【備考一級CFA】每日一測（固定收益投資）2020.4.27

發布時間：2020-04-27 09:34編輯：融躍教育CFA

Fixed Income Investments固定收益投資你了解多少呢？2020年CFA一級考試是ZUI后一次的筆考，不抓緊時間備考的話，你2021年就要參加機考了，CFA一級考試共240題，分為單選題。小編為您整理Fixed Income Investments練習題，附答案解析，供您備考練習。

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:【單選題】

A.increase.

B.decrease.

C.stay the same.

正確答案: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:【單選題】

A.3.01%

B.5.35%

C.6.02%

正確答案:B

答案解析:先計算持有到期收益率(yield to maturity，簡稱 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%。最后計算最差收益率(yield to worst，簡稱WTW)，這是上述兩者中較小的，所以WTW =5.3463%。

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

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.

正確答案:C

答案解析:不可再融資債券保護債券持有人，避免發行人通過再次發行低成本的債券把高成本的債券提前償還，只有當利率下降時，持有人才能得到保護，同時該條款避免持有人獲得更低成本的資金來償還之前的債務。當利率下降時，也有可能觸發可贖回機制，可贖回條款仍然比不可再融資條款會提供更多的確定性，以防止提前到期和不需要的贖回，所以選項C是錯的。

戳：各科必背定義+歷年真題中文解析+學習備考資料（PDF版）

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

A.coupon income.

B.reinvestment income.

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

正確答案:C

答案解析:到期收益率(YTM)假設所有本金和利息都能及時給付，同時持有到期，并考慮了利息收入及資本的升值或貶值，也考慮了投資收入(假設利息以等于到期收益率的利率再投資)，而到期收益率沒有考慮提前出售債券的可能性。

所以你對CFA一級考試中的固定收益投資掌握了沒有，如果沒有的話，小編給你準備了免費的禮包等你來取哦！