CFA一级模考

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CFA一级模考

CFA一级模考题

1 . Tony Horn, CFA, is evaluating two bonds. The first bond, issued by Kano Corp., pays a 7.5% annual coupon

and is priced to yield 7.0%. The second bond, issued by Samuel Corp., pays a 7.0% annual coupon and is priced to

yield 8.0%. Both bonds mature in ten years. If Horn can reinvest the annual coupon payments from either bond at

7.5%, and holds both bonds to maturity, his return will be:

A. greater than 7.0% on the Kano bonds and less than 8.0% on the Samuel bonds.

B. less than 7.0% on the Kano bonds and less than 8.0% on the Samuel bonds.

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C. greater than 7.0% on the Kano bonds and greater than 8.0% on the Samuel bonds.

2 .The bid-ask spread for a bond most likely conveys information about

A. its liquidity, but not its credit quality.

B. its credit quality, but not its liquidity.

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C. both its liquidity and its credit quality.

3. A waterfall structure in a securitized bond issue:

A. is a form of external credit enhancement.

B. allows the entire issue to obtain a better credit rating. C. gives some bondholders a higher priority of claims than others.

4 .Which of the following is least likely a characteristic of Treasury Inflation Protected Securities?

A. Coupon rate is the real return.

B. Par value is adjusted for inflation.

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Coupon rate is adjusted for inflation.

5. The current price of a $1,000 par value, 6-year, 4.2% semiannual coupon bond is $958.97. The bond's price

value of a basis point is closest to:

A. $0.50.

B. $4.20.

C. $5.01.

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