"Fixed Income": Defining Elements

下載正保會(huì)計(jì)網(wǎng)校APP 訂閱最新報(bào)考消息

來(lái)源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2020/11/24 09:59:54　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專(zhuān)區(qū)

干貨資料助力備考

資料專(zhuān)區(qū)

報(bào)考指南

報(bào)考條件一鍵了解

報(bào)考指南

學(xué)習(xí)是一個(gè)不斷積累的過(guò)程，每天學(xué)習(xí)一點(diǎn)，每天進(jìn)步一點(diǎn)！為了幫助大家更高效地備考2021年CFA考試，正保會(huì)計(jì)網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢(mèng)想成真！

Questions 1:

Which of the following embedded options most likely provides a right to the issuer?

A 、Conversion provision

B、 Put feature

C、 Call feature

Questions 2:

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 than 50%.

What types of covenants are these?

A 、Covenant 1 is affirmative, and Covenant 2 is negative.

B、 Both are affirmative covenants.

C、 Covenant 1 is negative, and Covenant 2 is affirmative.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The right to call the issue is beneficial to the issuer when interest rates fall.

A is incorrect because the conversion provision grants the bondholder the right to convert the bond for a specified number of shares of common stock. Such a feature allows the bondholder to take advantage of favorable movements in the price of the issuer’s common stock.

B is incorrect because the right to put the issue is an option granted to the bondholder to sell the bond back to the issuer at a predetermined price on specified dates before maturity.

【Answer to question 2】A

【analysis】

A is correct. Paying interest and principal is one of the most common affirmative covenants. Negative covenants set forth certain limitations and restrictions on the borrower’s activities. The more common restrictive covenants are those that impose limitations on the borrower’s ability to incur additional debt, such as specifying a debt-to-capital ratio, unless certain tests are satisfied.

B is incorrect because Covenant 2 is a negative covenant.

C is incorrect because the types of covenants has been reversed.

成功=時(shí)間+方法，自制力是這個(gè)等式的保障。世上無(wú)天才，高手都是來(lái)自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績(jī)，其成績(jī)背后無(wú)比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點(diǎn)點(diǎn)的進(jìn)步，大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊，點(diǎn)擊了解>