Fixed Income科目中的CFA一级精选题是不是能做对呢？虽说CFA一级考试中这个科目的知识点占比不高，但是考生备考中也不能忽视这个科目的知识，我们一起做一下这个科目的知识点！

1、Elaine Wong has purchased an 8%coupon bond for $1,034.88 with 3 years to maturity. At what rate must the coupon payments be reinvested to produce a 5% yield-to-maturity rate?

A. 8%

B. 6.5%

C. 5%

Answer：C

C is correct. Yield-to-maturity measure assumes that the coupon payments can be reinvested at the yield-to-maturity.In this case, it’s 5%. C is the correct answer.


2、The zero-volatility spread is a measure of the spread off：

A.one point on the Treasury yield curve.

B. all points on the Treasury yield curve.

B.C. all points on the Treasury spot curve.

Answer：C

Instead of measuring the spread to YTM, the zero-volatility spread measures the spread to Treasury spot rates necessary to produce a spot rate curve that correctly prices a risky bond. Therefore B is incorrect.

The zero-volatility spread is the equal amount that we must add to each rate on the Treasury spot yield curve in order to make the present value of the risky bond’s cash flow equal to its market price. Therefore A is incorrect.

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