Fixed Income Markets Masterclass

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1. Fixed Income Markets – Overview

• Bond market, players and market characteristics
• Classification of debt instruments
• Bond market instruments

2. Bond Pricing and Yield Measures

• Pricing a Bond
• Pricing a Zero-coupon Bond
• Day-count Conventions
• Current Yield
• Yield-to-Maturity
• Yield-to-Call

3. Treasury Securities

• Treasury Bonds And Notes
• Characteristics of Treasury Bonds and Notes
• Issuers and Investors
• Primary and Secondary Market
• Bond Quotes
• Pricing Treasury Bonds
• Other Treasury Securities

4. Corporate Bonds

• Corporate bonds and its characteristics
• Issuers and investors
• Benefits and risk
• Provisions for repayment
• Collateralization
• Credit ratings

5. Global Bonds – I

• Australian Commonwealth Government Bonds
• Canadian Government Bonds
• French Government Bonds and Notes
• German Government Bonds and Notes
• Irish Government Bonds

6. Global Bonds – II

• Italian Government Bonds
• Japanese Government Bonds
• Spanish Government Bonds and Notes
• Swiss Government Bonds and Notes
• United Kingdom Government Bonds

7. Treasury Inflation Protected Securities (TIPS)

• Overview of Treasury Inflation Protected Securities (TIPS)
• How do treasury inflation protected securities work
• What are the risks of investing in TIPS?
• Managing TIPS portfolio
• TIPS vis-à-vis Income Tax

8. Duration

• Define the concepts of Duration and Modified Duration
• Understand and apply the formulae of duration and modified duration
• Compute duration for different types of bonds
• Identify the relationship between duration, yield, coupon and maturity of a bond and thereby comprehend the properties of duration

9. Convexity

• Basics of convexity
• Calculation of convexity for portfolios
• Positive and negative convexities and their role

10. Basis Point Value

• The relationship between BPV, duration and convexity
• Methods to calculate BPV for on and off balance sheet items

11. High Yield Bonds

• High-yield bonds
• How credit ratings affect yield
• Issuers and investors
• Benefits
• Risks involved

12. Brady Bonds

• The Brady bonds
• The role played by Brady bonds in emerging markets
• The pricing of Brady bonds
• The risks associated with Brady bonds and their hedging

13. Option Embedded Bonds

• Callable Bonds
• Valuation of Callable Bonds
• Puttable and Extendible Bonds
• Convertible Bonds
• Valuation of Convertible Bonds

14. Collateralized Mortgage Obligations

• Collateralised Mortgage Obligation (CMO)
• Different Types of CMOs
• Risks Inherent in CMOs
• Regulatory and Legal Aspects of CMOs

15. Interest rate Swaps

This course deals with how interest rate swaps can be used to hedge interest rate risk in fixed income markets:

• Importance of interest rate risk
• Pricing and valuation of interest rate swaps
• Variants in interest rate swaps
• Swaptions

16. Caps, Floors, Collars and Captions

• Interest Rate Caps
• Corridors
• Step up Caps
• Captions
• Floors
• Collars

17. Forward Rate Agreements

• Mechanics of trading FRAs
• Computing forward rates
• Using FRAs to hedge risk
• Using FRAs for trading and arbitrage purposes

18. Bond Trading Strategies

• Bond Trading Mechanics
• Bond Stripping
• Relative Value Trade

19. Municipal Bonds

• The meaning and concept of municipal bonds
• The features of municipal bonds
• The types of municipal bonds
• The differences between municipal bonds and corporate bonds
• The municipal bond markets
• The commercial credit rating of municipal bonds
• The types of risks involved with respect to municipal bonds
• The concept of municipal bond insurance

$300 – 12 Month Program – Enroll Now

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