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Sample Questions
CCRA-L2 Sample Question 1
During FY13, Small Bazar, a leading retail company has sold three of its prime properties for a sum of USD 24 Million. The same had a carrying value of USD 30 Million. Analyst had considered the same as operating income and considered it to be part of operating expenses. However, she realized her mistake and recorded the loss as non-operating loss. Which of the following ratio will not change despite the correction? A) EBITDA Margins B) Interest Coverage C) PAT Margins D) Gross Profit Margin
A. B, C & D
B. A, B & C
C. B, C
D. All Ratios will change
ANSWER : B
CCRA-L2 Sample Question 2
Mr. A shares details of two bonds as follows:
Determine the interpolated spread for Bond X and Bond Y?
A. Bond X: 80 bps
Bond Y: Negative
B. Bond X: 35 bps Bond Y: 5 bps
C. Bond X: 65 bps Bond Y: Nil
D. Bond X: 20 bps Bond Y: 20 bps
ANSWER : B
CCRA-L2 Sample Question 3
Z spreads in Callable bonds include:
A. Does not include premium for credit risk and call option price for prepayment risk.
B. Premium for credit risk and call option price for prepayment risk in included.
C. Premium for credit risk is only included.
D. Premium for call option price for prepayment risk os only included.
ANSWER : B
CCRA-L2 Sample Question 4
The following information pertains to bonds:
Further following information is available about a particular bond ‘Bond F’ There is a 10.25% risky bond with a maturity of 2.25% year(s) its current price is
INR105.31, which corresponds to YTM of 9.22%. The following are the benchmark YTMs.
Assuming the G-Sec has not changed from the time January 2013 to April 2013, what can
you predict about the changes bond price and change in issues borrowing rates:
A. Decrease and Increase
B. Increase and Increase
C. Decrease and Decrease
D. Increase and Decrease
ANSWER : D
CCRA-L2 Sample Question 5
Satish Dhawan, a veteran fixed income trader is conducting interviews for the post of a
junior fixed income trader. He interviewed four candidates Adam, Balkrishnan, Catherine
and Deepak and following are the answers to his questions.
Question 1: Tell something about Option Adjusted Spread
Adam: OAS is applicable only to bond which do not have any options attached to it. It is for
the plain bonds.
Balkishna: In bonds with embedded options, AS reflects not only the credit risk but also
reflects prepayment
risk over and above the benchmark.
Catherine: Sincespreads are calculated to know the level of credit risk in the bound, OAS is
difference between in the Z spread and price of a call option for a callable bond.
Deepark: For callable bond OAS will be lower than Z Spread.
Question 2: This is a spread that must be added to the benchmark zero rate curve in a
parallel shift so that the sum of the risky bond’s discounted cash flows equals its current
market price. Which Spread I am talking about?
Adam: Z Spread
Balkrishna: Nominal Spread
Catherine: Option Adjusted Spread
Deepark: Asset Swap Spread
Question 3: What do you know about Interpolated spread and yield spread?
Adam: Yield spread is the difference between the YTM of a risky bond and the YTM of an
on-the-run treasury benchmark bond whose maturity is closest, but not identical to that of
risky bond. Interpolated spread is the spread between the YTM of risky bond and the YTM
of same maturity treasury benchmark, which is interpolated from the two nearest on-the-run
treasury securities.
Balkrishna: Interpolated spread is preferred to yield spread because the latter has the
maturity mismatch, which leads to error if the yield curve is not flat and the benchmark
security changes over time, leading to inconsistency.
Catherine: Interpolated spread takes account the shape of the benchmark yield curve and
therefore better than yield spread.
Deepak: Both Interpolated Spread and Yield Spread rely on YTM which suffers from
drawbacks and inconsistencies such as the assumption of flat yield curve and reinvestment
at YTM itself.
Then Satish gave following information related to the benchmark YTMs:
There is an 8.75% risky bond with a maturity of 2.75% year(s). Its current price is
INR102.31, which corresponds to YTM of 8.52%. Compute Yield Spread from the
information provided in the vignette:
A. 0.13%
B. 0.00%
C. 0.36%
D. 0.27%
ANSWER : C
CCRA-L2 Sample Question 6
Which of the following statements concerning having a CEO serve as chairman of the board is most accurate? Having a CEO also serve as chairman is considered:
A. poor corporate governance practice as having the CEO server as chairman is an
inherent conflict when determining management compensation.
B. good corporate governance practice as the CEO is the best person to provide the board with information about the company’s strategy and operations.
C. cannot be determined
D. poor corporate governance practice as having the CEO and chairman serve as separate
positions ensures a properly-functioning board.
ANSWER : D
CCRA-L2 Sample Question 7
Two economies HardLand and SincereLand have provided following information with
respect to their economies in USD Billion:
Based on the above information which entity is better in terms of current account deficit %?
A. Sincereland by 583 bps
B. Hardland by 56 bps
C. Sincereland by 56 bps
D. Hardland by 583 bps
ANSWER : B
CCRA-L2 Sample Question 8
Attributes of healthy cultural values exclude:
A. Experienced management.
B. Diversified sources of revenue.
C. Brand.
D. Healthy relationship with employees
ANSWER : B
CCRA-L2 Sample Question 9
__________Strategy consists of buying a bond with maturity longer than the investment horizon (for investor) or buying a long-maturity bond with short-term funding through repo (for speculator).
A. Barbell, Ladder and Butterfly
B. Yield Spread Anticipation
C. Rate Anticipation with Maturity Mismatch
D. Riding the yield curve
ANSWER : D
CCRA-L2 Sample Question 10
Basket Default swaps could be
A. reference sectors could be from the same economy
B. reference sectors could be the entire global space
C. reference securities are from the same sector
ANSWER : C
CCRA-L2 Sample Question 11
In Steepening short term rates ______relative to long term rate
A. falls
B. rises
C. is independent of each other
D. remains constant
ANSWER : A
CCRA-L2 Sample Question 12
Satish Dhawan, a veteran fixed income trader is conducting interviews for the post of a
junior fixed income trader. He interviewed four candidates Adam, Balkrishnan, Catherine
and Deepak and following are the answers to his questions.
Question 1: Tell something about Option Adjusted Spread
Adam: OAS is applicable only to bond which do not have any options attached to it. It is for
the plain bonds.
Balkishna: In bonds with embedded options, AS reflects not only the credit risk but also
reflects prepayment risk over and above the benchmark.
Catherine: Sincespreads are calculated to know the level of credit risk in the bound, OAS is
difference between in the Z spread and price of a call option for a callable bond.
Deepark: For callable bond OAS will be lower than Z Spread.
Question 2: This is a spread that must be added to the benchmark zero rate curve in a
parallel shift so that the sum of the risky bond’s discounted cash flows equals its current
market price. Which Spread I am talkingabout?
Adam: Z Spread
Balkrishna: Nominal Spread
Catherine: Option Adjusted Spread
Deepark: Asset Swap Spread
Question 3: What do you know about Interpolated spread and yield spread?
Adam: Yield spread is the difference between the YTM of a risky bond and the YTM of an
on-the-run treasury benchmark bond whose maturity is closest, but not identical to that of
risky bond. Interpolated spread is the spread between the YTM of risky bond and the YTM
of same maturity treasury benchmark, which is interpolated from the two nearest on-the-run
treasury securities.
Balkrishna: Interpolated spread is preferred to yield spread because the latter has the
maturity mismatch, which leads to error if the yield curve is not flat and the benchmark
security changes over time, leading to inconsistency.
Catherine: Interpolated spread takes account the shape of the benchmark yield curve and
therefore better
than yield spread.
Deepak: Both Interpolated Spread and Yield Spread rely on YTM which suffers from
drawbacks and inconsistencies such as the assumption of flat yield curve and reinvestment
at YTM itself.Then Satish gave following information related to the benchmark YTMs:
There is a 10.25% risky bond with a maturity of 4.75 year(s). Its current price is INR105.31,
which corresponds
to YTM of 9.22%. Compute Interpolated Spread from the information provided in the
vignette:
A. 0.20%
B. 0.21%
C. 0.24%
D. 0.22%
ANSWER : C
CCRA-L2 Sample Question 13
The longer the term to maturity of bond:
A. term to maturity and price of a bond are not related
B. The lesser is the risk associated with price of a bond
C. The higher is the return from the bond
D. The more risk in the price of a bond
ANSWER : D