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2020年CFA考试《CFA二级》考试共题,分为。小编为您整理Fixed Income (2)5道练习题,附答案解析,供您备考练习。
1、The value of the 2-year 6% callable bond today using the interest rate trees closest to:【单选题】
A.$95.24.
B.$101.01.
C.$102.21.
正确答案:B
答案解析:
2、A fall in interest rates would most likely result in:【单选题】
A.a decrease in the effective duration of Bond #3.
B.Bond #3 having more upside potential than Bond #2.
C.a change in the effective convexity of Bond #3 from positive to negative.
正确答案:B
答案解析:B is correct. A fall in interest rates results in a rise in bond values. For a callable bond such as Bond #2, the upside potential is capped because the issuer is more likely to call the bond. In contrast, the upside potential for a putable bond such as Bond #3 is uncapped. Thus, a fall in interest rates would result in a putable bond having more upside potential than an otherwise identical callable bond.
3、The value of Bond #2 is closest to:【单选题】
A.102.103% of par.
B.103.121% of par.
C.103.744% of par.
正确答案:A
答案解析:A is correct:
4、Which of the bonds that Hamilton analyzes in Exhibit 1 is most likely to exhibit effective negative convexity?【单选题】
A.StorageTech
B.CommCo
C.NexTec
正确答案:B
答案解析:
5、If GD were to enter into an offsetting contract to hedge its exposure to TRTRS under the CDS described in Exhibit 1, this would most likely result in:【单选题】
A.a loss on the CDS position.
B.a gain on the CDS position.
C.no gain or loss on the CDS position.
正确答案:B
答案解析:As the credit spread for TRTRS has widened and GD has purchased protection, GD will gain by selling protection at a higher premium.
What are the indices for a skewed distribution?:What are the indices for a skewed distribution?
What are the responsibilities of the members in reference to the CFA Institute?:Once accepted as a member:每年交述职报告和年费but must not over promise the competency and future investment results.Case
What members and candidates should notice in CFA examinations?:or security of the CFA examinations.(不能恶心CFA),考试不能作弊:考试内容要保密:A. No.:Responsibilities as a CFA Institute Member.right④Case
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