"Fixed Income":Issuance, Trading, and Funding

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來源: 正保會計網校編輯：小鞠橘桔 2020/12/10 16:46:29　字體：大小

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Questions 1:

Which of the following products provides protection from inflation?

A 、Consols

B 、Linkers

C、 Floaters

Questions 2:

A South Korean electronics company issued bonds denominated in US dollars in the United States and registered with the SEC. These bonds are most likely known as a:

A 、foreign bond.

B 、Eurobond.

C、 global bond.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Linkers, also known as inflation-linked bonds, adjust coupon payments, principal payments, or both to protect investors from inflation risk.

A is incorrect because consols are bonds with no maturity (i.e., they are perpetuities).

C is incorrect because floaters are bonds whose coupon rates are tied to a reference rate such as Libor.

【Answer to question 2】A

【analysis】

A is correct. Bonds issued by entities that are incorporated in another country are called foreign bonds. Therefore, the bonds issued by a South Korean company in the United States are known as foreign bonds.

B is incorrect because Eurobonds are bonds issued internationally, outside the jurisdiction of any single country to bypass the legal, regulatory, and tax constraints imposed on bond issuers and investors. The bonds registered with the SEC are not classified as Eurobonds.

C is incorrect because global bonds are bonds that are issued simultaneously in the Eurobond market and in at least one domestic bond market.

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