"Fixed Income": Issuance, Trading, and Funding

下载正保会计网校APP 订阅最新报考消息

来源: 正保会计网校编辑：小鞠橘桔 2021/02/20 09:31:13　字体：大小

学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！

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=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。

点击了解更多CFA考试资讯>>

点击了解CFA无忧直达班>>

上一篇："Fixed Income": Fundamentals of Credit A...

下一篇："Fixed Income":Long-term bond investors