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本课程起止时间为:2020-02-17到2020-06-30
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第一章：Fixed-Income Securities： Defining the Elements. 固定收益证券的基本要素。 第一章测试题

1、 问题:A 10-year bond was issued four years ago. The bond is denominated in US dollars, offers a coupon rate of 10% with interest paid semi-annually, and is currently priced at 102% of par. The bonds
选项：
A:tenor is six years
B:nominal rate is 5%
C:redemption value is 102% of the par value
D:空
答案: 【tenor is six years】

2、 问题:The legal contract that describes the form of the bond, the obligations of the issuer, and the rights of the bondholders can be best described as a bond’s
选项：
A:covenant
B:indenture
C:debenture
D:空
答案: 【indenture】

3、 问题:Which of the following is a type of external credit enhancement?
选项：
A:Covenants
B:A surety bond
C:Overcollaterization
D:空
答案: 【A surety bond】

4、 问题:An affirmative covenant is most likely to stipulate:
选项：
A:limits on the issuer’s leverage ratio
B:how the proceeds of the bond issue will be used
C:the maximum percentage of the issuers gross assets that can be sold
D:空
答案: 【how the proceeds of the bond issue will be used】

5、 问题:Which of the following best describes a negative bond covenant? The issuer is
选项：
A:prohibited from investing in risky projects
B:required to pay taxes as they come due
C:required to maintain its current lines of business
D:空
答案: 【prohibited from investing in risky projects】

6、 问题:A South African company issues bonds denominated in pound sterling that are sold to investors in the United Kingdom. These bonds can be best described as
选项：
A:Eurobonds
B:global bonds
C:foreign bonds
D:空
答案: 【foreign bonds】

7、 问题:If interest rates are expected to increase, the coupon payment structure most likely to benefit the issuer is a
选项：
A:step-up coupon
B:inflation-linked coupon
C:cap in a floating-rate note
D:空
答案: 【cap in a floating-rate note】

8、 问题:Which of the following provisions is a benefit to the issuer?
选项：
A:Put provision
B:Call provision
C:Conversion provision
D:空
答案: 【Call provision】

9、 问题:Investors seeking some general protection against a poor economy are most likely to select a
选项：
A:deferred coupon bond
B:credit-linked coupon bond
C:payment-in-kind coupon bond
D:空
答案: 【credit-linked coupon bond】

10、 问题:Relative to an otherwise similar option-free bond. a
选项：
A:putable bond will trade at a higher price
B:callable bond will trade at a higher price
C:convertible bond will trade at a lower price
D:空
答案: 【putable bond will trade at a higher price】

第二章：Fixed-Income Markets： Issurance, Trading and Funding. 固定收益证券市场：发行、交易与融资。 第二章测试题

1、 问题:The distinction between investment grade debt and non-investment grade debt is best described by
选项：
A:tax status
B:credit quality
C:maturity dates
D:空
答案: 【credit quality】

2、 问题:Compared with developed markets bonds, emerging markets bonds most likely
选项：
A:offer lower yields
B:exhibit higher risk
C:benefit from lower growth prospects
D:空
答案: 【exhibit higher risk】

3、 问题:In an underwritten offering, an investment bank that underwrites a bond issue most likely
选项：
A:buys and resells the newly issued bonds to investors or dealers
B:acts as a broker and receives a commission for selling the bonds to investors
C:incurs less risk associated with selling the bonds than in a best efforts offering
D:空
答案: 【buys and resells the newly issued bonds to investors or dealers】

4、 问题:In major developed bond markets, newly issued sovereign bonds are most often sold to the public via a(n)
选项：
A:auction
B:private placement
C:best efforts offering
D:空
答案: 【auction】

5、 问题:A liquid secondary bond market allows an investor to sell a bond at
选项：
A:the desired price
B:a price at least equal to the purchase price
C:a price close to the bond’s fair market value
D:空
答案: 【a price close to the bond’s fair market value】

6、 问题:A mechanism by which an issuer may be able to offer additional bonds to the general public without preparing a new and separate offering circular best describes
选项：
A:the grey market
B:a shelf registration
C:a private placement
D:空
答案: 【a shelf registration】

7、 问题:Which of the following statements relating to commercial paper is most accurate?
选项：
A:There is no secondary market for trading commercial paper
B:Only the strongest, highly rated companies issue commercial paper
C:Commercial paper is a source of interim financing for long-term projects
D:空
答案: 【Commercial paper is a source of interim financing for long-term projects】

8、 问题:For the issuer, a sinking fund arrangement is most similar to a
选项：
A:term maturity structure
B:serial maturity structure
C:bondholder put provision
D:空
答案: 【serial maturity structure】

9、 问题:Which of the following is a source of wholesale funds for banks?
选项：
A:Demand deposits
B:Money market accounts
C:Negotiable certificates of deposit
D:空
答案: 【Negotiable certificates of deposit】

10、 问题:The repo margin on a repurchase agreement is most likely to be lower when
选项：
A:the underlying collateral is in short supply
B:the maturity of the repurchase agreement is long
C:the credit risk associated with the underlying collateral is high
D:空
答案: 【the underlying collateral is in short supply】

第三章：Introduction to Fixed-Income Securities Valuation. 固定收益证券的估值。 第三章测试题

1、 问题:A portfolio manager is considering the purchase of a bond with a 5.5% coupon rate that pays interest annually and matures in three years. If the required rate of return on the bond is 5%, the price of the bond per 100 of par value is closest to
选项：
A:98.65

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