CFA特許金融分析師-CFA一級-強化練習題（參考）-06-FixedIncome二

CFA特許金融分析師-CFA一級-強化練習題（參考）-06-FixedIncome二[單選題]1.Ifinterestratesareexpectedtoincrease,thecoupon（江南博哥）paymentstructuremostlikelytobenefittheissuerisa:A.step-upcoupon.B.inflation-linkedcoupon.C.capinafloating-ratenote.正確答案：C參考解析：Ciscorrect.Acapinafloating-ratenote(cappedFRN)preventsthecouponratefromincreasingaboveaspecifiedmaximumrate.Thisfeaturebenefitstheissuerinarisinginterestrateenvironmentbecauseitsetsalimittotheinterestratepaidonthedebt.Aisincorrectbecauseabondwithastep-upcouponisoneinwhichthecoupon,whichmaybefixedorfloating,increasesbyspecifiedmarginsatspecifieddates.Thisfeaturebenefitsthebondholders,nottheissuer,inarisinginterestrateenvironmentbecauseitallowsbondholderstoreceiveahighercouponinlinewiththehighermarketinterestrates.Bisincorrectbecauseinflation-linkedbondshavetheircouponpaymentsand/orprincipalrepaymentlinkedtoanindexofconsumerprices.Ifinterestratesincreaseasaresultofinflation,thisfeatureisabenefitforthebondholders,nottheissuer.[單選題]2.Investorsseekingsomegeneralprotectionagainstapooreconomyaremostlikelytoselecta:A.deferredcouponbond.B.credit-linkedcouponbond.C.payment-in-kindcouponbond.正確答案：B參考解析：Biscorrect.Acredit-linkedcouponbondhasacouponthatchangeswhenthebond’screditratingchanges.Becausecreditratingstendtodeclinethemostduringrecessions,credit-linkedcouponbondsmaythusprovidesomegeneralprotectionagainstapooreconomybyofferingincreasedcouponpaymentswhencreditratingsdecline.[單選題]3.Whichofthefollowingbestdescribesanegativebondcovenant?Therequirementto:A.insureandmaintainassets.B.complywithalllawsandregulations.C.maintainaminimuminterestcoverageratio.正確答案：C參考解析：Ciscorrect.Negativecovenantsenumeratewhatissuersareprohibitedfromdoing.Restrictionsondebt,includingmaintainingaminimuminterestcoverageratiooramaximumdebtusageratio,aretypicalexamplesofnegativecovenants.[單選題]4.Clausesthatspecifytherightsofthebondholdersandanyactionsthattheissuerisobligatedtoperformorisprohibitedfromperformingare:A.covenants.B.collaterals.C.creditenhancements.正確答案：A參考解析：Aiscorrect.Covenantsspecifytherightsofthebondholdersandanyactionsthattheissuerisobligatedtoperformorisprohibitedfromperforming.[單選題]5.Whichofthefollowingisatypeofexternalcreditenhancement?A.CovenantsB.AsuretybondC.Overcollaterization正確答案：B參考解析：Biscorrect.Asuretybondisanexternalcreditenhancement,i.e.,aguaranteereceivedfromathirdparty.Iftheissuerdefaults,theguarantorwhoprovidedthesuretybondwillreimburseinvestorsforanylosses,usuallyuptoamaximumamountcalledthepenalsum.Aisincorrectbecausecovenantsarelegallyenforceablerulesthatborrowersandlendersagreeuponwhenthebondisissued.Cisincorrectbecauseovercollateralizationisaninternal,notexternal,creditenhancement.Collateralisaguaranteeunderlyingthedebtaboveandbeyondtheissuer’spromisetopay,andovercollateralizationreferstotheprocessofpostingmorecollateralthanisneededtoobtainorsecurefinancing.Collateral,suchasassetsorsecuritiespledgedtoensuredebtpayments,isnotprovidedbyathirdparty.Thus,overcollateralizationisnotanexternalcreditenhancement.[單選題]6.A10-year,capital-indexedbondlinkedtotheConsumerPriceIndex(CPI)isissuedwithacouponrateof6%andaparvalueof1,000.Thebondpaysinterestsemi-annually.Duringthefirstsixmonthsafterthebond’sissuance,theCPIincreasesby2%.Onthefirstcouponpaymentdate,thebond’s:A.couponrateincreasesto8%.B.couponpaymentisequalto40.C.principalamountincreasesto1,020.正確答案：C參考解析：Ciscorrect.Capital-indexedbondspayafixedcouponratethatisappliedtoaprincipalamountthatincreasesinlinewithincreasesintheindexduringthebond’slife.Iftheconsumerpriceindexincreasesby2%,thecouponrateremainsunchangedat6%,buttheprincipalamountincreasesby2%andthecouponpaymentisbasedontheinflation-adjustedprincipalamount.Onthefirstcouponpaymentdate,theinflation-adjustedprincipalamountisandthesemi-annualcouponpaymentisequalto(0.06×1,020)÷2=30.60.[單選題]7.Whichofthefollowingbondtypesprovidesthemostbenefittoabondholderwhenbondpricesaredeclining?A.CallableB.PlainvanillaC.Multipleput正確答案：C參考解析：Ciscorrect.Aputablebondisbeneficialforthebondholderbyguaranteeingaprespecifiedsellingpriceattheredemptiondate,thusofferingprotectionwheninterestratesriseandbondpricesdecline.Relativetoaone-timeputbondthatincorporatesasinglesellbackopportunity,amultipleputbondoffersmorefrequentsellbackopportunities,thusprovidingthemostbenefittobondholders.[單選題]8.Thebenefittotheissuerofadeferredcouponbondismostlikelyrelatedto:A.taxmanagement.B.cashflowmanagement.C.originalissuediscountprice.正確答案：B參考解析：Biscorrect.Deferredcouponbondspaynocouponfortheirfirstfewyearsbutthenpayhighercouponsthantheyotherwisenormallywouldfortheremainderoftheirlife.Deferredcouponbondsarecommoninprojectfinancingwhentheassetsbeingdevelopedmaynotgenerateanyincomeduringthedevelopmentphase,thusnotprovidingcashflowstomakeinterestpayments.Adeferredcouponbondallowstheissuertodelayinterestpaymentsuntiltheprojectiscompletedandthecashflowsgeneratedbytheassetscanbeusedtoservicethedebt.[單選題]9.Whichofthefollowingbestdescribesanegativebondcovenant?Theissueris:A.requiredtopaytaxesastheycomedue.B.prohibitedfrominvestinginriskyprojects.C.requiredtomaintainitscurrentlinesofbusiness.正確答案：B參考解析：Biscorrect.Prohibitingtheissuerfrominvestinginriskyprojectsrestrictstheissuer’spotentialbusinessdecisions.Theserestrictionsarereferredtoasnegativebondcovenants.AandCareincorrectbecausepayingtaxesastheycomedueandmaintainingthecurrentlinesofbusinessarepositivecovenants.[單選題]10.Whenissuingdebt,acompanymayuseasinkingfundarrangementasameansofreducing:A.creditrisk.B.inflationrisk.C.interestraterisk.正確答案：A參考解析：Aiscorrect.Asinkingfundarrangementisawaytoreducecreditriskbymakingtheissuersetasidefundsovertimetoretirethebondissue.BandCareincorrectbecauseasinkingfundarrangementhasnoeffectoninflationriskorinterestraterisk.[單選題]11.Whichofthefollowingtypeofdebtobligationmostlikelyprotectsbondholderswhentheassetsservingascollateralarenon-performing?A.CoveredbondsB.CollateraltrustbondsC.Mortgage-backedsecurities正確答案：A參考解析：Aiscorrect.Acoveredbondisadebtobligationbackedbyasegregatedpoolofassetscalleda“coverpool.”Whentheassetsthatareincludedinthecoverpoolbecomenon-performing(i.e.,theassetsarenotgeneratingthepromisedcashflows),theissuermustreplacethemwithperformingassets.[單選題]12.ASouthAfricancompanyissuesbondsdenominatedinpoundsterlingthataresoldtoinvestorsintheUnitedKingdom.Thesebondscanbebestdescribedas:A.Eurobonds.B.globalbonds.C.foreignbonds.正確答案：C參考解析：Ciscorrect.Bondssoldinacountryanddenominatedinthatcountry’scurrencybyanentityfromanothercountryarereferredtoasforeignbonds.AisincorrectbecauseEurobondsarebondsissuedoutsidethejurisdictionofanysinglecountry.BisincorrectbecauseglobalbondsarebondsissuedintheEurobondmarketandatleastonedomesticcountrysimultaneously.[單選題]13.Relativetoanotherwisesimilaroption-freebond,a:A.putablebondwilltradeatahigherprice.B.callablebondwilltradeatahigherprice.C.convertiblebondwilltradeatalowerprice.正確答案：A參考解析：Aiscorrect.Aputfeatureisbeneficialtothebondholders.Thus,thepriceofaputablebondwilltypicallybehigherthanthepriceofanotherwisesimilarnon-putablebond.Bisincorrectbecauseacallfeatureisbeneficialtotheissuer.Thus,thepriceofacallablebondwilltypicallybelower,nothigher,thanthepriceofanotherwisesimilarnon-callablebond.Cisincorrectbecauseaconversionfeatureisbeneficialtothebondholders.Thus,thepriceofaconvertiblebondwilltypicallybehigher,notlower,thanthepriceofanotherwisesimilarnon-convertiblebond.[單選題]14.Whichtypeofbondmostlikelyearnsinterestonanimpliedbasis?A.FloaterB.ConventionalbondC.Purediscountbond正確答案：C參考解析：Ciscorrect.Azero-coupon,orpurediscount,bondpaysnointerest;instead,itisissuedatadiscounttoparvalueandredeemedatpar.Asaresult,theinterestearnedisimpliedandequaltothedifferencebetweentheparvalueandthepurchaseprice.[單選題]15.Abondthatischaracterizedbyafixedperiodicpaymentschedulethatreducesthebond’soutstandingprincipalamounttozerobythematuritydateisbestdescribedasa:A.bulletbond.B.plainvanillabond.C.fullyamortizedbond.正確答案：C參考解析：Ciscorrect.Afullyamortizedbondcallsforequalcashpaymentsbythebond’sissuerpriortomaturity.Eachfixedpaymentincludesbothaninterestpaymentcomponentandaprincipalrepaymentcomponentsuchthatthebond’soutstandingprincipalamountisreducedtozerobythematuritydate.AandBareincorrectbecauseabulletbondorplainvanillabondonlymakeinterestpaymentspriortomaturity.Theentireprincipalrepaymentoccursatmaturity.[單選題]16.Aninvestorinacountrywithanoriginalissuediscounttaxprovisionpurchasesa20-yearzero-couponbondatadeepdiscounttoparvalue.Theinvestorplanstoholdthebonduntilthematuritydate.Theinvestorwillmostlikelyreport:A.acapitalgainatmaturity.B.ataxdeductionintheyearthebondispurchased.C.taxableincomefromthebondeveryyearuntilmaturity.正確答案：C參考解析：Ciscorrect.Theoriginalissuediscounttaxprovisionrequirestheinvestortoincludeaproratedportionoftheoriginalissuediscountinhistaxableincomeeverytaxyearuntilmaturity.Theoriginalissuediscountisequaltothedifferencebetweenthebond’sparvalueanditsoriginalissueprice.Aisincorrectbecausetheoriginalissuediscounttaxprovisionallowstheinvestortoincreasehiscostbasisinthebondsothatwhenthebondmatures,hefacesnocapitalgainorloss.Bisincorrectbecausetheoriginalissuediscounttaxprovisiondoesnotrequireanytaxdeductionintheyearthebondispurchasedorafterwards.[單選題]17.Thelegalcontractthatdescribestheformofthebond,theobligationsoftheissuer,andtherightsofthebondholderscanbebestdescribedasabond’s:A.covenant.B.indenture.C.debenture.正確答案：B參考解析：Biscorrect.Theindenture,alsoreferredtoastrustdeed,isthelegalcontractthatdescribestheformofthebond,theobligationsoftheissuer,andtherightsofthebondholders.Aisincorrectbecausecovenantsareonlyoneelementofabond’sindenture.Covenantsareclausesthatspecifytherightsofthebondholdersandanyactionsthattheissuerisobligatedtoperformorprohibitedfromperforming.Cisincorrectbecauseadebentureisatypeofbond.[單選題]18.Investorswhobelievethatinterestrateswillrisemostlikelyprefertoinvestin:A.inversefloaters.B.fixed-ratebonds.C.floating-ratenotes.正確答案：C參考解析：Ciscorrect.Incontrasttofixed-ratebondsthatdeclineinvalueinarisinginterestrateenvironment,floating-ratenotes(FRNs)arelessaffectedwheninterestratesincreasebecausetheircouponratesvarywithmarketinterestratesandareresetatregular,short-termintervals.Consequently,FRNsarefavoredbyinvestorswhobelievethatinterestrateswillrise.Aisincorrectbecauseaninversefloaterisabondwhosecouponratehasaninverserelationshiptothereferencerate,sowheninterestratesrise,thecouponrateonaninversefloaterdecreases.Thus,inversefloatersarefavoredbyinvestorswhobelievethatinterestrateswilldecline,notrise.Bisincorrectbecausefixedrate-bondsdeclineinvalueinarisinginterestrateenvironment.Consequently,investorswhoexpectinterestratestorisewilllikelyavoidinvestinginfixed-ratebonds.[單選題]19.Whichofthefollowingbestdescribesaconvertiblebond’sconversionpremium?A.BondpriceminusconversionvalueB.ParvaluedividedbyconversionpriceC.Currentsharepricemultipliedbyconversionratio正確答案：A參考解析：Aiscorrect.Theconversionpremiumisthedifferencebetweentheconvertiblebond’spriceanditsconversionvalue.[單選題]20.Whichofthefollowingprovisionsisabenefittotheissuer?A.PutprovisionB.CallprovisionC.Conversionprovision正確答案：B參考解析：Biscorrect.Acallprovision(callablebond)givestheissuertherighttoredeemallorpartofthebondbeforethespecifiedmaturitydate.Ifmarketinterestratesdeclineortheissuer’screditqualityimproves,theissuerofacallablebondcanredeemitandreplaceitbyacheaperbond.Thus,thecallprovisionisbeneficialtotheissuer.Aisincorrectbecauseaputprovision(putablebond)isbeneficialtothebondholders.Ifinterestratesrise,thusloweringthebond’sprice,thebondholdershavetherighttosellthebondbacktotheissueratapredeterminedpriceonspecifieddates.Cisincorrectbecauseaconversionprovision(convertiblebond)isbeneficialtothebondholders.Iftheissuingcompany’ssharepriceincreases,thebondholdershavetherighttoexchangethebondforaspecifiednumberofcommonsharesintheissuingcompany.[單選題]21.Asovereignbondhasamaturityof15years.Thebondisbestdescribedasa:A.perpetualbond.B.purediscountbond.C.capitalmarketsecurity.正確答案：C參考解析：Ciscorrect.Acapitalmarketsecurityhasanoriginalmaturitylongerthanoneyear.Aisincorrectbecauseaperpetualbonddoesnothaveastatedmaturitydate.Thus,thesovereignbond,whichhasamaturityof15years,cannotbeaperpetualbond.Bisincorrectbecauseapurediscountbondisabondissuedatadiscounttoparvalueandredeemedatpar.Somesovereignbonds(e.g.,Treasurybills)arepurediscountbonds,butothersarenot.[單選題]22.Anaffirmativecovenantismostlikelytostipulate:A.limitsontheissuer’sleverageratio.B.howtheproceedsofthebondissuewillbeused.C.themaximumpercentageoftheissuer’sgrossassetsthatcanbesold.正確答案：B參考解析：Biscorrect.Affirmative(orpositive)covenantsenumeratewhatissuersarerequiredtodoandaretypicallyadministrativeinnature.Acommonaffirmativecovenantdescribeswhattheissuerintendstodowiththeproceedsfromthebondissue.AandCareincorrectbecauseimposingalimitontheissuer’sleverageratiooronthepercentageoftheissuer’sgrossassetsthatcanbesoldarenegativecovenants.Negativecovenantspreventtheissuerfromtakingactionsthatcouldreduceitsabilitytomakeinterestpaymentsandrepaytheprincipal.[單選題]23.Contrarytopositivebondcovenant,negativecovenantsaremostlikely:A.costlier.B.legallyenforceable.C.enactedattimeofissue.正確答案：A參考解析：Aiscorrect.Affirmativecovenantstypicallydonotimposeadditionalcoststotheissuer,whilenegativecovenantsarefrequentlycostly.Bisincorrectbecauseallbondcovenantsarelegallyenforceablerules,sothereisnodifferenceinthisregardbetweenpositiveandnegativebondcovenants.Cisincorrectbecauseborrowersandlendersagreeonallbondcovenantsatthetimeofanewbondissue,sothereisnodifferenceinthisregardbetweenpositiveandnegativebondcovenants.[單選題]24.A10-yearbondwasissuedfouryearsago.ThebondisdenominatedinUSdollars,offersacouponrateof10%withinterestpaidsemi-annually,andiscurrentlypricedat102%ofpar.Thebond’s:A.tenorissixyears.B.nominalrateis5%.C.redemptionvalueis102%oftheparvalue.正確答案：A參考解析：Aiscorrect.Thetenorofthebondisthetimeremaininguntilthebond’smaturitydate.Althoughthebondhadamaturityof10yearsatissuance(originalmaturity),itwasissuedfouryearsago.Thus,therearesixyearsremaininguntilthematuritydate.[單選題]25.Theprovisionthatprovidesbondholderstherighttosellthebondbacktotheissueratapredeterminedpricepriortothebond’smaturitydateisreferredtoas:A.aputprovision.B.amake-wholecallprovision.C.anoriginalissuediscountprovision.正確答案：A參考解析：Aiscorrect.Aputprovisionprovidesbondholderstherighttosellthebondbacktotheissueratapredeterminedpricepriortothebond’smaturitydate.Bisincorrectbecauseamake-wholecallprovisionisaformofcallprovision;i.e.,aprovisionthatprovidestheissuertherighttoredeemallorpartofthebondbeforeitsmaturitydate.Amake-wholecallprovisionrequirestheissuertomakealumpsumpaymenttothebondholdersbasedonthepresentvalueofthefuturecouponpaymentsandprincipalrepaymentsnotpaidbecauseofthebondbeingredeemedearlybytheissuer.Cisincorrectbecauseanoriginalissuediscountprovisionisataxprovisionrelatingtobondsissuedatadiscounttoparvalue.Theoriginalissuediscounttaxprovisiontypicallyrequiresthebondholderstoincludeaproratedportionoftheoriginalissuediscount(i.e.,thedifferencebetweentheparvalueandtheoriginalissueprice)intheirtaxableincomeeverytaxyearuntilthebond’smaturitydate.[單選題]26.Whichtypeofcallbondoptionoffersthegreatestflexibilityastowhentheissuercanexercisetheoption?A.ABermudacallB.AEuropeancallC.AnAmericancall正確答案：C參考解析：Ciscorrect.AnAmericancalloptiongivestheissuertherighttocallthebondatanytimestartingonthefirstcalldate.[單選題]27.Acharacteristicofnegotiablecertificatesofdepositis:A.theyaremostlyavailableinsmalldenominations.B.theycanbesoldintheopenmarketpriortomaturity.C.apenaltyisimposedifthedepositorwithdrawsfundspriortomaturity.正確答案：B參考解析：Biscorrect.Anegotiablecertificateofdeposit(CD)allowsanydepositor(initialorsubsequent)toselltheCDintheopenmarketpriortomaturity.AisincorrectbecausenegotiableCDsaremostlyavailableinlarge(notsmall)denominations.Large-denominationnegotiableCDsareanimportantsourceofwholesalefundsforbanks,whereassmall-denominationCDsarenot.Cisincorrectbecauseapenaltyisimposedifthedepositorwithdrawsfundspriortomaturityfornon-negotiable(insteadofnegotiable)CDs.[單選題]28.Abondmarketinwhichacommunicationsnetworkmatchesbuyandsellordersinitiatedfromvariouslocationsisbestdescribedasan:A.organizedexchange.B.openmarketoperation.C.over-the-countermarket.正確答案：C參考解析：Ciscorrect.Inover-the-counter(OTC)markets,buyandsellordersareinitiatedfromvariouslocationsandthenmatchedthroughacommunicationsnetwork.MostbondsaretradedinOTCmarkets.Aisincorrectbecauseonorganizedexchanges,buyandsellordersmaycomefromanywhere,butthetransactionsmusttakeplaceattheexchangeaccordingtotherulesimposedbytheexchange.Bisincorrectbecauseopenmarketoperationsrefertocentralbankactivitiesinsecondarybondmarkets.Centralbanksbuyandsellbonds,usuallysovereignbondsissuedbythenationalgovernment,asameanstoimplementmonetarypolicy.[單選題]29.Whichfactorisassociatedwithamorefavorablequalitysovereignbondcreditrating?A.Issuedinlocalcurrency,onlyB.Strongdomesticsavingsbase,onlyC.Issuedinlocalcurrencyofcountrywithstrongdomesticsavingsbase正確答案：C參考解析：Ciscorrect.Bondsissuedinthesovereign’scurrencyandastrongdomesticsavingsbasearebothfavorablesovereignratingfactors.Itiscommontoobserveahighercreditratingforsovereignbondsissuedinlocalcurrencybecauseofthesovereign’sabilitytotaxitscitizensandprintitsowncurrency.Althoughtherearepracticallimitstothesovereign’staxingandcurrency-printingcapacities,eachtendstosupportasovereign’sabilitytorepaydebt.Astrongdomesticsavingsbaseisadvantageousbecauseitsupportsthesovereign’sabilitytoissuedebtinlocalcurrencytodomesticinvestors.[單選題]30.Withrespecttofloating-ratebonds,areferenceratesuchastheLondoninterbankofferedrate(Libor)ismostlikelyusedtodeterminethebond’s:A.spread.B.couponrate.C.frequencyofcouponpayments.正確答案：B參考解析：Biscorrect.Thecouponrateofafloating-ratebondisexpressedasareferencerateplusaspread.Differentreferenceratesareuseddependingonwherethebondisissuedanditscurrencydenomination,butoneofthemostwidelyusedsetofreferenceratesisLibor.AandCareincorrectbecauseabond’sspreadandfrequencyofcouponpaymentsaretypicallysetwhenthebondisissuedanddonotchangeduringthebond’slife.[單選題]31.Whichtypeofsovereignbondhasthelowestinterestrateriskforaninvestor?A.FloatersB.CouponbondsC.Discountbonds正確答案：A參考解析：Aiscorrect.Floatersarebondswithafloatingrateofinterestthatresetsperiodicallybasedonchangesinthelevelofareferencerate,suchasLibor.Becausechangesinthereferenceratereflectchangesinmarketinterestrates,pricechangesoffloatersarefarlesspronouncedthanthoseoffixed-ratebonds,suchascouponbondsanddiscountbonds.Thus,investorsholdingfloatersarelessexposedtointerestrateriskthaninvestorsholdingfixed-ratediscountorcouponbonds.[單選題]32.Whichofthefollowingisasourceofwholesalefundsforbanks?A.DemanddepositsB.MoneymarketaccountsC.Negotiablecertificatesofdeposit正確答案：C參考解析：Ciscorrect.Wholesalefundsavailableforbanksincludecentralbankfunds,interbankfunds,andnegotiablecertificatesofdeposit.AandBareincorrectbecausedemanddeposits(alsoknownascheckingaccounts)andmoneymarketaccountsareretaildeposits(notwholesalefunds).[單選題]33.Comparedwithdevelopedmarketsbonds,emergingmarketsbondsmostlikely:A.offerloweryields.B.exhibithigherrisk.C.benefitfromlowergrowthprospects.正確答案：B參考解析：Biscorrect.Manyemergingcountrieslagdevelopedcountriesintheareasofpoliticalstability,propertyrights,andcontractenforcement.Consequently,emergingmarketbondsusuallyexhibithigherriskthandevelopedmarketsbonds.Aisincorrectbecauseemergingmarketsbondstypicallyofferhigher(notlower)yieldsthandevelopedmarketsbondstocompensateinvestorsforthehigherrisk.Cisincorrectbecauseemergingmarketsbondsusuallybenefitfromhigher(notlower)growthprospectsthandevelopedmarketsbonds.[單選題]34.Abondissuedbyalocalgovernmentauthority,typicallywithoutanexplicitfundingcommitmentfromthenationalgovernment,ismostlikelyclassifiedasa:A.sovereignbond.B.quasi-governmentbondC.non-sovereigngovernmentbond.正確答案：C參考解析：Ciscorrect.Bondsissuedbylevelsofgovernmentbelowthenationallevel—suchasprovinces,regions,states,cities,andlocalgovernmentauthorities—areclassifiedasnon-sovereigngovernmentbonds.Thesebondsaretypicallynotguaranteedbythenationalgovernment.[單選題]35.Sovereignbondsarebestdescribedas:A.bondsissuedbylocalgovernments.B.securedobligationsofanationalgovernment.C.bondsbackedbythetaxingauthorityofanationalgovernment.正確答案：C參考解析：Ciscorrect.Sovereignbondsareusuallyunsecuredobligationsofthenationalgovernmentissuingthebonds;theyarenotbackedbycollateral,butbythetaxingauthorityofthenationalgovernment.Aisincorrectbecausebondsissuedbylocalgovernmentsarenon-sovereign(notsovereign)bonds.Bisincorrectbecausesovereignbondsaretypicallyunsecured(notsecured)obligationsofanationalgovernment.[單選題]36.Thedistinctionbetweeninvestmentgradedebtandnon-investmentgradedebtisbestdescribedbydifferencesin:A.taxstatus.B.creditquality.C.maturitydates.正確答案：B參考解析：Biscorrect.Thedistinctionbetweeninvestmentgradeandnon-investmentgradedebtrelatestodifferencesincreditquality,nottaxstatusormaturitydates.Debtmarketsareclassifiedbasedontheissuer’screditworthinessasjudgedbythecreditratingsagencies.RatingsofBaa3orabovebyMoody’sInvestorsServiceorBBB–orabovebyStandard&Poor’sandFitchRatingsareconsideredinvestmentgrade,whereasratingsbelowtheselevelsarereferredtoasnon-investmentgrade(alsocalledhighyield,speculative,orjunk).[單選題]37.Fortheissuer,asinkingfundarrangementismostsimilartoa:A.termmaturitystructure.B.serialmaturitystructure.C.bondholderputprovision.正確答案：B參考解析：Biscorrect.Withaserialmaturitystructure,astatednumberofbondsmatureandarepaidoffonapre-determinedschedulebeforefinalmaturity.Withasinkingfundarrangement,theissuerisrequiredtosetasidefundsovertimetoretirethebondissue.Bothresultinapre-determinedportionoftheissuebeingpaidoffaccordingtoapre-determinedschedule.[單選題]38.Arepurchaseagreementismostcomparabletoa(n):A.interbankdeposit.B.collateralizedloan.C.negotiablecertificateofdeposit.正確答案：B參考解析：Biscorrect.Arepurchaseagreement(repo)canbeviewedasacollateralizedloanwherethesecuritysoldandsubsequentlyrepurchasedrepresentsthecollateralposted.AandCareincorrectbecauseinterbankdepositsandnegotiablecertificatesofdepositareunsecureddeposits—thatis,thereisnocollateralbackingthedeposit.[單選題]39.Inmostcountries,thebondmarketsectorwiththesmallestamountofbondsoutstandingismostlikelythe:A.governmentsector.B.financialcorporatesector.C.non-financialcorporatesector.正確答案：C參考解析：Ciscorrect.Inmostcountries,thelargestissuersofbondsarethenationalandlocalgovernmentsaswellasfinancialinstitutions.Thus,thebondmarketsectorwiththesmallestamountofbondsoutstandingisthenon-financialcorporatesector.[單選題]40.Aninvestmentbankthatunderwritesabondissuemostlikely:A.buysandresellsthenewlyissuedbondstoinvestorsordealers.B.actsasabrokerandreceivesacommissionforsellingthebondstoinvestors.C.incurslessriskassociatedwithsellingthebondsthaninabesteffortsoffering.正確答案：A參考解析：Aiscorrect.Inanunderwrittenoffering(alsocalledfirmcommitmentoffering),theinvestmentbank(calledtheunderwriter)guaranteesthesaleofthebondissueatanofferingpricethatisnegotiatedwiththeissuer.Thus,theunderwritertakestheriskofbuyingthenewlyissuedbondsfromtheissuer,andthenresellingthemtoinvestorsortodealerswhothensellthemtoinvestors.BandCareincorrectbecausetheb