Course Outline

What is Fixed Income Securities?

Types of Fixed Income Securities
 - Government Bonds (Billds, Notes, Bonds)
 - Corporate Bonds  
 - Zero Coupon Bonds
 - High Yield Bonds
 - Medium Term Notes
 - Commercial Paper
 - Structure Note
 - Asset Backed Securities
 - Mortgage Backed Securities

Fixed Income vs Equity
 - What is Equity
 - What is the difference between Fixed Income and Equity

Structure of Fixed Income Market
 - Introduction to the Fixed Income Market
 - Major players
 - How to buy bonds

Basic Features of Bonds
 - Maturity
 - Par Value
 - Coupon Rate
 - Currency Denomination

Bond Indenture and Covenants

Legal, Regulatory and Tax Considerations
 - International bonds
 - Government bonds
 - Tax Considerations

Fixed Income Risks
 - Interest Rate Risk
 - Reinvestment Risk
 - Inflation Risk
 - Credit/Default Risk
 - Rating Downgrades Risk
 - Liquidity Risk
 - Volatility Risk
 - Exchange-rate Risk
 - Event Risk

Pricing of the Fixed Income Securities
 - How to determine a fair price
 - Features of a bond and yield measures
 - Basic Calculation of a bond price

Introduction to Fixed Income Valuation
 - Bond pricing with a market discount rate
 - Relationship between the bond price and bond characteristics
 - Pricing Bonds
 - Flat Price and Full Price
 - Matrix Pricing
 - Yield measures for fixed-rate bonds
 - Discount Basis yield and Add On Rate
 - Maturity structure of interest rates
 - Forward rate and Spot rate
 - Yield Spreads

Principal Repayment Structures
 - Bullet Bond
 - Fully Amortised Bond
 - Partially Amortised Bond

Coupon Payment Structures

Bonds with Contingency Provisions
 - Callable Bond
 - Putable Bond
 - Convertible Bond

Fixed Income Derivatives
 - Credit Default Swaps
 - Interest Swaps
 - Inflation Swaps
 - Bond Futures
 - Interest Rate Futures
 - Forward Rate Agreements


  14 Hours


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