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Free CFA Fixed Income Practice Questions & Answers

900 exam-style Fixed Income questions. Pick your answer, hit Check answer, and see the worked solution — free to start, no signup.

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Question 391

A putable bond continuation value = 97. Put price = 100. Node value?

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Question 392

A bond has OAS = 85 bps and option cost = 40 bps. What is Z‑spread?

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Question 393

A 3‑year zero has yield 3%. What is its duration?

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Question 394

A bond has price 102 and convexity 150. Yield rises 40 bps. Convexity effect?

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Question 395

A bond has yield 6% and duration 5. If yield drops 10 bps, approximate price change (%):

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Question 396

Modified Duration A bond has Macaulay duration 7.2 and yield 4%. What is modified duration?

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Question 397

Convexity Adjustment Convexity = 140. Yield rises 50 bps. Convexity effect?

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Question 398

Combined Duration + Convexity Bond price = 100, duration = 6, convexity = 120. Yield drops 40 bps. Approximate new price?

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Question 399

OAS Z‑spread = 150 bps, option cost = 40 bps. OAS?

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Question 400

Duration of Zero Zero‑coupon bond maturity = 8 years. Duration?

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Question 401

OAS from Price Bond price = 101, model price at zero OAS = 103. Duration = 5. Compute OAS.

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Question 402

Duration from Price Change Price rises from 98 to 100 when yield drops 40 bps. Duration?

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Question 403

Duration Price Change Bond price = 102, modified duration = 5.2. Yield rises 40 bps. Approx price?

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Question 404

Convexity Adjustment Convexity = 130. Yield drops 30 bps. Convexity effect?

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Question 405

Z‑Spread Approximation Price = 97, model price at zero spread = 100, duration = 4. Spread?

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Question 406

OAS Z‑spread = 160 bps, option cost = 35 bps. OAS?

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Question 407

Callable Bond Node Value Continuation value = 104, call price = 102. Node value?

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Question 408

Putable Bond Node Value Continuation = 97, put price = 100.

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Question 409

Immunization Liability duration = 7. Portfolio duration = 6.8. Immunization?

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Question 410

Spread Duration Spread widens 60 bps, SD = 4. Price = 103. Price change?

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Question 411

A key risk of inflation‑linked bonds vs nominals is:

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Question 412

A bond's par value is best described as:

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Question 413

A bond indenture is best described as:

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Question 414

A negative bond covenant most likely requires the issuer to:

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Question 415

In a bond's seniority structure, which class of bondholders has the first claim on assets in a default?

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Question 416

A floating-rate bond's coupon is best described as:

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Question 417

A zero-coupon bond differs from a plain coupon bond primarily because it:

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Question 418

A step-up coupon bond is one where:

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Question 419

An amortizing bond differs from a bullet bond in that:

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Question 420

A pari passu clause in a bond indenture means the bond:

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Free CFA Fixed Income Practice Questions & Answers

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