CFA二級考試中2022年固定收益要學習那幾章節的知識？在備考CFA二級考試中考試題型是怎樣的？今天跟著小編一起看看CFA LEVEL II-固定收益 Fixed Income Securities！

在2022年CFA二級考試中固定收益總共分為5個readings:，分別如下所示！

R32 The term structure&interest rates dynamics

R33 The Arbitrage-Free Valuation Framework

R34 Valuation and Analysis: Bond with Embedded Options

R35 Credit Analysis Models

R36 Credit default swaps

考生備考CFA二級考試，固定收益的考試題型是選擇題，但是和CFA一級還是有區別的，考生需要了解CFA二級考試題型！

Chan discusses the mechanics of a long/short trade. In order to structure a number of potential trades, Chan and Smith exchange their respective views on individual companies and global economies.Chan and Smith agree on the following outlooks.

Outlook 1: Italy’s economy will weaken.

Outlook 2: The US economy will strengthen relative to that of Canada.

Outlook 3: The credit quality of electric car manufacturers will improve relative to that of traditional car manufacturers.

Based on the three economic outlook statements, a profitable long/short trade would be to:

go long a Canadian CDX IG and short a US CDX IG.

short an iTraxx Crossover and go long an iTraxx Main.

short electric car CDS and go long traditional car CDS.

答案解析

B is correct.

解題思路

對于Outlook 1，預期意大利的經濟是衰退的，high-yield bond會跌的更厲害，所以我們應該買high yield bond保險。相對來說，投資級別表現相對較好，我們應該賣IG bond保險。

對于Outlook 2，加拿大的經濟相對美國更疲軟，因此買入加拿大的protection。就是轉移加拿大的信用風險，因此是Short Canadian CDX IG。賣出美國的Protection，對應主動承擔美國的信用風險，因此是Long US CDX IG，因此A選項錯誤。

對于Outlook 3，預期電動汽車的信用質量相對于傳統汽車有所提升，因此盈利的頭寸應該是賣出電動汽車的Protection，買入傳統汽車的Protection。

賣出電動汽車的Protection， 則主動承擔電動汽車的信用風險，因此是Long electric car CDS。買入傳統汽車的Protection，相當于轉移傳統汽車的信用風險，因此是Short traditional car CDS。因此C選項錯誤。