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In this course, you will learn :
- Understand the elements that define and characterise fixed-income securities.
- Know what to look out for when investing in a bond.
- Understand the legal, regulatory and tax framework bonds operate under.
- Know the various coupon payment types.
- Have an overview of global fixed income markets.
- Understand how bonds are issued in primary markets, and traded in secondary markets..
- Examine government, corporate and structured finance bond market sectors..
- Make basic bond valuations.
- Calculate and quote bond prices and yields.
- Understand what is yield spread..
- Understand what is securitisation, and its benefits.
- Learn what is tranching, and the difference between credit tranching and time tranching.
- Understand how mortgage-backed securities (MBS) are structured.
- Learn what is a CDO.
- Understand and calculate bond duration (Macaulay, modified, approximate modified, effective and key-rate durations).
- Make convexity adjustments to calculate change in price of a bond when its yield changes.
- Understand credit ratings and role of credit ratings agencies.
- Analyse the credit risk of a company.
Syllabus :
- Fixed Income Securities: Defining Elements
- Fixed-Income Markets: Issuance, Trading, and Funding
- Introduction to Fixed-Income Valuation
- Introduction to Asset-Backed Securities
- Understanding Fixed-Income Risk and Return
- Fundamentals of Credit Analysis
