一级模拟固定收益1答案解答l1 pracfa练习考试.pdfVIP

2016Level1PracticeExamAnswer

FixedIncome

1.Answer:C

Solution:

AcreditcardreceivableABSisanexampleofanABSwithanon-amortizingcollateral.

CFALevelIIntroductiontoAsset-BackedSecurities,FrankJ.Fabozzi.Sections7.2

2.Answer:C

Solution:

SupranationalbondsarebondsissuedbysuchsupranationalagenciesastheEuropeanInvestment

BankandtheInternationalMonetaryFund.

CFALevelI“Fixed-IncomeMarkets:Issuance,Trading,andFunding,”MooradChoudhry,StevenV.

Mann,andLavoneF.Whitmer.Section5.3

3.Answer:C

Solution:

Currentyieldiscalculatedas:

$4.5

5.25%

$85.70

CFALevelI“IntroductiontoFixed-IncomeValuation,”byJamesF.AdamsandDonaldJ.Smith.

Section3.3

4.Answer:B

Solution:

Acentralbankengaginginexpansionarymonetarymightcausetheyieldcurvetosteepen

byreducingshort-terminterestratesandthuscausegreatervolatilityinshort-termbondyieldsto

maturitythaninlonger-termbonds

CFALevel1UnderstandingFixed-IncomeRiskandReturn,JamesF.AdamsandDonaldJ.Smith.

Section4.1

5.Answer:C

-1-

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Solution:

Insomesituations,thematurityeffectmaynotholdforalow-couponbondthatistradingbelow

par.

CFALevelIIntroductiontoFixed-IncomeValuation,byJamesF.AdamsandDonaldJ.Smith.

Section2.3

6.Answer:A

Solution:

Thebid–offerspreadreflectsthepricesatwhichsecondarymarketdealerswillbuyfroma

customer(bid)andselltoacustomer(offer).Itisanindicatorofliquiditybecauseatighter

bid–off