【备考一级CFA】每日一测（固定收益投资）2020.4.27

发布时间：2020-04-27 09:34编辑：融跃教育CFA

Fixed Income Investments固定收益投资你了解多少呢？2020年CFA一级考试是ZUI后一次的笔考，不抓紧时间备考的话，你2021年就要参加机考了，CFA一级考试共240题，分为单选题。小编为您整理Fixed Income Investments练习题，附答案解析，供您备考练习。

1、Consider a 5-year option-free bond that is priced at a discount to par value. Assuming the discount rate does not change, one year from now the value of the bond will most likely:【单选题】

A.increase.

B.decrease.

C.stay the same.

正确答案:A

答案解析:“Introduction to the Valuation of Debt Securities”, Frank J. Fabozzi, CFAequal to par at maturity.

2、An analyst does research about asemiannual-pay callable bond.The bond witha face value of $ 1 000 and a coupon rate of 5% is callable in 4 years at 1020.If the bond matures in 7 years and is currently priced as $ 980, the yield toworst is closest to:【单选题】

A.3.01%

B.5.35%

C.6.02%

正确答案:B

答案解析:先计算持有到期收益率(yield to maturity，简称 YTM):N = 14, PV=980, PMT=1 000 ×5%/2=25, FV = 1 000, CPT I/Y =2.6731，YTM =2.6731% ×2 = 5.3463%。最后计算最差收益率(yield to worst，简称WTW)，这是上述两者中较小的，所以WTW =5.3463%。

3、Which of the following statements is least accurate? Nonrefundable bonds:【单选题】

A.holder is protected only if interest rates decline.

B.holder is protected from obtaining lower-cost money to pay off the debt.

C.provide greater assurance against premature and unwanted redemption thancallable bonds.

正确答案:C

答案解析:不可再融资债券保护债券持有人，避免发行人通过再次发行低成本的债券把高成本的债券提前偿还，只有当利率下降时，持有人才能得到保护，同时该条款避免持有人获得更低成本的资金来偿还之前的债务。当利率下降时，也有可能触发可赎回机制，可赎回条款仍然比不可再融资条款会提供更多的确定性，以防止提前到期和不需要的赎回，所以选项C是错的。

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4、An analyst does research about yield-to-maturity measure.The yield-to-maturitymeasure for a bond fails to consider the:【单选题】

A.coupon income.

B.reinvestment income.

C.possibility that the bond is sold prior to maturity.

正确答案:C

答案解析:到期收益率(YTM)假设所有本金和利息都能及时给付，同时持有到期，并考虑了利息收入及资本的升值或贬值，也考虑了投资收入(假设利息以等于到期收益率的利率再投资)，而到期收益率没有考虑提前出售债券的可能性。

所以你对CFA一级考试中的固定收益投资掌握了没有，如果没有的话，小编给你准备了免费的礼包等你来取哦！