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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 investor is evaluating a diverse set of bonds from which he will select two issues. The investor’s objective is to find bonds with cash flows that will precisely match a known stream of future cash outflows. The pair of bonds most likely to meet the investor’s objective is a:【单选题】
A.putable bond and a callable bond.
B.zero-coupon bond and a Treasury strip.
C.mortgage-backed-security and an asset-backed security.
正确答案:B
答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. FabozziBoth the zero coupon and Treasury strip bonds have cash flows that can be estimated with certainty.
2、Consider two bonds that are identical except for their coupon rates. The bond that will have the highest interest rate risk most likely has the:【单选题】
A.lowest coupon rate.
B.highest coupon rate.
C.coupon rate closest to its market yield.
正确答案:A
答案解析:“Risks Associated with Investing in Bonds,” Frank J. FabozziA is correct because a lower coupon rate means that more of the bond’s value comes from repayment of face value, which occurs at the end of the bond’s life.
3、A bond has a duration of 14.4 and a convexity measure of 85.If yield increasesby 75 basis points, the percentage price change is closest to:【单选题】
A.-5.16%
B.-10.32%
C.-11.28%
正确答案:B
答案解析:-14.4 × 0.0075 + 85 × = -10.8% + 0.48% = -10.32%。
4、A bond is selling at a premium relative to its par value.Which of the followingrelationships holds?【单选题】
A.Yield to maturity > coupon rate > current yield.
B.Current yield > yield to maturity > coupon yield.
C.Coupon rate > current yield > yield to maturity.
正确答案:C
答案解析:如果是到期收益率(yield to maturity)低于债券的息票率(coupon rate),则该债券是溢价债券;而当前收益率(current yield)是将每年的票面利息除以购买价格,它介于债券的息票率和到期收益率之间。
5、An analyst does research about duration and gathers the following informationabout the price sensitivity of an option-free bond:The duration of the bond is closest to:【单选题】
A.4.2
B.8.3
C.16.6
正确答案:B
答案解析:
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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