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、An analyst determines that a 5.50 percent coupon option-free bond, maturing in 7 years, would experience a 3 percent decrease in price if market interest rates rise by 50 basis points. If market interest rates instead fall by 50 basis points, the bond’s price would increase by:【单选题】

A.exactly 3%.

B.less than 3%.

C.more than 3%.

正确答案:C

答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. FabozziThe bond is option-free and will therefore exhibit positive convexity. An equal change in rates will produce a greater percentage gain when rates decrease than the percentage loss produced when rates increase.

2、If investors expect stable rates of inflation in the future, the pure expectations theory suggests that the yield curve is currently:【单选题】

A.flat.

B.inverted.

C.upward-sloping.

正确答案:A

答案解析:“Understanding Yield Spreads,” Frank J. FabozziThe pure expectations theory explains the term structure in terms of expected future short-term interest rates. Assuming that interest rates reflect a relatively stable real rate of interest plus a premium for expected inflation, stability in inflation expectations would mean unchanged future short-term interest rates and a flat yield curve.

3、When compared with an option-free bond, which type of bond most likely offers a higher yield to bondholders?【单选题】

A.Callable

B.Convertible

C.Putable

正确答案:A

答案解析:A callable bond gives the issuer the right to buy back the bond prior to maturity. This feature increases the reinvestment risk faced by bondholders, causing them to require a higher yield than for a similar non-callable bond.Sections 5.1 – 5.3

4、An analyst does research about relationship between credit spreads and economicwell being.In general, credit spreads on corporate bonds tend to:【单选题】

A.tighten during both economic expansions and economic contractions.

B.widen during economic expansions and tighten during economic contractions.

C.tighten during economic expansions and widen during economic contractions.

正确答案:C

答案解析:在经济好的情况下，收益率的溢价会降低；而在经济不好的情况下，收益率的溢价会提高，此时人们需要一个更高的收益率作为补偿。

5、An analyst does research about relationship between duration and actual price.An option-free bond having the duration of 8, if yields decrease by 100 basispoint, the actual price of the bond will:【单选题】

A.increase by more than 8%.

B.increase by less than 8%.

C.decrease by more than 8%.

正确答案:A

答案解析:相比较于仅仅采用久期所计算的价格变化，债券的真实价格变化是“当利率下降时涨得快，当利率上升时跌得慢”。