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、Zet Bank has entered into a contract with Louly Corporation in which Zet agrees to buy a 2.5% U.S. Treasury bond maturing in 10 years and promises to sell it back next month at an agreed-on price. From Zet Bank's perspective, this contract is best described as a:【单选题】

A.collateralized loan.

B.repo.

C.reverse repo.

正确答案:C

答案解析:A reverse repo (repurchase agreement) is collateralized cash lending by purchasing an underlying security now and selling it back in the future.Section 7.3

2、The yield on a U.S. Treasury STRIPS security is also known as the Treasury:【单选题】

A.spot rate.

B.yield spread.

C.forward rate.

正确答案:A

答案解析:“Understanding Yield Spreads”, Frank J. Fabozzi, CFAA is correct because a STRIPS security is a zero-coupon bond with no default risk and therefore represents the appropriate discount rate for a cash flow certain to be received at the maturity date for the STRIPS.

3、The bonds issued by ALS Corp. are currently priced at 108.00 and are option free. Based on a portfolio manager’s valuation model, a 10 basis points rise in interest rates will result in the bond price falling to 106.50 while a 10 basis points fall in interest rates will result in the bond price rising to 110.00. The market value of the portfolio manager’s holdings of ALS bonds is $2 million. The expected change in the market value of this holding for a 100 basis point change in interest rates will be closest to:【单选题】

A.$124,000.

B.$322,600.

C.$645,200.

正确答案:B

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFA0.1613 × 2,000,000 = $322,600.

4、A bond with a par value of $100 matures in 10 years with a coupon of 4.5% paid semiannually; it ispriced to yield 5.83% and has a modified duration of 7.81. If the yield of the bond declines by 0.25%,the approximate percentage price change for the bond is closest to:【单选题】

A.0.98%.

B.1.95%.

C.3.91%.

正确答案:B

答案解析:Approximate percentage price change=-[7.81 × (-0.0025)]=0.01953 or 1.95%.Section 4.1

5、Bonds issued by a country's central government are referred to as sovereignbonds.Which of the following methods is used by central governments to issuesovereign bonds when it determines market conditions are advantageous?【单选题】

A.Regular cycle auction (multiple price).

B.An ad hoc auction system.

C.A tap system.

正确答案:B

答案解析:在市场适合的情况下，选择发行债券属于特别的拍卖系统。