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":callable bond
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:
In a low interest rate environment, the effective duration of a callable bond relative to a comparable non-callable bond, will most likely be:
A 、higher.
B 、lower.
C、 the same.
Questions 2:
A bond has a Macaulay duration of 6.0, modified duration of 6.5, and convexity of 50.25. If the bond’s yield to maturity decreases by 50 bps, the expected percentage price change is closest to:
A、 3.06%.
B 、3.31%.
C、 3.25%.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. When interest rates are low, the callable bond’s price will not increase as much because the presence of the call option will limit the price increase. Because the bond is likely to be called when interest rates are falling, the embedded call option will reduce the effective duration of the bond. A is incorrect because in a falling interest rate environment the effective duration of a callable bond will be lower, not higher, than the effective duration of a comparable non-callable bond. C is incorrect because in a falling interest rate environment the effective duration of a callable bond will be lower than the effective duration of a comparable non-callable bond.
【Answer to question 2】B
【analysis】
B is correct. The expected percentage price change for a bond can be is estimated as follows:
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
