"Fixed Income":High yield bonds

来源: 正保会计网校编辑：小鞠橘桔 2020/11/24 10:03:44　字体：大小

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Questions 1:

Using the “Four Cs of Credit Analysis” framework, which of the following is the least likely factor to be considered under the category of “capacity”?

A 、Level of competition

B 、Industry fundamentals

C、 History of fraud or malfeasance

Questions 2:

Compared with investment-grade bonds, the spread movements on high-yield bonds are influenced:

A 、less by interest rate changes and exhibit a greater correlation with movements in equity markets.

B、 less by interest rate changes and exhibit a lower correlation with movements in equity markets.

C 、more by interest rate changes and exhibit a greater correlation with movements in equity markets.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. Any history of fraud or malfeasance is a major warning flag to credit analysts under the category of “Character.”

A is incorrect because level of competition is part of the “Capacity” analysis for industry structure.

B is incorrect because company fundamentals is under the category of “Capacity” for credit analysis.

【Answer to question 2】A

【analysis】

A is correct. High-yield bonds can be thought of as a hybrid between investment-grade bonds and equity securities. Their spread movements are less influenced by interest rate changes than are investment-grade bonds, and they exhibit greater correlation with movements in equity markets.

B is incorrect because the spread movement on high-yield bonds is less influenced by interest rate changes than are investment-grade bonds, and they exhibit greater, not lower, correlation with movements in equity markets.

C is incorrect because the spread movements on high-yield bonds are less, not more, influenced by interest rate changes than are investment-grade bonds, and they exhibit greater correlation with movements in equity markets.

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