2024 CFA level 1 Fixed Income 한글정리

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1. Fixed-Income Instrument Features

Fixed-income securities는 발행자, 만기, 원금, 쿠폰 등의 특징을 가지고 있다. 발행자는 주로 국가정부, 기업 등이며, 만기는 1년 미만의 단기부터 영구채까지 다양하다. 원금은 만기에 상환되며, 쿠폰은 연간, 반기, 분기, 월별로 지급될 수 있다. 또한 변동금리채권(FRN)은 기준금리에 고정마진을 더한 금리로 쿠폰을 지급하며, 제로쿠폰채권은 할인된 가격에 발행되어 만기에 원금을 전액 지급받는다. 채권의 우선순위에 따라 담보부채권, 무담보채권, 후순위채권 등으로 구분되며, 내재옵션(콜옵션, 풋옵션 등)이 있는 경우도 있다.

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1. Fixed-Income Instrument Features

Fixed-income instruments are financial instruments that provide a fixed stream of income to the investor over a specified period of time. These instruments are popular among investors seeking stable and predictable returns, as they offer a reliable source of income. Some key features of fixed-income instruments include: 1. Coupon Rate: This is the interest rate paid on the principal amount of the instrument, which is typically paid periodically (e.g., annually, semi-annually, or quarterly). 2. Maturity Date: This is the date when the principal amount of the instrument is due to be repaid to the investor. Fixed-income instruments can have varying maturity dates, ranging from short-term (e.g., 1-5 years) to long-term (e.g., 10-30 years). 3. Par Value: This is the face value or the amount that will be repaid to the investor at maturity. The par value is typically $1,000 for most fixed-income instruments. 4. Yield: The yield is the return an investor can expect to receive on a fixed-income instrument. It is calculated as the ratio of the annual coupon payment to the current market price of the instrument. 5. Credit Risk: Fixed-income instruments carry varying degrees of credit risk, which is the risk that the issuer may default on its payment obligations. Instruments with higher credit ratings (e.g., government bonds) generally have lower credit risk, while those with lower credit ratings (e.g., corporate bonds) have higher credit risk. 6. Liquidity: The liquidity of a fixed-income instrument refers to the ease with which it can be bought or sold in the secondary market. Highly liquid instruments, such as government bonds, can be easily traded, while less liquid instruments, such as some corporate bonds, may be more difficult to trade. Overall, the features of fixed-income instruments play a crucial role in determining their risk and return characteristics, making them an important component of a diversified investment portfolio.