Fixed Income, Credit & Rates

  1. F2

    Bond Pricing and Yield

    The price and every yield measure that reads it.

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      Topic 01

      The Policy Rate and a Bond Yield: What Separates Them

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      Topic 01

      Current Yield and Yield to Maturity: What Each Reads

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      Topic 01

      Yield to Maturity and Yield to Call: Which One Binds

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      Topic 01

      The Coupon and the Yield: Why They Match Only at Par

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      Topic 01

      Spread Return and Price Return: Splitting One Price Move

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  2. F3

    Interest Rate Risk

    The first risk. How much the price moves when the rate does.

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      Topic 01

      Key-Rate Duration

      Topic 02

      Modified Duration: One Number or Ten

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      Topic 01

      Spot Rate and Forward Rate: Two Rates on the Same Curve

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      Topic 01

      Prepayment Risk and Extension Risk: When Cash Flows Move

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      Topic 01

      A Rate View and a Credit View: Same Bond, Two Questions

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      Topic 01

      Interest-Rate Risk and Reinvestment Risk: Opposite Signs

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  3. F4

    Rates Markets

    The curve itself. Term structure, forwards and what compensates a longer holding.

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      Topic 01

      Parallel Shift

      Topic 02

      Steepening

      Topic 03

      Flattening

      Topic 04

      Twist

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  4. F6

    Sovereign Bonds

    The benchmark issuer. Government securities, bills, the benchmark yield and the policy link.

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      Topic 01

      Par Bond and Premium Bond: What the Price Difference Is

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      Topic 01

      Treasury Bill

      Topic 02

      Sovereign Bond: One Payment or Many

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  5. F7

    Credit Risk

    The second risk. What a spread compensates for, and what a rating claims.

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      Topic 01

      Credit Risk and Interest Rate Risk: Two Limbs of One Yield

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      Topic 01

      Term Premium and Credit Spread: Two Parts of One Yield

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      Topic 01

      Collateral

      Topic 02

      Guarantee: A Thing, and a Second Party

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  6. F8

    Credit Analysis

    Judging the borrower. Seniority, covenants, collateral and the leverage picture.

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      Topic 01

      Gross Leverage and Net Leverage: One Subtraction Apart

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  7. F9

    Credit Events and Recovery

    When it goes wrong. Default, restructuring, the distressed exchange and recovery.

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      Topic 01

      Credit Event

      Topic 02

      Liquidity Event: Telling Them Apart

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      Topic 01

      Covenant Breach

      Topic 02

      Restructuring Event: The Difference

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  8. F10

    Securitisation

    Structure. Pooling loans, slicing risk, and the waterfall that pays.

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      Topic 01

      Asset-Backed Security

      Topic 02

      Mortgage-Backed Security: The Pool

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  9. F11

    Fixed Income Portfolios

    Holding many bonds. Ladder, barbell, bullet and portfolio-level measures.

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      Topic 01

      Barbell

      Topic 02

      Bullet: Two Shapes, One Average Maturity

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  10. F12

    Fixed Income Research

    The output. What the analyst produces, on what assumptions, with what limits stated.

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      Topic 01

      A Liquidity Assumption and a Liquidity Fact Compared

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