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FINANCIAL MARKET COURSES

Fixed Income

Courses In This Course

This course provides in-depth coverage of the leading global debt markets, including the US, UK, and international (Eurobond) markets. Key fixed income mathematical concepts, such as yield to maturity, duration and convexity, are also covered. There is also a detailed discussion of credit risk issues in fixed income markets, and an introduction to passive and active bond trading strategies.

Objectives

In this course, you will explore:

Fixed income market mathematics

Credit risk concerns for fixed income market participants

Various aspects of FRNs, including their pricing and yield calculations

Government and non-government debt securities in the leading bond markets

Primary and secondary market trading conventions in the domestic and international bond markets

Bond strategies and their objectives

Prerequisite Knowledge

A basic understanding of the money, capital, foreign exchange and derivative markets is assumed.

Learner Profile

This course is designed for:

• Senior managers

• Dealers and traders

• Treasury staff

• Operations and support staff

• Finance and accounting staff

• Risk staff

• IT staff

• Compliance and regulatory staff

  •    BOND PRICES & YIELDS

    Overview

    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.

    Course Duration

    75 mins

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    Prerequisite Knowledge

    Interest Calculations

    Time Value of Money

    NPV & IRR

  •    DURATION & CONVEXITY

    Overview

    For market participants that buy a bond, collect the coupon payments and hold the bond to maturity, market volatility is not a major concern (ignoring the possible reinvestment risk for their coupon payments); interest is received according to a predetermined rate and schedule, and the principal is returned at maturity. However, non-‘buy-and-hold’ investors that buy and sell bonds prior to maturity are exposed to many risks, most significantly interest rate volatility (bond prices and yields/interest rates are inversely related). Duration and convexity – the subject of this course – are important concepts used in measuring the price volatility of a bond, or its price sensitivity with respect to a change in its yield. Being aware of these concepts helps investors to protect themselves from bond price risk.

    Course Duration

    90 mins

    Prerequisite Knowledge

    Bond Prices & Yields

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  •    FIXED INCOME - CREDIT RISK

    Overview

    Increasingly, agents and investors in fixed income have set their sights beyond the traditional government bond markets towards the more lucrative returns available when credit risk is allied to interest rate risk. In recent years, developments have led to the emergence of credit as a truly independent asset class, with its own derivative markets and idiosyncrasies. As involvement has grown, investors have become more sophisticated, and analysis and products have become more complex.

     

    This course extends the analysis of risks facing fixed income investors beyond merely interest rate risk, and into the sphere of credit risk. It describes the credit characteristics of differing forms of debt issuance, market evaluation of credit risk, and the roles of rating agencies in the credit universe.

    Course Duration

    90 mins

    Prerequisite Knowledge

    Bonds – An Introduction

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  •    EUROBONDS - AN INTRODUCTION

    Overview

    From its humble beginnings in the 1960s, when the market developed out of the need for banks to avoid US domestic banking restrictions, the Eurobond market has continued to thrive up to the present day. It has changed beyond recognition over the years and now represents an important source of funding for a variety of borrowers, including banks, corporates, governments and supranational organizations.

     

    Although it has been around since 1963, the Eurobond market is still in the relatively early days of its evolution (the first US government securities were authorized in 1790). The introduction of the euro has given it a further impetus and it is generally expected that the market will develop and grow even further in the coming

    This course looks at Eurobonds, their features and characteristics and the different bond types in the market.

    Course Duration

    90 mins

    Prerequisite Knowledge

    Bonds – An Introduction

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  •    EUROBONDS - ISSUING & INVESTING

    Overview

    The Eurobond market is a vital source of funds for many entities, including banks and other financial institutions, governments and supranational organizations and, increasingly, non-financial corporates. Many of these entities have turned to the international market when domestic conditions were not conducive to raising capital.

     

    New Eurobond issues are originated in the primary market, where they are then bought and re-sold between investors in the secondary market. This is an over-the-counter (OTC) market that provides investors with an alternative to investing in domestic issues and the advantages that often come with that, such as increased yields and portfolio diversification.

    This course looks at the primary and secondary markets for Eurobonds, the participants in these markets and the reasons why they are active in these markets.

    Course Duration

    75 mins

    Prerequisite Knowledge

    Eurobonds – An Introduction

    Bonds – Primary & Secondary Markets

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  •    FLOATING RATE NOTES (FRNS)

    Overview

    Floating rate notes are medium- to long-term debt instruments with a floating rate of interest that is reset periodically, based on a margin or spread over a reference rate. Compared with fixed rate securities, FRNs are less sensitive to interest rate fluctuations as their coupon moves in conjunction with underlying market rates.

     

    This course will provide an overview of the basic structure and features of floating rate notes. It will also describe the various uses and applications of FRNs, variations of the basic FRN structure, and price/yield calculations.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Bonds - An Introduction

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  •    US BOND MARKET

    Overview

    The US bond market is the largest and most varied bond market in the world. It has nearly USD 20 trillion in outstanding issues.

     

    This course outlines the structure of the US bond market, presenting the different types of bonds and how they are traded on the primary and secondary markets.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Bonds – An Introduction

    Bonds – Primary & Secondary Markets

     

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  •    UK BOND MARKET

    Overview

    Given the status of London as one of the world key trading centers it is not surprising that the UK debt market is also one of the largest.  UK government bonds make up the largest part of this market - UK's national debt is roughly half the gross domestic product (GDP).

     

    In this course, you'll learn all about the different types of bonds on the UK bond market. You'll also learn about the primary and secondary bond markets in the UK.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Bonds – An Introduction

    Bonds – Primary and Secondary Markets

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  •    EUROPEAN BOND MARKETS

    Overview

    When the third stage of EMU began on January 1, 1999, bond markets in the euro area were redenominated in euro. Since then, the euro area has become a leading bond market, with total outstanding debt representing nearly half of the total outstanding debt worldwide.

     

    This course focuses on the three largest debt-issuing countries in the euro area, namely France, Germany, and Italy.

    Course Duration

    120 mins

    Prerequisite Knowledge

    Bonds – An Introduction

    Bonds – Primary & Secondary Markets

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  •   JAPANESE BOND MARKET

    Overview

    The Japanese bond market is one of the largest bond markets in the world. It is dominated by the market for Japanese Government Bonds (JGBs), with total amounts outstanding of over JPY 673 trillion in 2007. In this course, you will learn about the different types of bonds in the Japanese bond market. You'll also learn about the primary and secondary bond market procedures in Japan.

    Course Duration

    50 mins

    Prerequisite Knowledge

    Bonds – An Introduction

    Bonds – Primary & Secondary Markets

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  •   CANADIAN BOND MARKET

    Overview

    The Canadian bond market is the one of the largest in the world. It is dominated by the market for government bonds, of which there are around CAD 300 billion outstanding. However, Canada's debt-to-GDP ratio was the lowest (and fastest declining) in the G7 in 2004. The continual fall in the debt-to-GDP ratio reflects both economic growth and the Canadian government's commitment to maintaining balanced budgets. In contrast, the corporate bond sector has grown significantly in recent years.

     

    In this course, you will learn about the different types of bonds in the Canadian bond market. You'll also learn about the primary and secondary bond markets in Canada.

    Course Duration

    50 mins

    Prerequisite Knowledge

    Bonds - An Introduction

    Bonds - Primary & Secondary Markets

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  •   BOND STRATEGIES - FUNDAMENTALS

    Overview

    Before investors begin to build their bond portfolio they must ask themselves what the portfolio objective is and what strategy should be chosen to achieve this objective. One critical assumption when addressing these two key questions is diversification. This tried-and-trusted tactic protects the bond portfolio so that if one bond class is under performing, the rising value of other bond classes compensates for the negative impact. This course examines the fundamental aspects of bond strategies, providing comprehensive analysis and practical examples.

    Course Duration

    60 mins

    Prerequisite Knowledge

    Bonds - An Introduction

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