固定录入员测试1_在线真题试卷与模拟练习_固定录入员测试1

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1. An analyst reviews a corporate bond indenture that contains these two covenants:

1. The borrower will pay interest semiannually and principal at maturity.

2. The borrower will not incur additional debt if its debt-to-capital ratio is more than50%.

What types of covenants are these?

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:

Coupon Payment Date Range

Coupon Rate

1 Jan 2014–31 Dec 2015

4.0%

1 Jan 2016–31 Dec 2017

5.0%

1 Jan 2018–31 Dec 2019

7.5%

1 Jan 2020–31 Dec 2023

9.0%

This security is most likely a:

3. A transaction where a hedge fund enters into a repo by taking a short position in a security with a view that its price will decline relative to the price of another security held is best described as:

4. Balance sheets of government entities are unlikely to include:

5. A non-callable, fixed-coupon bond has a price of 106.0625 and a YTM of 2.8%. If the YTM were to increase instantaneously by 80 bps, the price of the bond would decrease by 11%. If the YTM were to decrease instantaneously by 80 bps, the price of the bond would increase by:

6. A fixed-income analyst is pricing a bond using the following equation.3

The bond's price, relative to par, is most likely:

7. A credit analyst is least likely to use matrix pricing to estimate the required yield and price of a(n):

A bond issued by RTR pays a quarterly coupon of 3.25%, has three years to maturity, and is currently trading at 97.28. The semiannual bond basis yield is closest to:

The factor least likely to influence the yield spread on an option-free, fixed-rate bond is a change in the:

10. Which of the following 90-day money market instruments most likely offers the investor the highest rate of return?

Money Market Instrument

Quoted Rate

Quotation Basis

Day Convention

Instrument A

5.78%

360

Discount rate

Instrument B

5.80%

365

Discount rate

Instrument C

5.96%

365

Add-on rate

11. Using the following US Treasury spot rates, the arbitrage-free value of a two-year$100 par value Treasury bond with a 6% coupon rate is closest to:

Period

Years

Spo t Rate

0.5

1.60%

1.0

2.20%

1.5

2.70%

2.0

3.10%

12. An investor purchases an eight-year, 6.4% annual coupon eurobond priced at par(settlement: 15 June 2031; maturity: 15 December 2039) and sells it after six years. Assuming interest rates rise by 100 bps immediately after purchase, the investor's rate of return at the end of six years is:

13. Consider a $$100 par value bond with an 8% coupon paid annually, maturing in 20 years. If the bond currently sells for $$96.47, the yield to maturity is closest to:

14. An investor purchases a five-year,4% annual coupon bond for 104.58 and sells it exactly three years later. Immediately after the bond is purchased and before the first coupon is received, interest rates decline to 2.25%, and they remain at that level for the next three years. Assuming that the coupon payments are received and reinvested at 2.25%, the investor's realized horizon yield is closest to:

15. An investor is least likely exposed to reinvestment risk from owning a(n):

16. An analyst gathers the following information on a bond:

Price

85.4734

Payment frequency

Annual

Time to maturity

5 years

Coupon

Macaulay duration

4.5947

Modified duration is closest to:

17. A bond pays a semiannual fixed coupon of 4.75%. It trades at par on its coupon date of 16 December 2025 and matures on 16 December 2033. The bond's annualized convexity statistic is closest to:

18. For changes in yield-to-maturity, the convexity adjustment is most needed to account for the:

19. Consider the following information for a traditional (option-free) fixed-rate bond where PV₀ is the bond's original price, PV+ is the new price of the bond when the yield to maturity is increased, PV is the new price of the bond when the yield to maturity is decreased, △Curve is the change in the benchmark yield curve, and△Yield

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is the change in the yield to maturity:

PV₀

PV+

PV_

△Curve

△Yield

99.41172

99.32213

99.50132

3 bps

1 bp

The bond's approximate convexity is closest to:

20. A bond has a Macaulay duration of 6.0, modified duration of 6.5, and convexity of50.25. If the bond's yield to maturity decreases by 50 bps, the expected percentage price change is closest to:

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