CFA二級考試中2022年固定收益要學(xué)習(xí)那幾章節(jié)的知識？在備考CFA二級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二級考試中固定收益總共分為5個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二級考試，固定收益的考試題型是選擇題，但是和CFA一級還是有區(qū)別的，考生需要了解CFA二級考試題型！
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
對于Outlook 1，預(yù)期意大利的經(jīng)濟(jì)是衰退的，high-yield bond會跌的更厲害，所以我們應(yīng)該買high yield bond保險。相對來說，投資級別表現(xiàn)相對較好，我們應(yīng)該賣IG bond保險。
對于Outlook 2，加拿大的經(jīng)濟(jì)相對美國更疲軟，因此買入加拿大的protection。就是轉(zhuǎn)移加拿大的信用風(fēng)險，因此是Short Canadian CDX IG。賣出美國的Protection，對應(yīng)主動承擔(dān)美國的信用風(fēng)險，因此是Long US CDX IG，因此A選項錯誤。
對于Outlook 3，預(yù)期電動汽車的信用質(zhì)量相對于傳統(tǒng)汽車有所提升，因此盈利的頭寸應(yīng)該是賣出電動汽車的Protection，買入傳統(tǒng)汽車的Protection。
賣出電動汽車的Protection， 則主動承擔(dān)電動汽車的信用風(fēng)險，因此是Long electric car CDS。買入傳統(tǒng)汽車的Protection，相當(dāng)于轉(zhuǎn)移傳統(tǒng)汽車的信用風(fēng)險，因此是Short traditional car CDS。因此C選項錯誤。
