R49 练习: 固定收益发行与交易
考纲范围
describe how legal, regulatory, and tax considerations affect the issuance and trading of fixed-income securities
describe fixed-income market segments and their issuer and investor participants
describe types of fixed-income indexes
compare primary and secondary fixed-income markets to equity markets
Q1.
A British company issues bonds that are denominated in US dollars and sold to investors in the US. These bonds can be best described as:
A. Eurobonds.
B. global bonds.
C. foreign bonds.
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答案：C
解析：首先看发行地和发行货币：该债券在美国发行（发行地=美国），以美元计价（货币=美元），地=币，因此是National bond。再看发行人：英国公司（人≠地=币），所以是foreign bond。若地≠币则为Eurobond；若同时在多个市场发行则为global bond。
选项 判断 解析 A ✗ Eurobond要求发行地的货币≠债券计价货币，此处地=币=美元 B ✗ global bond是同时在多个市场发行，题目未提及 C ✓ 发行地=美国，货币=美元，发行人=英国公司（外国），属于foreign bond
Q2.
An investor purchases a ten-year zero-coupon bond at JPY61.39 per JPY100 par value. The principal amount is JPY100,000,000. The bond does not have original issue discount tax provisions. The investor will:
A. pay capital gains tax at the end of 10 year.
B. pay tax on interest income every year.
C. pay tax on capital gains every year.
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答案：A
解析：该零息债券没有原始发行折价(OID)税收条款。在没有OID条款的情况下，投资者在到期时以面值收回本金，买入价与面值之间的差额在到期时作为资本利得一次性纳税。如果有OID条款，则需要每年按虚拟利息收入纳税。
选项 判断 解析 A ✓ 无OID条款，到期时差价作为capital gain一次性纳税 B ✗ 零息债券无实际利息支付，不存在每年的interest income税 C ✗ 无OID条款时不需要每年确认capital gains
Q3.
Which of the following bonds is not named based on credit quality?
A. Investment-grade bond
B. Government bond
C. Junk bond
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答案：B
解析：投资级债券(investment-grade)和垃圾债券(junk bond)都是根据信用质量命名的。政府债券(government bond)是根据发行人类型命名的，不是根据信用质量。
选项 判断 解析 A ✗ investment-grade是按信用评级分类的，基于信用质量 B ✓ government bond是按发行人类型分类的，不是基于信用质量 C ✗ junk bond（高收益债）是按信用评级分类的，基于信用质量
Q4.
Which of the following statements about indexes is correct?
Statement 1: The broad bond index has higher turnover than broad equity index.
Statement 2: A broad bond index is easier to replicate because it has a larger number of constituents than a broad stock index.
A. Statement 1
B. Statement 2
C. Both statement 1 and 2.
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答案：A
解析：债券指数比股票指数有更高的换手率(turnover)，因为债券会到期、被赎回等，成分券经常需要替换。但债券指数更难复制（而非更容易），因为债券数量庞大且很多债券流动性差，交易不活跃。
选项 判断 解析 A ✓ 债券指数因债券到期等原因，turnover确实高于股票指数 B ✗ 债券指数成分券多但流动性差，复制更难而非更容易 C ✗ 仅Statement 1正确
Q5.
Which of the following statements about fixed-income markets and equity market is correct?
Statement 1: a debut issuer can substitute its banks loan with bonds via both public offering and private placement.
Statement 2: Investors usually trade bonds and equities through exchanges.
A. Statement 1
B. Statement 2
C. None
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答案：A
解析：首次发行的公司(debut issuer)可以通过公开发行(public offering)或私募(private placement)发行债券来替代银行贷款。股票通常在交易所交易，但债券通常在场外市场(OTC)交易，而非交易所。
选项 判断 解析 A ✓ debut issuer确实可以通过公开发行或私募发行债券替代银行贷款 B ✗ 股票通常在交易所交易，但债券主要在OTC市场交易 C ✗ Statement 1是正确的
Q6.
Hedge fund is looking for equity-like return from investing in a deeply distressed company, which of the following instruments it will most likely to be able to choose?
A. Distressed debts
B. Stocks
C. Both distressed debts and stocks.
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答案：A
解析：对于濒临破产的企业，其股票通常已被摘牌，无法交易。但投资者仍可以投资该公司的不良债务(distressed debts)来获取类似股权的回报。不良债务的价格大幅折价，如果公司恢复，回报类似于股权投资。
选项 判断 解析 A ✓ 濒临破产公司的distressed debts仍可交易，且可提供equity-like return B ✗ deeply distressed公司的股票通常已被摘牌，无法购买 C ✗ 股票通常已不可交易，只能选择distressed debts