新用戶掃碼下載
掃碼下載APP
及時接收最新考試資訊及
備考信息
"Fixed Income":Yield of bonds
學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試，夢想成真！
Questions 1:
A bond has a 10-year maturity, a $1,000 face value, and a 7% coupon rate. If the market requires a yield of 8% on similar bonds, it will most likely trade at a:
A 、discount.
B 、premium.
C 、discount or premium, depending on its duration.
Questions 2:
Holding all other characteristics the same, the bond exposed to the greatest level of reinvestment risk is most likely the one selling at:
A 、a premium.
B 、a discount.
C 、par.
View answer resolution
【Answer to question 1】A
【analysis】
A is correct. When the required yield is higher than the coupon rate, the bond will trade at a discount to par.
B is incorrect because a bond trades at a premium when the required yield is less than the coupon rate.
C is incorrect because a bond trades at a discount when the required yield is higher than the coupon rate.
【Answer to question 2】A
【analysis】
A is correct. A bond selling at a premium has a higher coupon rate and, all else being equal, bonds with higher coupon rates face higher reinvestment risk. The higher the coupon rate, the more dependent the bond’s total dollar return will be on the reinvestment of the coupon payments in order to produce the yield to maturity at the time of purchase.
B is incorrect because, all else being equal, a bond selling at a discount has a lower coupon rate than a bond selling at a premium.
C is incorrect because, all else being equal, a bond selling at par has a lower coupon rate than a bond selling at a premium.
成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。
學員討論（0）
推薦閱讀
新用戶掃碼下載
京公網安備 11010802044457號
