CFA二級(jí)考試中2022年固定收益要學(xué)習(xí)那幾章節(jié)的知識(shí)？在備考CFA二級(jí)考試中考試題型是怎樣的？今天跟著小編一起看看CFA LEVEL II-固定收益 Fixed Income Securities！

在2022年CFA二級(jí)考試中固定收益總共分為5個(gè)readings:，分別如下所示！

R32 The term structure&interest rates dynamics

R33 The Arbitrage-Free Valuation Framework

R34 Valuation and Analysis: Bond with Embedded Options

R35 Credit Analysis Models

R36 Credit default swaps


考生備考CFA二級(jí)考試，固定收益的考試題型是選擇題，但是和CFA一級(jí)還是有區(qū)別的，考生需要了解CFA二級(jí)考試題型！

Chan discusses the mechanics of a long/short trade. In order to structure a number of potential trades, Chan and Smith exchange their respective views on individual companies and global economies.Chan and Smith agree on the following outlooks.

Outlook 1: Italy’s economy will weaken.

Outlook 2: The US economy will strengthen relative to that of Canada.

Outlook 3: The credit quality of electric car manufacturers will improve relative to that of traditional car manufacturers.

Based on the three economic outlook statements, a profitable long/short trade would be to:

go long a Canadian CDX IG and short a US CDX IG.

short an iTraxx Crossover and go long an iTraxx Main.

short electric car CDS and go long traditional car CDS.

答案解析

B is correct.

解題思路

對(duì)于Outlook 1，預(yù)期意大利的經(jīng)濟(jì)是衰退的，high-yield bond會(huì)跌的更厲害，所以我們應(yīng)該買(mǎi)high yield bond保險(xiǎn)。相對(duì)來(lái)說(shuō)，投資級(jí)別表現(xiàn)相對(duì)較好，我們應(yīng)該賣(mài)IG bond保險(xiǎn)。

對(duì)于Outlook 2，加拿大的經(jīng)濟(jì)相對(duì)美國(guó)更疲軟，因此買(mǎi)入加拿大的protection。就是轉(zhuǎn)移加拿大的信用風(fēng)險(xiǎn)，因此是Short Canadian CDX IG。賣(mài)出美國(guó)的Protection，對(duì)應(yīng)主動(dòng)承擔(dān)美國(guó)的信用風(fēng)險(xiǎn)，因此是Long US CDX IG，因此A選項(xiàng)錯(cuò)誤。

對(duì)于Outlook 3，預(yù)期電動(dòng)汽車(chē)的信用質(zhì)量相對(duì)于傳統(tǒng)汽車(chē)有所提升，因此盈利的頭寸應(yīng)該是賣(mài)出電動(dòng)汽車(chē)的Protection，買(mǎi)入傳統(tǒng)汽車(chē)的Protection。

賣(mài)出電動(dòng)汽車(chē)的Protection， 則主動(dòng)承擔(dān)電動(dòng)汽車(chē)的信用風(fēng)險(xiǎn)，因此是Long electric car CDS。買(mǎi)入傳統(tǒng)汽車(chē)的Protection，相當(dāng)于轉(zhuǎn)移傳統(tǒng)汽車(chē)的信用風(fēng)險(xiǎn)，因此是Short traditional car CDS。因此C選項(xiàng)錯(cuò)誤。