cfa一级固定收益教育.pdfVIP

Fixedome（1）

Whichofthefollowingstatementrelatedtosecondarybondmarketsis

mostaccurate?

A.Newlyissuedcorporatebondsareissuedinsecondarybondmarkets.

B.Secondarybondmarketsarewherebondsaretradedbetweeninvestors.

C.Themajorparticipantsinsecondarybondmarketsgloballyareretail

investors.

Solution:B.

Secondarybondmarketsarewherebondsaretradedbetweeninvestors.A

isorrectbecausenewlyissuedbonds(whetherfromcorporateissuersor

othertypesofissuers)areissuedinprimary(notsecondary)bondmarkets.

Cisorrectbecausethemajorparticipantsinsecondarybondmarkets

globallyarelargeinstitutionalinvestorsandcentras(notretail

investors).

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Fixedome（2）

Inasecuritization,thecollalisinitiallysoldbythe:

A.Issuer.

B.Depositor.

C.Underwriter.

Solution:B

Inasecuritization,theloansorreceivablesareinitiallysoldbythedepositor

tothespecialpurposeentity(SPE)thatusesthemascollaltoissuethe

ABS.

AisorrectbecausetheSPE,oftenreferredtoastheissuer,isthe

purchaserofthecollalratherthanthesellerofthecollal.

Cisorrectbecausetheunderwriterneithersellsnorpurchasesthe

collalinasecuritization.Theunderwriterperformsthesamefunctions

inasecuritizationasitdoesinastandardbondoffering.

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Fixedome（3）

SouthKoreanelectronicsissuedbondsdenominatedinUSdollars

intheUnitedStatesandwiththeSEC.Thesebondsaremost

likelyknownasa:

A.Foreignbond.

B.Eurobond.

C.Globalbond.