CFA考试一级章节练习题精选0330-25(附详解)
CFA考试一级章节练习题精选0330-25（附详解）
1、Which type of bond is most likely to be preferred by investors in a falling interest rate environment?【单选题】
A.A floating-rate note with no cap or floor
B.A capped floating-rate note
C.A floored floating-rate note
正确答案:C
答案解析:A floored floating-rate note prevents the coupon rate from falling below the specified minimum rate. In a falling interest rate environment, this feature will benefit investors because it guarantees that the coupon rate will not fall below the specified minimum rate.
2014 CFA Level I
"Fixed-Income Securities: Defining Elements," by Moorad Choudhry and Stephen E. Wilcox
Section 4.2
1、Consider two bonds that are identical except for their coupon rates. The bond that will have the highest interest rate risk most likely has the:【单选题】
A.lowest coupon rate.
B.highest coupon rate.
C.coupon rate closest to its market yield.
正确答案:A
答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi
2012 Modular Level I, Vol. 5, p. 354
Study Session 15-54-c
Explain how a bond maturity, coupon, embedded options, and yield level affect its interest rate risk.
A is correct because a lower coupon rate means that more of the bond’s value comes from repayment of face value, which occurs at the end of the bond’s life.
1、The following table provides information about a portfolio of three bonds.
Based on this information, the duration of the portfolio is closest to:【单选题】
A.9.74.
B.9.48.
C.9.35.
正确答案:C
答案解析:The market values of the bonds (Price × Par amount) are $17,479,376, $4,018,928, and $6,771,416,respectively, for a portfolio value of $28,269,720. Therefore, the duration of the portfolio is
CFA Level I
"Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. Smith
Section 3.4
1、An analyst does research about the various types of debt issued by corporations.A debt vehicle created to facilitate commercial trade transaction is mostlikely a(n):【单选题】
A.issued bond.
B.medium-term note.
C.bankers acceptance.
正确答案:C
答案解析:保险过的债券(issued bond)是一种特殊的地方政府债券，该债券除了由发行人的收入担保外，还由商业保险公司通过保险条款承保。中期票据（medium-term note）的特点是，具有灵活的发行机制，代理人可以多次发行期限不同的债券给投资者，来满足公司的融资需求。银行承兑汇票（bankers acceptance）主要是用来满足商品交易的支付工具。
1、Which of the following embedded options most likely provides a right to the issuer?【单选题】
A.Call feature
B.Conversion provision
C.Put feature
正确答案:A
答案解析:The right to call the issue is beneficial to the issuer when interest rates fall.
2014 CFA Level I
"Fixed-Income Markets: Issuance, Trading, and Funding," by Moorad Choudhry, Steve V. Mann, and Lavone F. Whitmer Section 6.3.5