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CFA level I > Fixed Income > Flashcards

Fixed Income Flashcards

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1
Q

What is tenor?

A

Time period until maturity

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2
Q

What is perpetual bond?

A

Bond with no maturity

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3
Q

What is floating-rate notes (FRNs)?

A

Its coupon is based on the variable market rate of interest

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4
Q

What is market reference rate (MRR)?

A

It is variable market rate of interest

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5
Q

What are contingent provisions?

A

Fixed income securities that may have embedded options

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6
Q

What is yield of a bond?

A

It is expected return of a bond

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7
Q

What is relationship between bond yield and price?

A

Inverse

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8
Q

How does bond yield curve looks?

A

It is upward sloping, the higher the maturity, the higher the yield

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9
Q

What is used as benchmark for credit spreads?

A

Government bonds

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10
Q

How sovereign bonds are repaid?

A

From current/future taxes

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11
Q

What is secured bond?

A

It is repaid from operating cashflows with collateral if it defaults

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12
Q

What is unsecured bond?

A

It is repaid from operating cash flows only

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13
Q

What is affirmative covenant?

A

It is specific requirement the issuer must fulfill

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14
Q

What is cross default covenent?

A

If issuer defaults on any other debt, then it is considered to default on this one as well

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15
Q

What is pari passu?

A

Bond will have the same priority as any other senior debt

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16
Q

What are negative covenants?

A

They are restrictions put on the issuer

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17
Q

What is negative pledge cause?

A

Issuer cannot issue more senior debt than existing one

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18
Q

What is amortizing loan?

A

Periodic payments include interest and some repayment of principle

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19
Q

What is fully amortized?

A

Payment is fully paid off with the last payment

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20
Q

What is partially amortized/ballon payment bond?

A

Some remaining part of principle is repaid at the maturity

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21
Q

What is sinking fund provisions?

A

It is repayment of principle thorugh series of payment over the lifetime e.g. some random payment of X at year Y

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22
Q

What is waterfall structure?

A

It is used to establish principle payments for AB and MBs, where junior tranches does not receive principle repayments until senior tranches are paid

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23
Q

What is step-up bond?

A

Coupon rate increases overtime based on the schedule

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24
Q

What is credit-linked bond?

A

Its coupon increases if credit rating detoriates

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25
Q

What is payment in kind bond?

A

It allows issuers to make the coupon payments by increasing principle amount of the other outstanding bonds

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26
Q

What are green bonds?

A

Its payments increases if certain environmental goals are not met by the issuer

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27
Q

What are index-linked bonds?

A

Its principle or coupon is based on the published index

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28
Q

What are inflation linked bonds?

A

Its coupon rate is adjusted, but principle remains

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29
Q

What is capital-index bonds?

A

Coupon rate remains, but principle amount is adjusted

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30
Q

What are deffered coupon bonds?

A

Regular coupon payments do not begin until specified time after issuance

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31
Q

What is contingence provision?

A

It is specified action that needs to be taken in event actually occurs

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32
Q

What is call protection?

A

It is time period for which bond in not callable

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33
Q

What is call risk?

A

It is uncertainty about the redemption date

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34
Q

What is contingent convertible bond?

A

Its bonds that convert from debt to common equity automatically if specific event occurs

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35
Q

What is domestic bond?

A

Bond issued in the same market in which bonds are issued and traded

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36
Q

What is foreign bond?

A

Its bonds on issuers from countries other than the market in which bond trades

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37
Q

What are Eurobonds?

A

Bonds issued outside the jurisdiction of any one country and can be issued in any currency

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38
Q

What are global bonds?

A

Bonds that trade in at least on of the domestic market as well as in the Eurobonds market

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39
Q

What are international bonds?

A

Bonds that involve more than one market

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40
Q

What is income paid to bondholders treated?

A

As ordinary income

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41
Q

What are Sukuk bonds?

A

Sharia-compliant bonds with specific restrictions on the payment of interest and use of proceeds to comply with islamic law

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42
Q

If you sell coupon before maturity, how it is treated?

A

It is considered as capital loss/gain and is taxed at lower rate than the ordinary income

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43
Q

What are main differences between bond and equity indexes?

A

Many different bonds are used, they have frequent turnover, sovereign bonds makes significant part

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44
Q

What is debut issuer?

A

It is issuer that is offering first ever bond

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45
Q

What is underwritting offering?

A

It is price of the bond guaranteed by the financial intermediary

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46
Q

What is best-efforts offering?

A

It is when price is not guaranteed, but the intermediary tries its best to sell at best conditions

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47
Q

What is shelf registration?

A

It is when bond issue is registered with regulators in tis aggregates value with master prospectus

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48
Q

What is distressed debt?

A

It is bonds of issuers that are expected to file for bankcrupty

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49
Q

What are on the run bonds?

A

The most recent issue of the bonds

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50
Q

What are seasoned bonds?

A

Older bonds of the issuer/on the market

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51
Q

What is commercial paper?

A

It is ST unsecured debt security issued by large corporations with high credit ratings

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52
Q

What is bridge financing?

A

It is temporary debt until permanent financing can be secured

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53
Q

What is rollover risk?

A

It is risk that re-issued CP will not be sold

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54
Q

What are checking accounts?

A

It offers transaction services and immediate avaiability of funds, but pays no interest

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55
Q

What are operational deposits?

A

it is depostis made by larger customers who require cash management, custody and clearing services

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56
Q

What are saving deposits?

A

They have stated term and interest rate

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57
Q

What is certificate of deposit?

A

It pays interest at specified maturity <1y, might be nonnegotiable meaning that it cannot be sold before maturity and ealy withdrawals may face a penalty

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58
Q

What are interbank funds?

A

It is when banks lend to each other for periods of one day to one year.

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59
Q

What is repurchase agreement (repo)?

A

It is arrangement by which one party sells a security to a coutnerparty with a commitment to buy it back at the later date and higher price

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60
Q

Formula of repo purchase price

A

market value of security/initial margin

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61
Q

Formula of repo repurchase price

A

purchase price*(1+repo rate)

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62
Q

What is haircut?

A

It is discount applied to market value of collateral to get purchase price

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63
Q

Formula of haircut

A

(market value-purchase price)/market value
or
1-1/initial margin

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64
Q

What is variation margin?

A

It is when more collateral is asked if market value of collateral fall below this value and initial margin

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65
Q

Formula of variation margin

A

(initial margin*adjusted purchase price)-market value of collateral

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66
Q

What are overnight and term repos?

A

Overnight - one night, term - longer

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67
Q

What is master repurchase agreement?

A

It is details of the contractual terms of the repo

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68
Q

When repo rate is higher? (3)

A

IR for alternative ST funding is higher, longer repo term, repo is undercollateralized

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69
Q

When repo rate is lower? (2)

A

It has higher credit quality of collateral, collateral is in high demand or low supply

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70
Q

What is bilateral repo?

A

Agreement between two parties

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71
Q

What is tri-party repo?

A

It employs third party intermediary as an agent

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72
Q

In what currency debt is denominated in developed markets?

A

Reserve currency

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73
Q

In what currency debt is denominated in emerging markets?

A

Domestic or external

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74
Q

What is domestic debt?

A

Debt denominated in the issued entities home country currency and is held by the domestic investors

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75
Q

What is external debt?

A

It may be denominated in home currency or gireghn reserve currency

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76
Q

What are general obligation bonds?

A

It is debt raised for general public spending backed by local tax raising power

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77
Q

What are revenue bonds?

A

It is bonds issued for a specific project where funds for repayment comes from fees

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78
Q

What are supranational bonds?

A

These are bonds issued by international institutions

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79
Q

Where sovereign bonds are traded when first issued?

A

In the public autions

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80
Q

What are competitive bids?

A

These are used to set the price of the debt issue

81
Q

What are noncompetitive bids?

A

They have guaranteed allocation based on the price determined by the competitive bids

82
Q

What is cut-off bid?

A

It is last succesful bid with lowest price

83
Q

What is YTM?

A

It is discount rate used for bonds

84
Q

Formula of accrued interest

A

Coupon payment*(days from last coupon to settlement/days in the coupon period)

85
Q

What is full price of the bonds?

A

It is sum of flat price and accrued interest

86
Q

Formula of full price

A

PV on last coupon date*(1+(YTM/periods per n)^days since last coupon/days in coupon period

87
Q

What bonds are more sensitive to a change in yield?

A

Lower coupon rate and higher maturity

88
Q

What is matrix pricing?

A

It is method of estimating YTM of bonds that are not currently traded or infrequently traded

89
Q

Formula of an annual yield

A

(1+YTM/n)^n-1

90
Q

What is street convention?

A

It is when coupon dates fall on weekends or holidays so coupon payments will actually be made the next business day

91
Q

How true yield is calculated?

A

Using real coupon payment dates

92
Q

What is current yield?

A

It looks at only annual interest income

93
Q

Formula of current yield

A

annual cash coupon payment/bond price

94
Q

What is simple yield?

A

It takes discount or premium into account by assuming that any discount or premium declines evenly over the remaining years

95
Q

What is yield to worst?

A

It is lowest YTM of various yields

96
Q

Formula of callable bond value

A

staight value of bond-call option value

97
Q

What is option adjusted yield?

A

It is yield that bond would be offering if it didnt have the embedded option

98
Q

What is yield spread?

A

It is difference between the yield of a bond with its benchmark

99
Q

What is G-spread?

A

It is yield spread on government bond

100
Q

What is interplatted/I spread?

A

It is yield spread relative to swap rates that represent extra return of a bond in excess of the interbank MRR used in swap contracts

101
Q

What are spot rates?

A

These are yields earned by individual cash flows at different maturities

102
Q

What is option adjusted spread?

A

It is when option effect is taken out

103
Q

What is formula for option value?

A

Z-spread-OAS

104
Q

What is Z-spread?

A

It is amount which added to the spot rates will produce value equal to the bond price

105
Q

How values of FRN and fixed-rate debt compare?

A

Values of FRN are more stable as coupon is reset periodically

106
Q

Formula of coupon rate FRN

A

risk-free rate MRR+fixed margin (also called quoted margin)

107
Q

What are add-on yield?

A

Yield when investor plans to reinvest coupon payments at different rates from YTM

108
Q

What is discount yields?

A

It is annualied current discounts from the face value of money market securities received at maturity

109
Q

Formula of quoted add-on yield

A

HPY*365/days to maturity

110
Q

Formula of quoted discount yield

A

actual discount*360/days to maturity

111
Q

What is bond equivalent yield?

A

It is add-on yield quoted on a 365-days basis

112
Q

What are par yields?

A

It is coupon rate that bond at each maturity would need to have to be priced at par

113
Q

What is forward rate?

A

It is borrowing/lending rate for a loan to be made in the future

114
Q

Formula structure for forward rate structure

A

(1+S)^3=(1+S)^2*(1+2y1y)

115
Q

What are sources of capital from fixed rate bond? (3)

A

Coupon and principle payments, interest earned on coupon payments that are reinvested over the investors holding period, capital gain or losses

116
Q

What is horizon yield?

A

It is compound annual return earned from bond over the horizon period

117
Q

Formula of rate of return of a bond

A

(principle+FV of coupon payment)/(price of the bonds)^1/n-1

118
Q

What is carrying value of a bond?

A

It is value of a bond at certain time after purchase, assuming the original yield of the bond has not changed

119
Q

What are parameters of short investment horizon?

A

price risk>reinvestment risk, increase in yield, decrease in rate of return

120
Q

What are paramenters of long investment horizon?

A

reinvestment risk>price risk, increase in yield, increase in rate of return

121
Q

What is Macaulay duration?

A

It is average time until the receipt of the each cash flows of the bond

122
Q

What is duration gap?

A

It is difference between bond’s Macaulay duration and your investment horizon

123
Q

What is Modified duration?

A

It is sensitivity of price given change in YTM

124
Q

Formula of Modified duration

A

MacDur/(1+YTM)

125
Q

Formula of change in price with ModDur

A

-ModDur*change in YTM

126
Q

Formula of approximate ModDur

A

V(-)-V(+)/2V0change in YTM

127
Q

What is Money duration?

A

It is ModDur in money terms

128
Q

Formula of money duration

A

annual ModDur*full price of bond position

129
Q

What is price value of a basis point?

A

It is money change in the full price of a bond when its YTM changes by one basis point or 0.01%

130
Q

Formula of PVBP

A

V(-)-V(+)/2

131
Q

What is relationship with maturity and MacDur?

A

Direct relationship

132
Q

What happens to Macaulay Duration when YTM remains constant between coupon dates?

A

It decreases smoothly and then slightly goes back up at each coupon payment date

133
Q

What is relationship between coupon rate and interest rate risk?

A

Inverse

134
Q

Which will have higher duration - zero or coupon bond?

A

Zero bond

135
Q

What is relationship between YTM and interest rate risk?

A

Inverse

136
Q

Formula of convexity of cash flow at period t

A

t(t+1)/(1+r)^2

137
Q

How to annualize convexity of CF?

A

Divide by the number of period per year squared

138
Q

Formula of approximate convexity

A

(V(-)+V(+)-2V0)/(changeYTM^2*V0)

139
Q

What fctors of maturity, coupon rate and YTM increases convexity?

A

Longer maturity, lower coupon rate, lower YTM

140
Q

Formula of change in bond’s price with ModDur and convexity

A

-annual ModDur(change in YTM)+0.5annual convexity*(change in YTM)^2

141
Q

Formula of money convexity

A

annual convexity*full price of bond position

142
Q

Formula of portfolio duration

A

weighted average of each security

143
Q

What is limitation of portfolio duration approach?

A

It assumes that YTM of everybond in the portfolio changes by the same amount

144
Q

What is effective duration?

A

It is duration of a bond with embedded options, shows price change given change in the IR

145
Q

Formula of effective duration

A

V(-)-(V+)/(2V0change in curve)

146
Q

Formula of effective convexity

A

((V-)+V(+)-2V0)/(change in curve)^2*V0

147
Q

What is convexity of a callable bond?

A

It can show negative convexity at low yields

148
Q

How duration of aembedded bond compares to option-free bond?

A

It is always less

149
Q

What is convexity of a putable bond?

A

Always positive

150
Q

Formula of effective price change

A

-EffDurchange in curve+1/2EffCon*(change curve)^2

151
Q

What is key rate duration?

A

It is sensitivity of the value of the bond ot portfolio to changes in the benchmark yield for specific maturity, holding other yields constant

152
Q

What is shaping risk?

A

It is effect of a non parallel shift in the yield curve on bond portfolio

153
Q

What are empirical durations?

A

It is use of actual observed historical relationship between benchmark yield changes and bond price changes

154
Q

What is credit risk of a bond?

A

It is risk associated with losses to fixed income investors streaming from failure to make payments

155
Q

What are components of bottom-up analysis of credit risk? (5)

A

Capacity, capital, collateral, covenants and character

156
Q

What are components of top down analysis of credit risk? (3)

A

Conditions, country, currency

157
Q

What does it mean of being illiquid?

A

Inability to raise cash to service debt

158
Q

What does it mean to be insolvent?

A

It is when assets of an issuer fall below value of its debt

159
Q

Formula of expected loss

A

probability of default*loss given default

160
Q

What is recovery rate?

A

It is proportion of claim investor will recover if issuer defaults

161
Q

Formula of loss severity

A

1-recovery rate

162
Q

What is expected exposure?

A

It is difference between amount investor is owed and value of collateral

163
Q

Formula of loss given default in %

A

expected exposure*(1-recovery rate)

164
Q

Formula of LDG credit spread

A

probability of default*LDG%

165
Q

What are risks of relying on credit agencies? (3)

A

Credit rating lag market pricing, some risks are difficult to assess, mistakes of credit agencies

166
Q

What is credit spread risk?

A

It is risk that yield spread widen due to detoriating conditions, causing credit-risky bonds prices to decrease

167
Q

What are incentives of exposure to high credit risk? (3)

A

Diversification, capital appreciation, equity-like returns

168
Q

What is market liquidity risk?

A

Transaction costs of trading a bond

169
Q

How market liquidity risk is examined?

A

Based on bid-offer spread

170
Q

How to calculate credit risk?

A

Difference of yields usng bid-offer sprad is liquidity risk and remaining part ir credit risk

171
Q

What is corporate family ratings (CFR)?

A

It is rating based on senior unsecured debt

172
Q

What is corporate credit rating (CCRs)?

A

It is rating of a specific issue

173
Q

What is notching?

A

Assigment of individual issue rating that differ from the issuer rating

174
Q

What is process of securization?

A

Pool of debt-based assets is created, this pool is sold to SPE, SPE issues fixed-income securities supported by the cash flows from the collateral

175
Q

What does it mean to be bankcruptcy remote?

A

Buyers of ABS are not affected by the financial position of the seller/servicer and does not have claims on other assets

176
Q

What is purchase agreement?

A

Terms of the purchase of the collateral by SPE

177
Q

What are covered bonds?

A

They are senior debt obligations of financial institutions that are similar to ABS, but underlying assets are not removed from the balance sheet as no SPV is created

178
Q

What is hard-bullet covered bond?

A

If issuer fails to make payments on time, amount due is accelerated to covered bondholders

179
Q

What is soft-bullet covered bonds?

A

Failed payments can postpone maturity up to 1 year

180
Q

What are conditional pass-through covered bonds?

A

It convers to pass-through bond on the maturity date if any payments remains due, meaning that any payments recovered are passed to investors

181
Q

What is overcollateralization?

A

It is when value of collateral exceeds face value of the ABS

182
Q

What is excess spread feature?

A

Reserve building in the ABS structure by earning higher income on the collateral than the coupon promised to ABS investors

183
Q

What is credit tranching?

A

It is ABS structure with multiple classes of securities, each with different claim to CF of the collateral

184
Q

What is equity tranche?

A

The most junior one that gets pay last

185
Q

What is lockout period?

A

It is period when only fees and interest payments are made

186
Q

What are types of collateralied loan obligations? (3)

A

Cash flow, market value and synthetic

187
Q

What are cash flow CLO?

A

cash flows to investors are generated through cash flows on the underlying collateral

188
Q

What is market value CLOs?

A

cash flows are generated through trading market value of underlyign collateral

189
Q

What is synthetic CLOs?

A

Collateral pool exposure is generated through credit derivative contracts

190
Q

What is prepayment risk?

A

It is risk that principle payments by mortgage borrowers in excess of the schedule principle repayments for amortizing loans

191
Q

Why prepayments are bad for MBS?

A

They are repaid in low-interest environment and face lower reinvestment return, prices will not rise as much as other fixed income instruments

192
Q

What is residential mortgage loan?

A

It is loan where underlying asset is residential real estate

193
Q

What are agency RMBS?

A

They are guaranteed by the governments or government sponsored enterprise

194
Q

What are non-agency RMBS?

A

They are issued by private entities and have no government or GSE guarantee

195
Q

What are mortgage pass through security?

A

It is claim on the cash flows from a pool of mortgages, net of administration fees

196
Q

What is Z-tranche?

A

It is tranche which receives no interest payment during a specified accrual period, but interest is added to principle

197
Q

What are planned amortization class tranches?

A

It is predictable payments as long prepayment speeds remain within a certain range

198
Q

What is defeasense?

A

It is when borrower uses payments in excess of scheduled loan payments to purchase a portfolio of government securities that is sufficient to make the remaining scheduled principle and interest payments of the loan

199
Q
A

CFA level I (12 decks)

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