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FINANCIAL MARKET COURSES

Bond Prices & Yields

Any fundamental understanding of how the capital markets perform their role requires a detailed knowledge of bond structure and pricing. The bond markets are also the engine that powers the interest rate swap market. New issue bonds and secondary market bond repackaging are powerful forces in the swap markets.

 

The combination of more flexible bond markets and liquid interest rate derivatives markets has transformed the way debt finance is raised for many borrowers. The differences between bond and swap pricing can lead to the creation of hybrid instruments and structured transactions that create financing and investment vehicles for astute market participants. As a result, it is vitally important that you become familiar with the bond pricing and yield to maturity concepts explained in this course.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Calculate a bond price given the yield to maturity of the bond and the yield to maturity of a bond given its price

    Apply these calculations to both annuity and perpetual annuity bonds

  • COURSE OUTLINE

    Topic 1: Bond Pricing

    What is a Bond?

    Fair Price of a Bond

    Accrued Interest

    Clean & Dirty Prices

    Other Bond-Like Instruments

    Topic 2: Bond Yields

    Types of Bond Yields

    Yield to Maturity

    Bond Rates of Return

    Interest Rate Risk

    Price-Yield Curves

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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