"Fixed Income": Issuance, Trading, and Funding
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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:
This security is most likely a:
A、 step-up coupon bond.
B、 deferred coupon bond.
C、 floating rate bond.
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–.
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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