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 fears that economic conditions will worsen and the market prices of her portfolio of investment-grade corporate bonds will decrease more than her portfolio of government bonds. The investor’s fear is best described as a fear of:【单选题】

A.default risk.

B.downgrade risk.

C.credit spread risk.

正确答案:C

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFAC is correct because the when the market is willing to pay less for investing in risky bonds, the spreads on those bonds widens relative to default-free bonds. Thus the investor is concerned about credit spread risk.

2、If the yield to maturity on an annual-pay bond is 7.75%, the bond-equivalent yield is closest to:【单选题】

A.7.61%.

B.7.90%.

C.8.05%.

正确答案:A

答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA

3、An investor is least likely exposed to reinvestment risk from owning a(n):【单选题】

A.callable bond.

B.zero-coupon bond.

C.amortizing security.

正确答案:B

答案解析:“Risks Associated with Investing in Bonds” Frank J. Fabozzi, CFAB is correct because there are no interim cash flows for a zero-coupon bond until the maturity.

4、Which of the following terms in a bond issue most likely helps to reduce credit risk?【单选题】

A.Term maturity structure

B.Sinking fund arrangement

C.Floating rate note

正确答案:B

答案解析:A sinking fund arrangement is a way to reduce credit risk by making the issuer set aside funds overtime to retire the bond issue.Section 6.3.3

5、An analyst does research about a callable bond.All else being equal, is a callablebond most likely to exhibit negative convexity when the prevailing market yieldfor that bond is relatively:【单选题】

A.

B.

C.

正确答案:C

答案解析:当市场利率低于息票率时，更有可能触及到可赎回价格，这时体现价格和收益率的相互关系的曲线显示出负凸性。