Fixed Income, Credit & Rates

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

• Framework

  How to Analyse a Change in Interest-Rate Conditions

  View framework
• Framework

  How to Review Prepayment and Extension Risk on a Bond

  View framework
• Framework

  How to Analyse a Bond's Price Sensitivity, Step by Step

  View framework

Positioning on the curve. Steepener, flattener, butterfly, carry and roll.

• Framework

  How to Read a Yield Curve, Node by Node and Gap by Gap

  View framework
• Framework

  How to analyse a Yield-Curve Scenario: The Eight Step Method

  View framework

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

• Framework

  How to Compare Government Security Maturities on a Curve

  View framework
• Framework

  How to Read a Bond Term Sheet: Every Field in Order

  View framework
• Framework

  How to Map the Creditor Protections a Bond Actually Gives

  View framework
• Framework

  How to Analyse a Bond Ladder That Is Already Built

  View framework

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

• Framework

  How to Build an Issuer Credit Snapshot, Step by Step

  View framework

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

• Framework

  How to analyse a Structured-Credit Waterfall, Step by Step

  View framework

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

• Framework

  How to update Credit Analysis After a Credit Event

  View framework
• Framework

  How to analyse Default and Recovery Scenarios

  View framework

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

• Framework

  How to map a Securitisation Structure, Step by Step

  View framework

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

• Framework

  How to Map the Exposures in a Fixed Income Portfolio

  View framework

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

• Framework

  How to assess Fixed-Income Liquidity Context

  View framework
• Framework

  How to Write a Fixed Income Note a Reader Can Check

  View framework