CFA一级历年真题（四）

　　考前学习CFA历年真题，应对考试不迷茫，华金教育为帮助各位CFA考生顺利通过考试，下面汇总了10道常见的历年考题。

1.单选：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 bond’s： 

A．tenor is six years.

B．nominal rate is 5%.

C．redemption value is 102% of the par value.

答案：A

解析：Tenor是债券到期日之前的剩余期限，10年期的债券在4年前发行，所以剩余期限为6年。名义利率就是票面利率，即10%。面值的102%是债券目前的价格，而不是它的赎回价值。

关联考点：7-42-1  Basic Features of a Bond

2.单选：A sovereign bond has a maturity of 15 years. The bond is best described as a： 

A．perpetual bond.

B．pure discount bond.

C．capital market security.

答案：C

解析：资本市场证券的原始期限超过一年。永久债券没有规定的到期日。纯贴现债券是按面值折价发行、按面值赎回的债券，主权债券中有的（如国库券）是纯贴现债券，有的不是。

关联考点：7-42-1  Basic Features of a Bond

3.单选：Which type of bond most likely earns interest on an implied basis？ 

A．Floater.

B．Conventional bond.

C．Pure discount bond.

答案：C

解析：零息债券或纯贴现债券（Pure discount bond）在存续期间不支付利息，按面值折价发行，到期按面值赎回。因此，所得利息是隐含的（implied），即面值与买价之间的差额。

关联考点：7-42-1  Basic Features of a Bond

4.单选：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： 

A．covenant.

B．indenture.

C．debenture.

答案：B

解析：债券契约（ Bond Indenture ）是描述债券形式、发行人义务和债券持有人权利的法律合同，它是一个合同，而条款（Covenant）是它的一部分，Debenture是债券的一种形式。

关联考点：7-42-2  Bond Indenture

5.单选：Which of the following type of debt obligation most likely protects bondholders when the assets serving as collateral are non-performing？

A．Covered bonds.

B．Collateral trust bonds.

C．Mortgage-backed securities.

答案：A

解析：担保债券是一种债务，由一个被称为“担保池”的独立资产池支持。当资产池中的资产变成不良资产时，发行人必须用表现良好的资产来替代它们。

关联考点：7-42-3  Collateral Backing

6.单选：Which of the following is a type of external credit enhancement？ 

A．Covenants.

B．A surety bond.

C．Overcollaterization.

答案：B

解析：常见的外部信用增强形式有履约保证（Surety bond）、银行保函（Bank guarantee）、信用证（Letter of credit）和现金担保账户（Cash collateral account）。Covenants是规定发行人行为的条款， 超额抵押（Overcollateralization）是一种内部信用增强的形式。

关联考点：7-42-4 Credit Enhancements

7.单选：Which of the following best describes a negative bond covenant? The issuer is： 

A．required to pay taxes as they come due.

B．prohibited from investing in risky projects.

C．required to maintain its current lines of business.

答案：B

解析：禁止（prohibit）发行人的行为属于否定条款，要求（require）发行人做到的事情属于肯定条款。

关联考点：7-42-5 Covenants

8.单选：Clauses that specify the rights of the bondholders and any actions that the issuer is obligated to perform or is prohibited from performing are：

A．covenants.

B．collaterals.

C．credit enhancements.

答案：A

解析：条款（Covenants）规定了债券持有人的权利以及发行人有义务履行或被禁止履行的行为。

关联考点：7-42-5 Covenants

9.单选：An affirmative covenant is most likely to stipulate： 

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 issuer’s gross assets that can be sold.

答案：B

解析：常见的肯定条款包括发行人必须按时支付利息、必须维持一定的利润率以及按照合同约定的途径使用资金等。而限制杠杆率、限制出售资产比例等属于否定条款。

关联考点：7-42-5 Covenants

10.单选：Relative to negative bond covenants, positive covenants are most likely: 

A．legally enforceable.

B．cheaper for the issuers.

C．enacted at the time of the bond issue.

答案：B

解析：肯定条款一般具有行政性质，通常不会给发行人带来额外的成本，而否定条款通常代价高昂。

关联考点：7-42-5 Covenants