2008 CFA Level 1 － Sample 样题(2)－Q56 题, style, black

bingning

56、An analyst notes that the yield on a 10-year corporate bond is 6.15% and the yield on a 10-year government bond is 4.20%. The relative yield spread and yield ratio, respectively, for the two bonds are closest to:

	Relative yield spread	Yield ratio
A.	31.7%	0.68
B.	31.7%	1.46
C.	46.4%	0.68
D.	46.4%	1.46

A. Answer A

B. Answer B

C. Answer C

D. Answer D

[此贴子已经被作者于2008-11-7 13:04:38编辑过]

bingning

56、An analyst notes that the yield on a 10-year corporate bond is 6.15% and the yield on a 10-year government bond is 4.20%. The relative yield spread and yield ratio, respectively, for the two bonds are closest to:

	Relative yield spread	Yield ratio
A.	31.7%	0.68
B.	31.7%	1.46
C.	46.4%	0.68
D.	46.4%	1.46

A. Answer A

B. Answer B

C. Answer C

D. Answer D

  
Correct answer = D

"Understanding Yield Spreads," Frank J. Fabozzi
2008 Modular Level I, Vol. 5, pp. 352-354
Study Session 15-65-e
compute, compare, and contrast the various yield spread measures
Because the default-free bond (government bond) is the benchmark bond. The relative yield spread is (6.15 - 4.2)/4.2 = 0.464 and the yield ratio is 6.15 / 4.2 = 1.46. 

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