"Fixed Income": Issuance, Trading, and Funding

下載正保會計網校APP 訂閱最新報考消息

來源: 正保會計網校編輯：小鞠橘桔 2021/02/20 09:31:13　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專區(qū)

干貨資料助力備考

資料專區(qū)

報考指南

報考條件一鍵了解

報考指南

學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試，夢想成真！

Questions 1:

A “junk” bond is most likely a:

A 、supranational bond.

B 、high-yield bond.

C、 bond with credit rating above BBB–.

Questions 2:

A company issues a 10-year bond on 1 January 2014. Its contract requires that the coupon rate increase by specified margins at specified dates as shown in the following table:

Fixed Income: Issuance, Trading, and Funding

This security is most likely a:

A、 step-up coupon bond.

B、 deferred coupon bond.

C、 floating rate bond.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. High-yield bonds are bonds with credit ratings below investment-grade levels, also known as speculative or junk bonds.

A is incorrect because supranational bonds are not related to credit ratings but to the type of issuers. They are issued by international organizations.

C is incorrect because bonds with credit rating above BBB– are referred to as investment-grade bonds. The junk bonds are those with credit ratinsg below BBB–.

【Answer to question 2】A

【analysis】

A is correct. A step-up coupon bond has contractually mandated changes in its coupon rate over time.

B is incorrect because a deferred coupon bond initially has no coupon payments.

C is incorrect because a floating rate bond’s coupon rate will change in ways that are not known in advance, depending on future changes in the reference rate.

成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。

點擊了解更多CFA考試資訊>>

點擊了解CFA無憂直達班>>