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CFA-Level-III - Chartered Financial Analyst Level III (CFA Level III) - Dump Information

Vendor : Financial
Exam Code : CFA-Level-III
Exam Name : Chartered Financial Analyst Level III (CFA Level III)
Questions and Answers : 362 Q & A
Updated On : Click to Check Update
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CFA-Level-III Questions and Answers

CFA-Level-III.html


Question #352


Ethan Edwards, CFA, is a fixed income portfolio manager for Searcher Securities. Edwards has been reviewing the pension fund of Cicatrix Corp., a large account with $55 million in fixed income securities. He is considering proposing a contingent immunization strategy to the trustees of the Cicatrix pension fund. The average age of Cicatrix employees covered by the plan is 41. In a recent meeting, the trustees of the plan informed Edwards that a 6.0% return was an acceptable minimum for the next six years.

The Cicatrix pension bond portfolio was set up in a classical immunization strategy four years ago. At that time the objective was to fund a $75 million liability in 10 years. The allocation was a barbell strategy using zero-coupon bonds with half of the bonds maturing in 4 years and half maturing in 15 years. The 4-year bonds are now maturing, and Edwards is hoping to use the proceeds to create a contingent immunized portfolio. Edwards plans to once again use a barbell structure, with half of the portfolio invested in maturities shorter than the 6-year time horizon set by the trustees and the other half in the original 15-year bonds.

One of the trustees of the Cicatrix pension fund asked Edwards whether rebalancing the portfolio was a concern when using classical immunization strategies.

Edwards responded by claiming that as the yield curve shifts and time passes, the portfolio will need to be rebalanced. Edwards also stated that the costs to rebalance are high but can be mitigated by limiting the investment universe to highly liquid securities.

Another trustee asked Edwards to assess the feasibility of pursuing a multiple liability immunization strategy for the fund and report his findings. Among other items, Edwards' response contained the following information: "¢ Assuming parallel shifts in interest rates, multiple liability immunization is possible for the Cicatrix pension fund as long as the duration of the immunization portfolio is equal to the duration of the liability stream. "¢ As an alternative to multiple liability immunization, the Cicatrix pension fund could employ a cash flow matching strategy. A cash flow matching strategy would be free from immunization risk, and typically would require less capital to fund the pension liabilities.

In order to minimize immunization risk in the event of a nonparallel interest rate shift, determine which of the following portfolio structures is preferable (assuming the entire portfolio will be restructured).


image

  1. Buying a series of 6-month T-bills.

    image

  2. Buying zero coupon bonds maturing in 6 years.

    image

  3. Buying high coupon bonds with a duration of 6.


Answer: B

Immunization risk is the same as reinvestment risk. To minimize the risk, zero-coupon securities maturing at the horizon date are the best alternative. The bullet portfolio would have the least amount of exposure to any changes in interest rates because the bonds' maturities are clustered near the investment horizon. The other answer choices would have relatively high reinvestment risk. Using zeros is sometimes considered an inefficient strategy, however, due to their low returns.

(Study Session 9, LOS 29.f)


Question #353


Ethan Edwards, CFA, is a fixed income portfolio manager for Searcher Securities. Edwards has been reviewing the pension fund of Cicatrix Corp., a large account with $55 million in fixed income securities. He is considering proposing a contingent immunization strategy to the trustees of the Cicatrix pension fund. The average age of Cicatrix employees covered by the plan is 41. In a recent meeting, the trustees of the plan informed Edwards that a 6.0% return was an acceptable minimum for the next six years.

The Cicatrix pension bond portfolio was set up in a classical immunization strategy four years ago. At that time the objective was to fund a $75 million liability in 10 years. The allocation was a barbell strategy using zero-coupon bonds with half of the bonds maturing in 4 years and half maturing in 15 years. The 4-year bonds are now maturing, and Edwards is hoping to use the proceeds to create a contingent immunized portfolio. Edwards plans to once again use a barbell structure, with half of the portfolio invested in maturities shorter than the 6-year time horizon set by the trustees and the other half in the original 15-year bonds.

One of the trustees of the Cicatrix pension fund asked Edwards whether rebalancing the portfolio was a concern when using classical immunization strategies.

Edwards responded by claiming that as the yield curve shifts and time passes, the portfolio will need to be rebalanced. Edwards also stated that the costs to rebalance are high but can be mitigated by limiting the investment universe to highly liquid securities.

Another trustee asked Edwards to assess the feasibility of pursuing a multiple liability immunization strategy for the fund and report his findings. Among other items, Edwards' response contained the following information: "¢ Assuming parallel shifts in interest rates, multiple liability immunization is possible for the Cicatrix pension fund as long as the duration of the immunization portfolio is equal to the duration of the liability stream. "¢ As an alternative to multiple liability immunization, the Cicatrix pension fund could employ a cash flow matching strategy. A cash flow matching strategy would be free from immunization risk, and typically would require less capital to fund the pension liabilities.

Edwards estimates that the currently available immunized return for a 6-year time horizon is 7.25%. Assuming semiannual compounding, calculate the amount of assets needed today to achieve the required terminal value of the portfolio.


image

  1. $51.15 million

    image

  2. $55.00 million

    image

  3. $59.14 million


Answer: A

Based on the minimum acceptable return (safety net return) the required terminal value = $55,000,000 x (1 + 0.06 / 2)2x6 - $78.42 million.

Assets required today at the immunized rate = $78.42 / (1 + 0.0725 / 2)2x6 = $51.15 million; the currently available immunized rate of return (7.25%) is the appropriate interest rate for this calculation. (Study Session 9, LOS 29.f)


Question #354


Ethan Edwards, CFA, is a fixed income portfolio manager for Searcher Securities. Edwards has been reviewing the pension fund of Cicatrix Corp., a large account with $55 million in fixed income securities. He is considering proposing a contingent immunization strategy to the trustees of the Cicatrix pension fund. The average age of Cicatrix employees covered by the plan is 41. In a recent meeting, the trustees of the plan informed Edwards that a 6.0% return was an acceptable minimum for the next six years.

The Cicatrix pension bond portfolio was set up in a classical immunization strategy four years ago. At that time the objective was to fund a $75 million liability in 10 years. The allocation was a barbell strategy using zero-coupon bonds with half of the bonds maturing in 4 years and half maturing in 15 years. The 4-year bonds are now maturing, and Edwards is hoping to use the proceeds to create a contingent immunized portfolio. Edwards plans to

once again use a barbell structure, with half of the portfolio invested in maturities shorter than the 6-year time horizon set by the trustees and the other half in the original 15-year bonds.

One of the trustees of the Cicatrix pension fund asked Edwards whether rebalancing the portfolio was a concern when using classical immunization strategies.

Edwards responded by claiming that as the yield curve shifts and time passes, the portfolio will need to be rebalanced. Edwards also stated that the costs to rebalance are high but can be mitigated by limiting the investment universe to highly liquid securities.

Another trustee asked Edwards to assess the feasibility of pursuing a multiple liability immunization strategy for the fund and report his findings. Among other items, Edwards' response contained the following information: "¢ Assuming parallel shifts in interest rates, multiple liability immunization is possible for the Cicatrix pension fund as long as the duration of the immunization portfolio is equal to the duration of the liability stream. "¢ As an alternative to multiple liability immunization, the Cicatrix pension fund could employ a cash flow matching strategy. A cash flow matching strategy would be free from immunization risk, and typically would require less capital to fund the pension liabilities.

Determine whether Edwards is correct with regard to his statement about the conditions requiring rebalancing to maintain an immunization strategy and his statement about reducing the costs of rebalancing.


image

  1. Only the statement on conditions requiring rebalancing is correct.

    image

  2. Only the statement on reducing the costs of rebalancing is correct.

    image

  3. Both of Edwards' statements are correct.


Answer: C

The statement regarding conditions is correct. Yield curve shifts and the simple passage of time alter the duration of the portfolio and require the portfolio to be rebalanced in order to maintain the immunization strategy. The cost reduction statement is also correct. More liquid securities will have lower transaction costs, thus lowering the overall costs of any transactions needed to rebalance the portfolio. (Study Session 9, LOS 29-g)


Question #355


Ethan Edwards, CFA, is a fixed income portfolio manager for Searcher Securities. Edwards has been reviewing the pension fund of Cicatrix Corp., a large account with $55 million in fixed income securities. He is considering proposing a contingent immunization strategy to the trustees of the Cicatrix pension fund. The average age of Cicatrix employees covered by the plan is 41. In a recent meeting, the trustees of the plan informed Edwards that a 6.0% return was an acceptable minimum for the next six years.

The Cicatrix pension bond portfolio was set up in a classical immunization strategy four years ago. At that time the objective was to fund a $75 million liability in 10 years. The allocation was a barbell strategy using zero-coupon bonds with half of the bonds maturing in 4 years and half maturing in 15 years. The 4-year bonds are now maturing, and Edwards is hoping to use the proceeds to create a contingent immunized portfolio. Edwards plans to once again use a barbell structure, with half of the portfolio invested in maturities shorter than the 6-year time horizon set by the trustees and the other half in the original 15-year bonds.

One of the trustees of the Cicatrix pension fund asked Edwards whether rebalancing the portfolio was a concern when using classical immunization strategies.

Edwards responded by claiming that as the yield curve shifts and time passes, the portfolio will need to be rebalanced. Edwards also stated that the costs to rebalance are high but can be mitigated by limiting the investment universe to highly liquid securities.

Another trustee asked Edwards to assess the feasibility of pursuing a multiple liability immunization strategy for the fund and report his findings. Among other items, Edwards' response contained the following information: "¢ Assuming parallel shifts in interest rates, multiple liability immunization is possible for the Cicatrix pension fund as long as the duration of the immunization portfolio is equal to the duration of the liability stream. "¢ As an alternative to multiple liability immunization, the Cicatrix pension fund could employ a cash flow matching strategy. A cash flow matching strategy would be free from immunization risk, and typically would require less capital to fund the pension liabilities.

Evaluate Edwards' comment regarding the duration of the asset portfolio in multiple liability immunization. Edwards is:


image

  1. correct, because the immunization strategy requires that the duration of the asset portfolio is greater than the duration of the pension liabilities.

    image

  2. incorrect, because the immunization strategy requires that the duration of the asset portfolio is less than the

    duration of the pension liabilities.

    image

  3. correct, because the immunization strategy requires the duration of the asset portfolio to match the duration of the pension liabilities.


Answer: C

Edwards' statement regarding the duration of the asset portfolio in multiple liability immunization is correct. The two conditions that must be met in order to undertake multiple liability immunization are: (1) the composite duration of liabilities must equal the composite duration of assets; and (2) the distribution of individual assets' durations in the portfolio must have a range that exceeds the range of durations of the liabilities. If both of these conditions are met, the liabilities can be immunized against parallel shifts in the yield curve but will still be exposed to immunization risk if the yield curve shifts in a nonparallel manner. (Study

Session 9, LOS 29.k)


Question #356


Ethan Edwards, CFA, is a fixed income portfolio manager for Searcher Securities. Edwards has been reviewing the pension fund of Cicatrix Corp., a large account with $55 million in fixed income securities. He is considering proposing a contingent immunization strategy to the trustees of the Cicatrix pension fund. The average age of Cicatrix employees covered by the plan is 41. In a recent meeting, the trustees of the plan informed Edwards that a 6.0% return was an acceptable minimum for the next six years.

The Cicatrix pension bond portfolio was set up in a classical immunization strategy four years ago. At that time the objective was to fund a $75 million liability in 10 years. The allocation was a barbell strategy using zero-coupon bonds with half of the bonds maturing in 4 years and half maturing in 15 years. The 4-year bonds are now maturing, and Edwards is hoping to use the proceeds to create a contingent immunized portfolio. Edwards plans to once again use a barbell structure, with half of the portfolio invested in maturities shorter than the 6-year time horizon set by the trustees and the other half in the original 15-year bonds.

One of the trustees of the Cicatrix pension fund asked Edwards whether rebalancing the portfolio was a concern when using classical immunization strategies.

Edwards responded by claiming that as the yield curve shifts and time passes, the portfolio will need to be rebalanced. Edwards also stated that the costs to rebalance are high but can be mitigated by limiting the investment universe to highly liquid securities.

Another trustee asked Edwards to assess the feasibility of pursuing a multiple liability immunization strategy for the fund and report his findings. Among other items, Edwards' response contained the following information: "¢ Assuming parallel shifts in interest rates, multiple liability immunization is possible for the Cicatrix pension fund as long as the duration of the immunization portfolio is equal to the duration of the liability stream. "¢ As an alternative to multiple liability immunization, the Cicatrix pension fund could employ a cash flow matching strategy. A cash flow matching strategy would be free from immunization risk, and typically would require less capital to fund the pension liabilities.

Determine whether Edwards' comments regarding the immunization risk and capital requirements for a cash flow matching strategy are correct.


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  1. Only Edwards' comment regarding the immunization risk is correct.

    image

  2. Only Edwards' comment regarding the capital requirements is correct.

    image

  3. Both of Edwards' comments are correct.


Answer: A

In a cash flow matching strategy, coupons are used to fund liabilities rather than being reinvested. Therefore, Edwards is correct that a cash flow matching strategy has no immunization risk (i.e., reinvestment risk). Edwards is incorrect about the capital requirements. Typically, immunization is cheaper to implement.

Cash flow marching requires lower return assumptions for short term investments that typically are necessary under cash Mow matching, when the timing of cash inflows does not exactly match outflows. The limitations of finding assets with cash flows that closely match both the size and timing of liabilities can also reduce asset returns. (Study Session 9> LOS 29.m)


Question #357


Milson Investment Advisors (MIA) specializes in managing fixed income portfolios for institutional clients. Many of MIA's clients are able to take on substantial portfolio risk and therefore the firm's funds invest in all credit

qualities and in international markets. Among its investments, MIA currently holds positions in the debt of Worth inc., Enertech Company, and SBK Company.

Worth Inc. is a heavy equipment manufacturer in Germany. The company finances a significant amount of its fixed assets using bonds. Worth's current debt outstanding is in the form of non-callable bonds issued two years ago at a coupon rate of 7.2% and a maturity of 15 years. Worth expects German interest rates to decline by as much as 200 basis points (bps) over the next year and would like to take advantage of the decline. The company has decided to enter into a 2-year interest rate swap with semiannual payments, a swap rate of 5.8%, and a floating rate based on 6-month EURIBOR. The duration of the fixed side of the swap is

1.2. Analysts at MIA have made the following comments regarding Worth's swap plan: "¢ "The duration of the swap from the perspective of Worth is 0.95." "¢ "By entering into the swap, the duration of Worth's long-term liabilities will become smaller, causing the value of the firm's equity to become more sensitive to changes in interest rates."

Enertech Company is a U.S.-based provider of electricity and natural gas. The company uses a large proportion of floating rate notes to finance its operations.

The current interest rate on Enertech's floating rate notes, based on 6-month LIBOR plus 150bp, is 5.5%. To hedge its interest rate risk, Enertech has decided to enter into a long interest rate collar. The cap and the floor of the collar have maturities of two years, with settlement dates (in arrears) every six months. The strike rate for the cap is 5.5% and for the floor is 4.5%, based on 6-month LIBOR, which is forecast to be 5.2%, 6.1%, 4.1%, and 3.8%, in 6,12, 18, and 24 months, respectively. Each settlement period consists of 180 days. Analysts at MIA are interested in assessing the attributes of the collar.

SBK Company builds oil tankers and other large ships in Norway. The firm has several long-term bond issues outstanding with fixed interest rates ranging from

    1. % to 7.5% and maturities ranging from 5 to 12 years. Several years ago, SBK took the pay floating side of a semi-annual settlement swap with a rate of 6.0%, a floating rate based on LIBOR, and a tenor of eight years. The firm now believes interest rates may increase in 6 months, but is not 100% confident in this assumption. To hedge the risk of an interest rate increase, given its interest rate uncertainty, the firm has sold a payer interest rate swaption with a maturity of 6 months, an underlying swap rate of 6.0%, and a floating rate based on LIBOR. MIA is considering investing in the debt of Rio Corp, a Brazilian energy company. The investment would be in Rio's floating rate notes, currently paying a coupon of 8.0%. MIA's economists are forecasting an interest rate decline in Brazil over the short term.

      Given Worth Inc.'s expectations regarding German interest rates, which of the following is closest to the effective interest rate the firm will pay on its liabilities after entering into the swap?


      image

      1. Fixed rate of 5.8%.

        image

      2. EURIBOR plus 140bp.

        image

      3. EURIBOR less 140bp.


Answer: B

Worth should assume the receive fixed/pay floating arm of the swap, since they are currently paying a fixed interest rate on its outstanding debt. If interest rates decline, worth would like to take advantage of the lower rates. In order to do so, it must either reissue long-term debt (which can be an expensive process) or enter into a swap to convert its fixed payments into floating payments. Thus, Worth will receive fixed and pay floating in the swap. The net interest payment that Worth will pay is calculated as follows:

Interest rate on existing debt - fixed rate received from swap + floating rate paid to swap 7.2% - 5.8% + EURIBOR = 1.4% + EURIBOR = 140 basis points + EURIBOR

(Study Session 15, LOS 44.a)


Question #358


Milson Investment Advisors (MIA) specializes in managing fixed income portfolios for institutional clients. Many of MIA's clients are able to take on substantial portfolio risk and therefore the firm's funds invest in all credit qualities and in international markets. Among its investments, MIA currently holds positions in the debt of Worth inc., Enertech Company, and SBK Company.

Worth Inc. is a heavy equipment manufacturer in Germany. The company finances a significant amount of its fixed assets using bonds. Worth's current debt outstanding is in the form of non-callable bonds issued two years ago at a coupon rate of 7.2% and a maturity of 15 years. Worth expects German interest rates to decline by as much as 200 basis points (bps) over the next year and would like to take advantage of the decline. The company has decided to enter into a 2-year interest rate swap with semiannual payments, a swap rate of 5.8%, and a floating rate based on

6-month EURIBOR. The duration of the fixed side of the swap is

1.2. Analysts at MIA have made the following comments regarding Worth's swap plan: "¢ "The duration of the swap from the perspective of Worth is 0.95." "¢ "By entering into the swap, the duration of Worth's long-term liabilities will become smaller, causing the value of the firm's equity to become more sensitive to changes in interest rates."

Enertech Company is a U.S.-based provider of electricity and natural gas. The company uses a large proportion of floating rate notes to finance its operations.

The current interest rate on Enertech's floating rate notes, based on 6-month LIBOR plus 150bp, is 5.5%. To hedge its interest rate risk, Enertech has decided to enter into a long interest rate collar. The cap and the floor of the collar have maturities of two years, with settlement dates (in arrears) every six months. The strike rate for the cap is 5.5% and for the floor is 4.5%, based on 6-month LIBOR, which is forecast to be 5.2%, 6.1%, 4.1%, and 3.8%, in 6,12, 18, and 24 months, respectively. Each settlement period consists of 180 days. Analysts at MIA are interested in assessing the attributes of the collar.

SBK Company builds oil tankers and other large ships in Norway. The firm has several long-term bond issues outstanding with fixed interest rates ranging from

    1. % to 7.5% and maturities ranging from 5 to 12 years. Several years ago, SBK took the pay floating side of a semi-annual settlement swap with a rate of 6.0%, a floating rate based on LIBOR, and a tenor of eight years. The firm now believes interest rates may increase in 6 months, but is not 100% confident in this assumption. To hedge the risk of an interest rate increase, given its interest rate uncertainty, the firm has sold a payer interest rate swaption with a maturity of 6 months, an underlying swap rate of 6.0%, and a floating rate based on LIBOR. MIA is considering investing in the debt of Rio Corp, a Brazilian energy company. The investment would be in Rio's floating rate notes, currently paying a coupon of 8.0%. MIA's economists are forecasting an interest rate decline in Brazil over the short term.

      Determine whether the MIA analysts' comments regarding the duration of the Worth Inc. swap and the effects of the swap on the company's balance sheet are correct or incorrect.


      image

      1. Only the comment regarding the swap duration is correct.

        image

      2. Only the comment regarding the swap balance sheet effects is correct.

        image

      3. Both comments are correct.


Answer: C

The MIA analysts are correct, both with regard to the swap duration and to the balance sheet effects of entering into the swap. Worth will enter into the swap as the fixed rate receiver / floating rate payer. Since pay floating on the swap is equivalent to having a floating rate liability, the swap duration from this perspective is:

Dpay floating = Dfixed "" Dfloating

The duration of the floating rare side is a minimum of zero and maximum of 0.5 since the swap is semiannual settlement. Thus, the average duration of the floating side is 0.25. The duration of the fixed side is given as 1.2. Therefore, the duration of the swap from Worth's perspective is;

1.2-0.25 = 0.95

Since Worth issues fixed-rate debt, the firm has negative duration exposure. Because the bonds issued have a maturity of 15 years, the duration exposure is substantial. The exact magnitude of the duration is not necessary to answer the question. Adding the swap position, which has positive duration, reduces Worth's duration exposure, making the firm's liabilities less sensitive to interest rate changes. Since the swap will not affect the duration of the firm's assets, the duration of the firm's equity must offset the decrease in the duration of the liabilities. Thus, the duration of Worth's equity will increase and become more sensitive to interest rate changes. (Study Session 15, LOS 44.b,c)


Question #359


Milson Investment Advisors (MIA) specializes in managing fixed income portfolios for institutional clients. Many of MIA's clients are able to take on substantial portfolio risk and therefore the firm's funds invest in all credit qualities and in international markets. Among its investments, MIA currently holds positions in the debt of Worth inc., Enertech Company, and SBK Company.

Worth Inc. is a heavy equipment manufacturer in Germany. The company finances a significant amount of its fixed assets using bonds. Worth's current debt outstanding is in the form of non-callable bonds issued two years ago at a coupon rate of 7.2% and a maturity of 15 years. Worth expects German interest rates to decline by as much as 200 basis points (bps) over the next year and would like to take advantage of the decline. The company has decided to enter into a 2-year interest rate swap with semiannual payments, a swap rate of 5.8%, and a floating rate based on

6-month EURIBOR. The duration of the fixed side of the swap is

1.2. Analysts at MIA have made the following comments regarding Worth's swap plan: "¢ "The duration of the swap from the perspective of Worth is 0.95." "¢ "By entering into the swap, the duration of Worth's long-term liabilities will become smaller, causing the value of the firm's equity to become more sensitive to changes in interest rates."

Enertech Company is a U.S.-based provider of electricity and natural gas. The company uses a large proportion of floating rate notes to finance its operations.

The current interest rate on Enertech's floating rate notes, based on 6-month LIBOR plus 150bp, is 5.5%. To hedge its interest rate risk, Enertech has decided to enter into a long interest rate collar. The cap and the floor of the collar have maturities of two years, with settlement dates (in arrears) every six months. The strike rate for the cap is 5.5% and for the floor is 4.5%, based on 6-month LIBOR, which is forecast to be 5.2%, 6.1%, 4.1%, and 3.8%, in 6,12, 18, and 24 months, respectively. Each settlement period consists of 180 days. Analysts at MIA are interested in assessing the attributes of the collar.

SBK Company builds oil tankers and other large ships in Norway. The firm has several long-term bond issues outstanding with fixed interest rates ranging from

    1. % to 7.5% and maturities ranging from 5 to 12 years. Several years ago, SBK took the pay floating side of a semi-annual settlement swap with a rate of 6.0%, a floating rate based on LIBOR, and a tenor of eight years. The firm now believes interest rates may increase in 6 months, but is not 100% confident in this assumption. To hedge the risk of an interest rate increase, given its interest rate uncertainty, the firm has sold a payer interest rate swaption with a maturity of 6 months, an underlying swap rate of 6.0%, and a floating rate based on LIBOR. MIA is considering investing in the debt of Rio Corp, a Brazilian energy company. The investment would be in Rio's floating rate notes, currently paying a coupon of 8.0%. MIA's economists are forecasting an interest rate decline in Brazil over the short term.

      Which of the following is closest to the payoff on Enertech's collar 24 months from now? Enertech will:


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      1. make a payment of $0.0020 per dollar of notional principal.

        image

      2. make a payment of $0.0035 per dollar of notional principal.

        image

      3. will receive a payment of $0.0035 per dollar of notional principal.


Answer: A

In a long interest rate collar, the firm purchases an interest rate cap and sells an interest rate floor, locking in a range of interest rates that the firm will pay. This position is frequently taken by borrowers with floating rate debt. The firm can manage its cash flow risk within the effective range of interest rates defined by the collar. If the underlying interest rate rises above the cap strike rate, the cap payoff to the borrower (purchaser of the cap) will mitigate the higher interest payments on the firms debt. If the underlying interest rate falls below the floor strike, the borrower (seller of the floor) will make a payment which will offset the decrease in interest payments on the firms debt. The payoff is made in arrears, so for Enertech's collar, the caplet and floorlet that expire in 18 months would payoff (if they were in the money at 18 months) in 24 months. Thus, to determine the payoff from the collar that occurs in 24 months, we must determine whether the cap or the floor is in the money at the 18th month. In the vignette, LIBOR is expected to be 4.1% in 18 months. This is below the floor strike of 4.5%. Therefore, Enertech will need to make a payment calculated as follows:

image

Enertech will need to make a payment equal to $0,002 per dollar of notional principal (Study Session 15, LOS 43x)


Question #360


Milson Investment Advisors (MIA) specializes in managing fixed income portfolios for institutional clients. Many of MIA's clients are able to take on substantial portfolio risk and therefore the firm's funds invest in all credit

qualities and in international markets. Among its investments, MIA currently holds positions in the debt of Worth inc., Enertech Company, and SBK Company.

Worth Inc. is a heavy equipment manufacturer in Germany. The company finances a significant amount of its fixed assets using bonds. Worth's current debt outstanding is in the form of non-callable bonds issued two years ago at a coupon rate of 7.2% and a maturity of 15 years. Worth expects German interest rates to decline by as much as 200 basis points (bps) over the next year and would like to take advantage of the decline. The company has decided to enter into a 2-year interest rate swap with semiannual payments, a swap rate of 5.8%, and a floating rate based on 6-month EURIBOR. The duration of the fixed side of the swap is

1.2. Analysts at MIA have made the following comments regarding Worth's swap plan: "¢ "The duration of the swap from the perspective of Worth is 0.95." "¢ "By entering into the swap, the duration of Worth's long-term liabilities will become smaller, causing the value of the firm's equity to become more sensitive to changes in interest rates."

Enertech Company is a U.S.-based provider of electricity and natural gas. The company uses a large proportion of floating rate notes to finance its operations.

The current interest rate on Enertech's floating rate notes, based on 6-month LIBOR plus 150bp, is 5.5%. To hedge its interest rate risk, Enertech has decided to enter into a long interest rate collar. The cap and the floor of the collar have maturities of two years, with settlement dates (in arrears) every six months. The strike rate for the cap is 5.5% and for the floor is 4.5%, based on 6-month LIBOR, which is forecast to be 5.2%, 6.1%, 4.1%, and 3.8%, in 6,12, 18, and 24 months, respectively. Each settlement period consists of 180 days. Analysts at MIA are interested in assessing the attributes of the collar.

SBK Company builds oil tankers and other large ships in Norway. The firm has several long-term bond issues outstanding with fixed interest rates ranging from

5.0% to 7.5% and maturities ranging from 5 to 12 years. Several years ago, SBK took the pay floating side of a semi-annual settlement swap with a rate of 6.0%, a floating rate based on LIBOR, and a tenor of eight years. The firm now believes interest rates may increase in 6 months, but is not 100% confident in this assumption. To hedge the risk of an interest rate increase, given its interest rate uncertainty, the firm has sold a payer interest rate swaption with a maturity of 6 months, an underlying swap rate of 6.0%, and a floating rate based on LIBOR. MIA is considering investing in the debt of Rio Corp, a Brazilian energy company. The investment would be in Rio's floating rate notes, currently paying a coupon of 8.0%. MIA's economists are forecasting an interest rate decline in Brazil over the short term.

Which of the following is closest to the effective interest rate that Enertech will pay 18 months from now assuming the notional principal of the collar is equal to the outstanding principal on the firm's floating rate notes?


image

A. 2.8%.

image

B. 3.5%.

image

C. 3.8%.


Answer: B

In 18 months, Enertech will be required to make an interest payment on its loan equal to: (LIBOR at 12 months + 150bp) / 2 = (6.1% + 1.5%) = 7.6% / 2 = 3.8%

This interest payment will be partially offset by the payoff from the interest rate cap. Because LIBOR at 12 months is above the cap strike rate of 5.5%, the cap is in the money and will have a payoff equal to:

image

Thus, assuming the notional principal is set equal to the face value of the loan, the effective interest rate is equal to: 0.038 - 0.003 = 0.035 = 3.5%

(Study Session 15, LOS 43-c)


Question #361

Milson Investment Advisors (MIA) specializes in managing fixed income portfolios for institutional clients. Many of MIA's clients are able to take on substantial portfolio risk and therefore the firm's funds invest in all credit qualities and in international markets. Among its investments, MIA currently holds positions in the debt of Worth inc., Enertech Company, and SBK Company.

Worth Inc. is a heavy equipment manufacturer in Germany. The company finances a significant amount of its fixed assets using bonds. Worth's current debt outstanding is in the form of non-callable bonds issued two years ago at a coupon rate of 7.2% and a maturity of 15 years. Worth expects German interest rates to decline by as much as 200 basis points (bps) over the next year and would like to take advantage of the decline. The company has decided to enter into a 2-year interest rate swap with semiannual payments, a swap rate of 5.8%, and a floating rate based on 6-month EURIBOR. The duration of the fixed side of the swap is

1.2. Analysts at MIA have made the following comments regarding Worth's swap plan: "¢ "The duration of the swap from the perspective of Worth is 0.95." "¢ "By entering into the swap, the duration of Worth's long-term liabilities will become smaller, causing the value of the firm's equity to become more sensitive to changes in interest rates."

Enertech Company is a U.S.-based provider of electricity and natural gas. The company uses a large proportion of floating rate notes to finance its operations.

The current interest rate on Enertech's floating rate notes, based on 6-month LIBOR plus 150bp, is 5.5%. To hedge its interest rate risk, Enertech has decided to enter into a long interest rate collar. The cap and the floor of the collar have maturities of two years, with settlement dates (in arrears) every six months. The strike rate for the cap is 5.5% and for the floor is 4.5%, based on 6-month LIBOR, which is forecast to be 5.2%, 6.1%, 4.1%, and 3.8%, in 6,12, 18, and 24 months, respectively. Each settlement period consists of 180 days. Analysts at MIA are interested in assessing the attributes of the collar.

SBK Company builds oil tankers and other large ships in Norway. The firm has several long-term bond issues outstanding with fixed interest rates ranging from

    1. % to 7.5% and maturities ranging from 5 to 12 years. Several years ago, SBK took the pay floating side of a semi-annual settlement swap with a rate of 6.0%, a floating rate based on LIBOR, and a tenor of eight years. The firm now believes interest rates may increase in 6 months, but is not 100% confident in this assumption. To hedge the risk of an interest rate increase, given its interest rate uncertainty, the firm has sold a payer interest rate swaption with a maturity of 6 months, an underlying swap rate of 6.0%, and a floating rate based on LIBOR. MIA is considering investing in the debt of Rio Corp, a Brazilian energy company. The investment would be in Rio's floating rate notes, currently paying a coupon of 8.0%. MIA's economists are forecasting an interest rate decline in Brazil over the short term.

      Which of the following statements correctly assesses SBK's swaption strategy to mitigate the risk of an interest rate increase? If interest rates increase:


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      1. the strategy will increase the market risk of SBK's debt.

        image

      2. the strategy will increase the cash flow risk of SBK's debt.

        image

      3. the strategy will effectively hedge the interest rate increase.


Answer: B

SBK's swaption strategy is inappropriate for its interest rate exposure. The firm believes interest races may increase and currently is paying a floating rate in an interest rate swap. Therefore, the firm will face higher interest expense on the swap if interest rates increase. SBK needs to purchase a swaption chat will allow it to offset the swap exposure to rising interest rates. The correct option purchase would be a payer swaption, which would give SBK the right to enter into a swap in which it would pay the fixed rate and receive the floating rate. This swaption would effectively offset the firm's existing exposure to the swap. However, SBK has sold the payer swaption. If interest rates increase, the swaption will be in the money and exercised by the party that purchased the swaption. SBK would be required to enter the swap as the floating race payer, increasing its exposure to floating interest rates. Exposure to floating interest rates is also known as cash flow risk since the interest payments are not known with certainty. (Study Session 15, LOS 44.c,h)


Question #362


Milson Investment Advisors (MIA) specializes in managing fixed income portfolios for institutional clients. Many of MIA's clients are able to take on substantial portfolio risk and therefore the firm's funds invest in all credit qualities and in international markets. Among its investments, MIA currently holds positions in the debt of Worth inc., Enertech Company, and SBK Company.

Worth Inc. is a heavy equipment manufacturer in Germany. The company finances a significant amount of its fixed

assets using bonds. Worth's current debt outstanding is in the form of non-callable bonds issued two years ago at a coupon rate of 7.2% and a maturity of 15 years. Worth expects German interest rates to decline by as much as 200 basis points (bps) over the next year and would like to take advantage of the decline. The company has decided to enter into a 2-year interest rate swap with semiannual payments, a swap rate of 5.8%, and a floating rate based on 6-month EURIBOR. The duration of the fixed side of the swap is

1.2. Analysts at MIA have made the following comments regarding Worth's swap plan: "¢ "The duration of the swap from the perspective of Worth is 0.95." "¢ "By entering into the swap, the duration of Worth's long-term liabilities will become smaller, causing the value of the firm's equity to become more sensitive to changes in interest rates."

Enertech Company is a U.S.-based provider of electricity and natural gas. The company uses a large proportion of floating rate notes to finance its operations.

The current interest rate on Enertech's floating rate notes, based on 6-month LIBOR plus 150bp, is 5.5%. To hedge its interest rate risk, Enertech has decided to enter into a long interest rate collar. The cap and the floor of the collar have maturities of two years, with settlement dates (in arrears) every six months. The strike rate for the cap is 5.5% and for the floor is 4.5%, based on 6-month LIBOR, which is forecast to be 5.2%, 6.1%, 4.1%, and 3.8%, in 6,12, 18, and 24 months, respectively. Each settlement period consists of 180 days. Analysts at MIA are interested in assessing the attributes of the collar.

SBK Company builds oil tankers and other large ships in Norway. The firm has several long-term bond issues outstanding with fixed interest rates ranging from

    1. % to 7.5% and maturities ranging from 5 to 12 years. Several years ago, SBK took the pay floating side of a semi-annual settlement swap with a rate of 6.0%, a floating rate based on LIBOR, and a tenor of eight years. The firm now believes interest rates may increase in 6 months, but is not 100% confident in this assumption. To hedge the risk of an interest rate increase, given its interest rate uncertainty, the firm has sold a payer interest rate swaption with a maturity of 6 months, an underlying swap rate of 6.0%, and a floating rate based on LIBOR. MIA is considering investing in the debt of Rio Corp, a Brazilian energy company. The investment would be in Rio's floating rate notes, currently paying a coupon of 8.0%. MIA's economists are forecasting an interest rate decline in Brazil over the short term.

      Which of the following strategies would best hedge the risk of MlA's investment in the Rio Corp. floating rate notes?


      image

      1. Sell an interest rate call with a strike rate of 8.0%.

        image

      2. Sell an interest rate put with a strike rate of 7.0%.

        image

      3. Purchase an interest rate put with a strike rate of 7.0%.


Answer: C

MIA is considering an investment in a floating rate note issued by Rio Corp. The risk of such an investment is that interest rates will decrease, causing the cash flows received from the investment to decrease (i.e., an increase in cash flow risk). The best way to hedge against a decrease In interest rates is to purchase an interest rate put option. If interest rates decrease, the payoff from the put option will offset the lost interest income. Selling an interest rate call option would provide an immediate cash inflow from the option premium, which would also help mitigate lost interest income stemming from a decrease in interest rates. However, the option premium received is not linked to the changes in the interest rate. In other words, the payoff (income) from selling the call option is static whereas the payoff from the interest rate put is linked to the underlying interest rate. The put payoff grows larger as interest rates fall. Therefore, the long interest rate put is a better hedging strategy. (Study Session 15, LOS 43.b)


Financial CFA-Level-III Exam (Chartered Financial Analyst Level III (CFA Level III)) Detailed Information

Exam Structure and Timing
The Level III exam consists of item set and constructed response (essay) questions:
Morning session: Constructed response (essay) questions (usually between 8 and 12 questions, each with several subparts) with a maximum of 180 points. (The point value for each question is provided in the exam book.)
Afternoon session: 10 item set questions
How the Exam Questions Are Structured
When you prepare for the Level III exam, remember to review the Level II item set question details.
Constructed Response (Essay) Questions
Each essay question has two or more parts (A, B, etc.) and one or both of the following types of designated answer pages:
One type of answer page is an unlined page, clearly labeled for that question part. You are free to write your response as needed on that page.
The other type of answer page has a structured set of boxes. The boxes are clearly labeled for that question part and provide a visual structure to guide you in writing your responses.
Your Essay Exam Book
Read and follow the instructions on the front cover and throughout the exam book.
Page one of the exam book lists all of the questions on the exam as well as the topic and the minutes allocated for each question.
The heading where a question begins states the number of parts in that question and the total number of minutes allocated. For example: “Question 2 has two parts (A, B) for a total of 18 minutes”
Instructions in bold print immediately following the question direct you to the designated answer page for each question part. For example: "Answer 2A on page 17”
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Examples of Exam Questions and Guideline Answers
Below are examples of Level III item set questions and an actual 2014 Level III essay exam with guideline answers. You can expect to see similar questions in terms of structure and level of difficulty, but don't expect to see the same questions repeated on your exam. Additionally, the format of the answer pages for each question may change from year to year.
Remember that the exam is based on the current curriculum.
Examples of Level III item set questions (PDF)
2014 Level III essay questions (PDF) (contains actual previous exam questions)
2014 Level III essay guideline answers (PDF)
Current candidates: Log in for additional Level III essay exams and guidelines answers, plus feedback from graders.
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Exam Topics and Study Session Outlines (including LOS)
2017 Level III Study Sessions index | 2017 Level III Study Sessions combined
Ethical and Professional Standards
Study Session 1 | Readings 1-2
Study Session 2
Behavioral Finance, Individual Investors, and Institutional Investors
Study Session 3
Study Session 4
Study Session 5
Study Session 6
Capital Market Expectations
Study Session 7
Asset Allocation
Study Session 8
Study Session 9
Fixed Income and Equity Portfolio Management
Study Session 10
Study Session 11
Study Session 12
Alternative Investments, Risk Management, and the Application of Derivatives
Study Session 13
Study Session 14
Study Session 15
Portfolio: Execution, Evaluation and Attribution, and Global Investment Performance Standards
Study Session 16
Study Session 17
Study Session 18
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Many certification programs around the world recognize our educational programs and grant:
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Wealth Management Essentials (WME)
CFA Institute compiles and maintains this list of waiver opportunities with respect to other certification programs as a service to its members. CFA Institute has no responsibility for the quality of the programs listed, the curriculum, or the fairness of their examination process. Appearance on this list should not be construed as an endorsement of any product, service or organization by CFA Institute.
Chartered Financial Analyst Level 3
This is the last of three exams offered by the CFA Institute (formerly the Association for Investment Management and Research (AIMR)). This exam (in addition to other requirements) must be passed for an individual to become a CFA chartholder. The CFA Program is a globally recognized standard for measuring the competence and integrity of financial analysts. Level III explores portfolio management in great depth. You must demonstrate a working knowledge of the portfolio management process, from calculating investor constraints, objectives, and capital-market expectations to making asset-allocation decisions.
EXAM DETAILS
Time Limit: 6 hours
Cost: Varies
Number of Questions: 10-15
Passing Score: Varies Anually
Passing Rates: As of June 2012, 52%
Format: Essay Questions
Prerequisites: Passing grade on CFA Level II exam, and a U.S. Bachelor's degree or equivalent.
Corequisites: In order to receive your designation as a CFA charterholder upon successful completion of the level 3, you are required to have at least four years of experience in a related field.
Exam Date(s): June
Exam Results: Usually provided within 90 days
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A chartered financial analyst (CFA) is a globally-diagnosed skilled designation given with the aid of the CFA Institute, (formerly the AIMR (association for investment administration and research)), that measures and certifies the competence and integrity of monetary analysts. Candidates are required to circulate three ranges of checks covering areas, equivalent to accounting, economics, ethics, funds administration, and security evaluation. From 1963 to first half of 2016, 1,348,103 candidates have sat for the stage 1 examination, with 209,561 candidates eventually occurring to move the level three examination, representing a weighted average completion expense of 15.5%. within the closing 10 years, the completion expense become somewhat reduce at 12.9%. traditionally the flow fees on each examination were beneath 50%, making this sequence of tests one of the crucial elaborate sets of monetary certifications; at the very least 300 hours of study is advised for each examination. The fundamentals of fitting a Chartered financial Analyst The CFA charter is likely one of the most useful designations in finance and is broadly considered to be the gold common within the field of investment analysis. The designation is handed out via the CFA Institute, which is a world non-profit professional company of greater than a hundred,000 charter holders, portfolio managers and other monetary authorities in 135 countries. Its brought up mission is to promote and increase a excessive stage of academic, ethical, and knowledgeable requisites within the investment industry. earlier than fitting a CFA constitution holder, a candidate need to meet considered one of here tutorial necessities. The candidate must have 4 years of expert work journey, a bachelor's diploma or be within the ultimate 12 months of the bachelor's degree application, or a mixture of professional work adventure and education totaling four years. For the undergraduate qualification, the bachelor's software should be accomplished earlier than registering for the degree II examination. moreover the educational requirement, the candidate ought to have an international passport, comprehensive the assessment in English, meet the skilled habits admission standards, and live in a participating nation. After meeting the enrollment requirements, the candidate need to circulate all three degrees of the CFA application in sequential order. The candidate should then become a member of the CFA Institute and pay annual dues. ultimately, he or she have to log off yearly that he/she is following the CFA Institute code of ethics and necessities of professional habits. Failure to stick to the ethics and specifications is grounds for viable lifetime revocation of the CFA constitution. Passing the CFA program exams requires strong discipline and an extensive volume of gaining knowledge of. The three tests will also be taken every year in June, except for degree I, which can also be taken in December as neatly. In 2019, the degree I, II, and III checks may be given on June nineteenth. stage I is also provided on December 9th. youngsters the assessments may also be taken as time and again as needed, each examination customarily requires candidates to analyze in extra of 300 hours. Given the appreciable volume of time that ought to be spent discovering, many candidates are deterred from continuing the CFA application after failing probably the most tiers. To acquire a constitution, each candidate should move all three tests and have four years of certified work event in funding choice-making. The exams are elaborate. most effective forty three% handed the degree exam in June 2018, which is comparable to previous years. Having the correct plan and the self-discipline to comply with the plan are fundamental skills for passing all three tests. above all, 2018 noticed a list variety of verify takers, in accordance with the CFA Institute. The Institute spoke of greater than 77,000 individuals sat its degree 1 look at various in December, an increase of 13% from 2017. The enhance in test takers came primarily from Asia. The Institute now has test-taking facilities in forty three international locations all over the world. The CFA constitution is without doubt one of the most beneficial designations in finance and is largely regarded to be the gold typical within the box of funding evaluation. To develop into a charter holder, candidates need to move three tricky tests, have a bachelors degree, and have as a minimum 4 years of significant professional journey. Passing the CFA application exams requires strong discipline and an intensive quantity of gaining knowledge of. As of January 2019, there are greater than 154,000 registered CFA charter holders worldwide in additional than one hundred sixty five nations and regions. The designation is surpassed out via the CFA Institute, which has eight workplaces international and there are 151 local member societies. stage 1 examination The CFA stage one examination is run twice per yr in June and December. It focuses on analysis the usage of the equipment of the 10 topic areas of the Candidate physique of knowledge. These areas are ethical and skilled standards, quantitative strategies, economics, economic reporting and evaluation, company finance, equity investments, mounted profits, derivatives, choice investments, and portfolio administration and wealth planning. The exam structure is 240 dissimilar option questions to be achieved within 6 hours. The June 2018 stage I exam circulate cost become forty three%. the ten-year weighted ordinary CFA move prices for level 1 is forty%. CFA level I examination subject Weights. stage 2 exam The stage 2 exam is simply provided as soon as per 12 months in June. It specializes in the valuation of quite a lot of property and emphasizes the software of funding tools and concepts in contextual cases. exam questions regarding economic Reporting and analysis are customarily in line with foreign Financing Reporting requisites (IFRS). The exam format is 20 item units (mini case stories) with 6 multiple option questions for every set (a hundred and twenty questions complete). The June 2018 level II examination pass cost turned into 45%. the 10-yr weighted general of CFA degree 2 flow cost is forty three%. CFA level II examination theme Weights. level three exam The level 3 examination is only offered as soon as per 12 months in June. It focuses on positive wealth planning and portfolio administration through requiring the candidate to synthesize all the concepts and analytical strategies in the entire curriculum. The exam structure is between 8-12 multi-part structured essay questions and ten distinctive alternative questions to be accomplished inside 6 hours. The hand-written answers are graded through hand. The June 2018 stage 3 exam pass cost changed into 56%. fifty one% the 10-yr weighted ordinary pass price for level three is the highest at 51%. CFA level III examination topic Weights. a hit candidates take a regular of 4 years to earn the designation. theme weighting on each and every of the exams throughout all 10 areas of expertise latitude from 0 to 55%, reckoning on the degree. probably the most latest weightings are available at www.cfainstitute.org. boundaries of the CFA constitution The CFA charter is greatly revered, globally-recognized, and a tough carrying out to accomplish. besides the fact that children, it is not a certain path to riches and glory. earlier than taking the plunge, carefully believe several drawbacks to earning one. The CFA isn't a brief-fix for an ailing career. if you are enrolling within the program to leap-birth a stalling profession, you can also want to examine other reasons your profession isn't relocating forward first. possibly earlier than investing inordinate quantities of time and an excessive amount of funds into building your pedigree, you could decide to enhance your soft advantage, corresponding to work ethic and political suaveness. fitting a CFA charterholder is a tremendous investment in timea recommended minimum of 300 hours per yr over three yearsor extra in case you fail and judge to re-take an exam. you'll possible sacrifice time with household and pals and the pursuit of hobbies you savour. And after committing all that point, there is no make sure that you are going to earn the charter. while the can charge ingredient may additionally not be a tremendous consideration, it's worth thinking about. 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