmortgageobligation(CMO)thataremostlikelytoprovideprotectionforinvestorsagainstbothextensionandcontractionriskare

参考答案:

plannedamortizationclass(PAC)tranches

Creditriskisanimportantconsiderationforcommercialmortgage-backedsecurities(CMBS)becausetheCMBSarebackedbymortgageloansthat

参考答案:

arenon-recourse

Whichofthefollowingbestdescribesthecashflowthatownersofcreditcardreceivableasset-backedsecuritiesreceiveduringthelockoutperiod?

参考答案:

Onlyfinancechargescollectedandfees

Adebtsecuritythatiscollateralizedbyapoolofthesovereigndebtofseveraldevelopingcountriesismostlikelya

参考答案:

CDO

ResidentialmortgagesthatmaybeincludedinagencyRMBSareleastlikelyrequiredtohave

参考答案:

aminimumloan-to-valueratio

Supporttranchesaremostappropriateforinvestorswhoare

参考答案:

willingtoacceptprepaymentriskinexchangeforhigherreturns

第五章测试

A“buy-and-hold”investorpurchasesafixed-ratebondatadiscountandholdsthesecurityuntilitmatures.Whichofthefollowingsourcesofreturnisleastlikelytocontributetotheinvestor’stotalreturnovertheinvestmenthorizon,assumingallpaymentsaremadeasscheduled?

参考答案:

Capitalgain

Whichofthefollowingsourcesofreturnismostlikelyexposedtointerestrateriskforaninvestorofafixed-ratebondwhoholdsthebonduntilmaturity？

参考答案:

Reinvestmentofcouponpayments

Aninvestorpurchasesabondatapriceaboveparvalue.Twoyearslater,theinvestorsellsthebond.Theresultingcapitalgainorlossismeasuredbycom-paringthepriceatwhichthebondissoldtothe:

参考答案:

carryingvalue.

Aninvestorbuysathree-yearbondwitha5%couponratepaidannually.Thebond,withayield-to-maturityof3%,ispurchasedatapriceof105.657223per100ofparvalue.Assuminga5-basispointchangeinyield-to-maturity,thebond’sapproximatemodifieddurationisclosestto:

参考答案:

2.78

Aninvestorbuysa6%annualpaymentbondwiththreeyearstomaturity.Thebondhasayield-to-maturityof8%andiscurrentlypricedat94.845806per100ofpar.Thebond’sMacaulaydurationisclosestto:

参考答案:

2.83

Whichofthefollowingismostappropriateformeasuringabond’ssensitivitytoshapingrisk?

参考答案:

keyrateduration

Theinterestrateriskofafixed-ratebondwithanembeddedcalloptionisbestmeasuredby:

参考答案:

Effectiveduration

Assumingnochangeinthecreditriskofabond,thepresenceofanembeddedputoption:

参考答案:

reducestheeffectivedurationofthebond.

Alimitationofcalculatingabondportfolio’sdurationastheweightedaverageoftheyielddurationsoftheindividualbondsthatcomposetheportfolioisthatit:

参考答案:

assumesaparallelshifttotheyieldcurve.

Abondwithexactlynineyearsremaininguntilmaturityoffersa3%couponratewithannualcoupons.Thebond,withayield-to-maturityof5%,ispricedat85.784357per

100ofparvalue.Theestimatedpricevalueofabasispointforthebondisclosestto:

参考答案:

0.0648

第六章测试

Theriskthatabond’screditworthinessdeclinesisbestdescribedby:

参考答案:

creditmigrationrisk

StedsmartLtdandFignermoLtdarealikewithrespecttofinancialandoperatingcharacteristics,exceptthatStedsmartLtdhaslesspubliclytradeddebtoutstandingthanFignermoLtd.StedsmartLtdismostlikelytohave

参考答案:

highermarketliquidityrisk

Intheeventofdefault,debentures’claimswillmostlikelyrank:

参考答案:

belowthatofsecureddebtholders

Intheeventofdefault,therecoveryrateofwhichofthefollowingbondswouldmostlikelybethehighest?

参考答案:

Firstmortgagedebt

Duringbankruptcyproceedingsofafirm,thepriorityofclaimswasnotstrictlyadheredto.Whichofthefollowingisthele