Quiz. Renta fija (definiciones, precio y YTM)

Quiz 6: Renta fija (definiciones, precio y YTM)

1. Sobre la yield to maturity (YTM), ¿cuál de los siguientes enunciados es más acertado?

1. Es la tasa a la que se descuenta el último flujo del bono
2. Es la tasa que se usa para calcular los pagos de los cupones
3. Es el promedio aritmético de las tasas spot
4. Ninguno de los enunciados anteriores es correcto

1. ¿Cuál de los siguientes enunciados es más acertado?

1. Para un bono emitido a la par, la YTM es menor que la tasa cupón
2. Para un bono con descuento, la YTM es mayor que la tasa cupón
3. Para un bono emitido sobre la par, la YTM es mayor que la tasa cupón
4. Para un bono emitido a la par, la YTM y todas las tasas spot son iguales

1. “Un inversionista espera que, en el futuro, las tasas de interés se incrementen. Por eso, dicho inversionista asume una curva de rendimientos con pendiente positiva”. ¿El enunciado anterior corresponde a un análisis bajo qué enfoque?

1. Teoría de las expectativas
2. Teoría de las preferencias por liquidez
3. Teoría de los mercados segmentados
4. Teoría de los mercados eficientes

1. Un bono presenta las siguientes características: i) valor nominal = S/100; ii) tasa cupón = 5% (el bono paga cupón todos los años); iii) madurez = 3 años. Además, se sabe que la tasa spot a 1 año es 2%, a 2 años es 3% a tres años es 3%. ¿Cuál es el precio del bono?

1. S/102.96
2. S/110.72
3. S/111.62
4. No es posible calcular el precio porque faltan datos para hacerlo

1. ¿Cuál de los siguientes enunciados es más acertado?

1. La curva de rendimientos siempre tiene una pendiente mayor o igual a 0
2. Mientras mayor sea la madurez de un bono mayor será su precio.
3. Mientras mayor sea la YTM de un bono, menor será su precio
4. El precio de un bono es igual al VAN de sus flujos futuros (cupones y principal) considerando la tasa cupón como tasa de descuento.

Quiz 6: Fixed income (definitions, valuation and YTM)

1. Regarding the yield to maturity (YTM), which of the following statements is most accurate?

1. It is the discount rate of the last cash flow of the bond
2. It is the rate used to calculate the coupon payments
3. It is the arithmetic mean of the spot rates
4. None of the above statements is correct

1. Which of the following statements is most accurate?

1. In the case of a bond that is traded at its par value, the YTM is equal to the coupon rate
2. In the case of a bond that is traded with a discount, the YTM is higher than the coupon rate
3. In the case of a bond that is traded with a premium, the YTM is higher than the coupon rate
4. In the case of a bond that is traded at its par value, the YTM and all the spot rates are the same

1. “An investor expects that, in the future, the interest rates will increase. Thus, the investor considers a yield curve with a positive slope”. This statement implies an analysis under which of the following theories?

1. Expectations theory
2. Liquidity preference theory
3. Segmented markets theory
4. Efficient markets theory

1. A bond has the following features: i) face value = S/100; ii) coupon rate = 5% (the bond pays coupons each year); iii) maturity = 3 years. Also, it is known that the 1-year spot rate is 2%, the 2-years spot rate is 3% and the 3-years spot rate is 4%. Which is the price of the bond

1. S/102.96
2. S/110.72
3. S/111.62
4. It is not possible to calculate the bond price because there is missing information

1. Which of the following statements is most accurate?

1. The yield curve will always display a slope equal or higher than 0
2. The higher the maturity of a bond the higher its price
3. As the YTM of a bond increases, its price will decline
4. The price of a bond is equal to the NPV of the future cash flows using as discount rate the coupon rate

Quiz 6: Fixed Income (definitions, valuation and YTM)

1. In Peru, in the case of liquidation, which agents have the lowest priority over the firm’s assets?

1. Shareholders
2. Employees
3. The government
4. Bondholders

1. Regarding yield to maturity (YTM), which of the following statements is the most accurate?

1. It is the discount rate of the last cash flow of the bond
2. It is the rate used to calculate the coupon payments
3. It is the arithmetic mean of the spot rates
4. It is the internal rate of return (IRR) of the bond’s cash flows

1. Regarding the yield to maturity (YTM), which of the following statements is least accurate?

1. In the case of a bond issued at its par value, the YTM is equal to the coupon rate
2. In the case of a discount bond, the YTM is higher than the coupon rate
3. In the case of a bond issued above its par value, the YTM is lower than the coupon rate
4. In the case of a bond issued at its par value, the YTM and all the spot rates are the same

1. The formula used to calculate the YTM is similar to that one from which of the following profitability measures?

1. Net present value (NPV)
2. Accounting rate of return (ARR)
3. Profitability index
4. None of the above

1. A bond has the following features: i) face value = S/100; ii) coupon rate = 6% (the bond pays coupons each year); iii) maturity = 3 years. Also, it is known that the spot rate for the year 1 is 2%. The spot rate will increase 1% in the year 2 and 1% in the year 3. Which is the price of the bond

1. S/102.96
2. S/105.77
3. S/113.63
4. It is not possible to calculate the bond price because there is missing information

Quiz 6 - ENG

1. Calculate the price of a bond. The face value is known to be 100, the coupon rate is 3.5%, and it is paid annually. In addition, the time to maturity is 3 years with a constant spot rate of 4.5%

1. 100
2. 97.25
3. 102.25
4. 105.25

1. Find the YTM. Price of 100, face value of 100 and a coupon rate of 3%

1. 3 %
2. 3.05%
3. 3.07%
4. 3.09%

1. Consider a 4-year bond with a face value of 100 and a 5% coupon rate. Check the correct option

1. The contribution of year 1 cash flow to the bond price is greater than the year 2 cash flow contribution
2. The contribution of year 2 cash flow to the bond price is less than the year 3 cash flow contribution
3. The contribution of year 4 cash flow to the bond price is the same as the cash flow contribution of the other years
4. The year 1 cash flow contribution to the bond price is the same as the year 2 cash flow contribution

1. Check the correct option

1. If a bond is quoted at par its price is greater than the face value
2. If a bond is quoted at par its YTM is the same as the coupon rate
3. If a bond is quoted at a discount, its price is greater than the face value
4. If a bond is quoted with a premium, its YTM is the same as its coupon rate

1. The price of a 3-year zero coupon bond is the same as the price of a 4-year zero coupon bond. Both bonds have a face value of 100. The price of both bonds is less than 100. Check the correct option

1. The 3-year spot rate is the same as the 4-year spot rate
2. The 3-year spot rate is higher than the 4-year spot rate
3. The 3-year spot rate is lower than the 4-year spot rate
4. Cannot be determined because information is missing

Quiz 6: Fixed income (definitions, valuation and YTM)

1. Regarding the yield to maturity (YTM), which of the following statements is most accurate?

1. It is the discount rate of the last cash flow of the bond
2. It is the rate used to calculate the coupon payments
3. It is the arithmetic mean of the spot rates
4. None of the above statements is correct

1. The formula used to calculate the YTM is similar as that one from which of the following profitability measures?

1. Net present value (NPV)
2. Internal rate of return (IRR)
3. Profitability index
4. None of the above

1. A bond has the following features: i) face value = S/100; ii) coupon rate = 5%; iii) price = S/112. Which is the YTM of the bond?

1. 5.00%
2. 12.00%
3. 7.00%
4. It is not possible to calculate the YTM because there is missing information

1. A 3-years zero cupon bond with face value S/.100 has a YTM of 5%. Then a 3-years zero cupon bond with face value S/.200 has a YTM of:

1. 10%
2. 5%
3. 2.5%
4. There is missing information to calculate the YTM

1. If the face value of bond A is two times the face value of bond B (same maturity and same coupon rate) then:

1. The YTM of bond A is two times the YTM of bond B
2. The price of bond A is two times the price of bond B
3. The YTM of bond A is half that of the YTM of bond B
4. The price of bond A is half the price of bond B

Quiz 6 –Renta Fija

1. Un bono cupón cero a tres años con valor nominal de 100 tiene un YTM de 2%. Entonces

1. Un bono cupón cero a tres años con valor nominal de 200 tiene un YTM de 4%
2. Un bono cupón cero a tres años con valor nominal de 200 tiene un YTM de 2%
3. Un bono cupón cero a tres años con valor nominal de 200 tiene un YTM de 1%
4. Falta información

1. Un bono se negocia con una prima (o premio) si:

1. El rendimiento (YTM) es mayor que la tasa cupón
2. La madurez es menor a la tasa cupón
3. El precio es mayor al valor nominal
4. Ninguna de las anteriores

1. El efecto “pull to par” se da en parte porque:

1. Al pasar el tiempo los YTM tienden a subir
2. Al pasar el tiempo el valor nominal aumenta en importancia como flujo de caja que contribuye al precio del bono
3. Los cupones se reinvierten
4. La haber menos tiempo a la madurez hay menos riesgo

1. Hace tres años invertí $50 millones en bonos de Southwest Manufacturing con un cupón del 6,0% y precio a la par. Hoy. Hoy los bonos tienen un YTM de 6,85% y aún quedan nueve años para su vencimiento. Los bonos de Southwest se negocian con:

1. Descuento, y el YTM ha aumentado desde la compra
2. Descuento, y el YTM ha disminuido desde la compra
3. Una prima (o premio), y el YTM ha disminuido desde la compra
4. Falta información

1. Al calcular el rendimiento al vencimiento (YTM), el supuesto implícito de reinversión es que los cupones se reinvierten a:

1. La tasa cupón.
2. Al mismo YTM que se está calculando
3. Al YTM vigente en el momento en que se reciben los cupones.
4. No se reinvierten

Quiz 6 (English)

1. A 3-year zero coupon bond has a YTM of 2.5%. The price of $1 at the end of year 3 is equal to

1. $1
2. $1/3
3. $1/(1+2.5%)^3
4. $1/(1+2.5%)

1. The YTM of a 7-year zero-coupon bond with a face value of $100 is 4.22%. What is the YTM of a zero-coupon bond with face value $50?

a) 4.22%

b) 4.22%/2

c) 4.22%/7

d) 1/(1+4.22%)^7

1. The relationship between the YTM and the price of a bond is:

1. Direct
2. Inverse
3. Unrelated
4. Sometimes it's direct, sometimes it's inverse

1. The P/B ratio (price to book value of equity per share) for a company with a high PVGO (present value of growth opportunities) tends to be:

1. Less than for a mature company
2. Same as for a mature company
3. Greater than for a mature company
4. Can't compare to a mature company

1. Consider zero-coupon bonds with a face value of 100. The price of the 1-year bond is 98 and the price of the 2-year bond is 95. The price of a 2-year bond with a face value of 100 and a coupon of 10% is:

1. Greater than 95
2. Equal to 95
3. Under 95
4. Missing information

Quiz 6 ENG (Fixed income)

1. The relationship between the YTM and the price of a bond is

1. Direct
2. Inverse
3. They are not related.
4. There is missing information.

1. If the price of a bond is 200, the face value is 300 and it has a coupon rate of 4%. Theoretically, the value that the YTM will take will be:

1. Greater than 4%
2. Less than 4%
3. Equal to 4%
4. There is missing information.

1. Please indicate the most precise option:

1. The spot rates will always be equal to the YTM.
2. The pull-to-par effect indicates that, as maturity is reached, the price of a bond will converge to its coupon rate.
3. When a bond sells above par, the coupon rate is less than the YTM.
4. Neither option is precise

1. Pokemon Inc. is evaluating the purchase of fixed income instruments. To do this, you want to know what the price of bond A is closest to. This bond has a maturity of 3 years, has a face value of US$ 1,000, and an annual coupon rate of 10%. The spot rates at 1,2 and 3 years are 2%, 5% and 8% correspondingly.

1. US$ 962
2. US$ 1,000
3. US$ 1,062
4. US$ 1,300

1. Just recently you invested in a 1 year zero coupon bond with YTM 5%. If in a month from now its YTM goes up to 6% then the annualized percentage change in its price is approximately equal to

1. +1%
2. -1%
3. +11%
4. -11%

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