CFA特许金融分析师-CFA一级-固收.docxVIP

CFA特许金融分析师-CFA一级-固收

[单选题]1.Whichofthefollowingbestdescribesaconvertiblebond’sconversionpremium?（江南博哥）

A.Bondpriceminusconversionvalue

B.Parvaluedividedbyconversionprice

C.Currentsharepricemultipliedbyconversionratio

正确答案：A

参考解析：：Aiscorrect.Theconversionpremiumisthedifferencebetweentheconvertiblebond’spriceanditsconversionvalue.：A是正确的。转换溢价是可转换债券价格与其转换价值之间的差额。

[单选题]2.Thebenefittotheissuerofadeferredcouponbondismostlikelyrelatedto:

A.taxmanagement.

B.cashflowmanagement.

C.originalissuediscountprice.

正确答案：B

参考解析：：Biscorrect.Deferredcouponbondspaynocouponfortheirfirstfewyearsbutthenpayhighercouponsthantheyotherwisenormallywouldfortheremainderoftheirlife.Deferredcouponbondsarecommoninprojectfinancingwhentheassetsbeingdevelopedmaynotgenerateanyincomeduringthedevelopmentphase,thusnotprovidingcashflowstomakeinterestpayments.Adeferredcouponbondallowstheissuertodelayinterestpaymentsuntiltheprojectiscompletedandthecashflowsgeneratedbytheassetscanbeusedtoservicethedebt.：B是正确的。递延息票债券最初几年不支付息票，但随后支付的息票要比通常情况下在其余生中支付的要高。递延息票债券在项目融资中很常见，因为开发中的资产在开发阶段可能不会产生任何收入，因此不会提供现金流来支付利息。递延息票债券允许发行人延迟支付利息，直到项目完成，资产产生的现金流可用于偿还债务。

[单选题]3.Abondthatischaracterizedbyafixedperiodicpaymentschedulethatreducesthebond’soutstandingprincipalamounttozerobythematuritydateisbestdescribedasa:

A.bulletbond.

B.plainvanillabond.

C.fullyamortizedbond.

正确答案：C

参考解析：：Ciscorrect.Afullyamortizedbondcallsforequalcashpaymentsbythebond’sissuerpriortomaturity.Eachfixedpaymentincludesbothaninterestpaymentcomponentandaprincipalrepaymentcomponentsuchthatthebond’soutstandingprincipalamountisreducedtozerobythematuritydate.AandBareincorrectbecauseabulletbondorplainvanillabondonlymakeinterestpaymentspriortomaturity.Theentireprincipalrepaymentoccursatmaturity.