"Fixed Income Investments":Defining Elements
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Questions 1:
If an issuer is required to retire a specified portion of the bond’s principal each year, the bond most likely:
A、 is callable.
B、 is a step-up note.
C、 has a sinking fund provision.
Questions 2:
The Delfain Corporation reported a significant improvement in profitability that was followed by a material upgrade in its credit rating. The market responded by immediately requiring a 100 basis point narrower spread to Gilts on Delfain’s 8-year bond. If the bond’s modified duration is 6.0 and its convexity is 55.0, the return impact of this change is closest to:
A 、6.28%.
B 、–5.73%.
C、 7.10%
C is correct. A sinking fund provision requires retirement of a portion of the bond’s principal every year, rather than retirement of the entire issue at maturity. A is incorrect because a bond that is currently callable may be retired by the issuer, but the issuer is not required to do so. B is incorrect because a step-up note has a coupon rate that increases over time according to a predetermined schedule
A is correct. The return impact of a 60 bps fall in the bond’s yield can be computed as:
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