2019年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Fixed Income Investments5道练习题，附答案解析，供您备考练习。

1、The current yield for a 4.5% coupon, 10-year bond, with a maturity par value of $100 and currently priced at $85.70 is closest to:【单选题】

A.4.50%.

B.5.93%.

C.5.25%.

正确答案:C

答案解析:Current yield is calculated as:[1666201704061-image/0717.jpg]Section 3.3

2、If three bonds are otherwise identical, the one exhibiting the highest level of positive convexity is most likely the one that is:【单选题】

A.putable.

B.callable.

C.option-free.

正确答案:A

答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. FabozziA is correct because when interest rates rise, a putable bond is more likely to be put back to the issuer by the investor, limiting the loss of value and giving the bond more positive convexity than an option-free bond. In contrast, a callable bond is likely to be called from the investor when interest rates fall, limiting the gain in value and giving the bond negative convexity.

3、Which of the following embedded options most likely provides a right to the issuer?【单选题】

A.Call feature

B.Conversion provision

C.Put feature

正确答案:A

答案解析:The right to call the issue is beneficial to the issuer when interest rates fall.Section 6.3.5

4、The duration and convexity of an option-free bond priced at $90.25 are 10.34 and 151.60,respectively. If yields increase by 200 bps, the percentage price change is closest to:【单选题】

A.-23.71%.

B.-17.65%.

C.-20.68%.

正确答案:B

答案解析:It is calculated as duration effect:Sections 3.5-3.6

5、Which of the following statements is least accurate? Nonrefundable bonds:【单选题】

A.holder is protected only if interest rates decline.

B.holder is protected from obtaining lower-cost money to pay off the debt.

C.provide greater assurance against premature and unwanted redemption thancallable bonds.

正确答案:C

答案解析:不可再融资债券保护债券持有人，避免发行人通过再次发行低成本的债券把高成本的债券提前偿还，只有当利率下降时，持有人才能得到保护，同时该条款避免持有人获得更低成本的资金来偿还之前的债务。当利率下降时，也有可能触发可赎回机制，可赎回条款仍然比不可再融资条款会提供更多的确定性，以防止提前到期和不需要的赎回，所以选项C是错的。