"Fixed Income": Issuance, Trading, and Funding

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來源: 正保會計網校編輯：小鞠橘桔 2021/02/20 09:31:13　字體：大小

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Questions 1:

A “junk” bond is most likely a:

A 、supranational bond.

B 、high-yield bond.

C、 bond with credit rating above BBB–.

Questions 2:

A company issues a 10-year bond on 1 January 2014. Its contract requires that the coupon rate increase by specified margins at specified dates as shown in the following table:

Fixed Income: Issuance, Trading, and Funding

This security is most likely a:

A、 step-up coupon bond.

B、 deferred coupon bond.

C、 floating rate bond.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. High-yield bonds are bonds with credit ratings below investment-grade levels, also known as speculative or junk bonds.

A is incorrect because supranational bonds are not related to credit ratings but to the type of issuers. They are issued by international organizations.

C is incorrect because bonds with credit rating above BBB– are referred to as investment-grade bonds. The junk bonds are those with credit ratinsg below BBB–.

【Answer to question 2】A

【analysis】

A is correct. A step-up coupon bond has contractually mandated changes in its coupon rate over time.

B is incorrect because a deferred coupon bond initially has no coupon payments.

C is incorrect because a floating rate bond’s coupon rate will change in ways that are not known in advance, depending on future changes in the reference rate.

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