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Exploring the Essential Features of “Applied Fixed Income – Andrew Loo – CFI Education”
Applied Fixed Income
Build on your fixed-income fundamentals by diving deeper into government-issued debt, zero-coupon bonds, floaters, linkers, callables, and putables.
- Master government, agency, and sovereign/supranational bonds
- Understand the difference between specialized fixed income instruments like zeroes, floaters, and linkers
- Learn how to price callable and puttable bonds
Overview
Applied Fixed Income Course Overview
This Applied Fixed Income course builds on the fixed income fundamentals and delves deeper into government & agency-issued debt, zeroes, floaters & linkers, and callables & putables. It provides knowledge on how they are priced with industry-relevant examples of each type of debt. You will work through practice examples of certain types of debt and learn how to identify critical information on Refinitiv Workspace. By the end of this course, you will have an enhanced understanding of fixed-income products, which will prepare you for learning advanced fixed-income courses.
We will explore the following:
- Government, GSE, and SSA Debt
- Zeroes, Floaters, and Linkers
- Callables and Putables
Applied Fixed Income Learning Objectives
Upon completing this course, you will be able to:
- Describe the different types of fixed-income products, their issuers, and investors
- Understand in-depth their pricing, duration, and convexity
- Understand how to calculate bond yields from Bloomberg
Who should take this course?
This Applied Fixed Income course is perfect for anyone who wants to build up their understanding of fixed-income products. This course is designed to equip anyone who desires to begin a career in the capital markets on the fixed income desk.
What you’ll learn
- Government, GSE, and SSA
Introduction to the Course
Downloadable Files
US Government Debt Market
Bloomberg PX1 – draft
Issuance Process
US Treasury Grey Market
Key US Treasury Auction Statistics
Buybacks
Interactive Exercise 1
Importance of Yield Curves
Carry and Roll
Coupons, Maturities, and Butterflies
Drivers of US Treasuries
European Government Bonds
Interactive Exercise 2
German Government Curve Actives
5-Year On-The-Run OAT
2-Year On-The-Run GILT
Supranationals
Interactive Exercise 3
Case Study – World Bank
IBRD Debt
Issuing Supranational Bonds
IBRD Bond Issuance
IBRD Bond Example
New Issue Distribution
Secondary Trading IBRD Bond
Sovereign Agencies
Sovereign Agencies Yield Curves and Differences
Sovereign Agency – New Issuance
Why Do Investors Buy SSA Debt
Interactive Exercise 4
GSE Debt
GSE Debt Market
Fannie Mae and Freddie Mac
FHLB, FAMC and FFCB
Interactive Exercise 5
FHLB Bond Example
Domestic Bond Markets
International Bond Markets
Sample Shelf and Pricing Supplement - Zeros, Floaters, and Linkers Overview
Zero-Coupon Bonds
PV of a Zero-Coupon Bond
Duration and Convexity of a Zero-Coupon Bond
Excel Example – Duration and Convexity of a Zero-Coupon Bond
Downloadable files
STRIPS
STRIPS Investors and FRNs
FRNs
Interactive Exercise 6
Sample FRNs
Yield of an FRN
Pricing FRNs
Duration of an FRN
Linkers
Interactive Exercises 7
Mechanics of TIPS
TIPS Duration and Breakeven Inflation
Interactive Exercise 8 - Callables and Putables
Introduction to Callables and Putables
Callables and Putables – Payouts and Issuer
Make-whole Call
GSE Callable Bonds
Binomial Interest Rate Tree
Downloadable files
Excel Example – Binomial Interest Rate Tree
Yield To Call
Yield To Worst
Option Adjusted Spread
Duration and Convexity of a Callable Bond
Interactive Exercise 9
Putable Bond
Interest Rate Tree and Price-Yield Relationship
Downloadable Files
YTP Effective Duration and Convexity for Putables
Course Summary - Qualified Assessment
Qualified Assessment
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