Fixed Income Markets I

New York Institute of Finance


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Fixed Income Markets I

Gain a comprehensive overview of the fixed income market, covering basic bond terminology, fundamentals, yield calculations and the specifics of corporate, government and municipal bonds.

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Module 1: Size and importance of the bond market

  • Debt market
  • Equity market

Module 2: Major debt market categories

  • Money markets
  • Capital markets

Module 3: Choice of equity or debt for capital formation

  • Condition of the company
  • Condition of the market place
  • Nature of the need for funds

Module 4: Tax advantages/disadvantages

  • Loss of financial flexibility through leverage
  • Deduct interest payments
  • Dividends paid from after-tax income
  • Regulatory restraints on bank lending

Module 5: Issuers

  • Foreign governments and firms
  • Domestic corporations
  • Municipal governments
  • Federal governments and its agencies

Module 6: Bond fundamentals

  • Par value
  • Maturity
  • Interest rate
  • Interest payment

Module 7: Bond pricing

  • Percentage values
  • Quotation conventions
  • Converting prices to dollar amounts
  • Premium price

Module 8: Accrued interest

  • Standard payment dates
  • Trade date and settlement date
  • Different market conventions for treasuries
  • Calculation

Module 9: Yield calculations

  • Yield vs. return vs. interest rate
  • Nominal yield
  • Current yield
  • Real yields
  • Price and yield
  • Yield to maturity

Module 10: Duration Analysis - Introduction

  • Definition
  • Calculation - explained
  • Interpretation
  • Limitations/advantages

Module 11: Risks in the market

  • Reinvestment risk
  • Inflation risk
  • Call risk
  • Interest rate risk
  • Sector risk
  • Liquidity risk
  • Event risk
  • Sovereign risk

Module 12: Credit/investments risk

  • Credit risk vs. market risk
  • Market performance: a function of rating

Module 13: The rating services

  • Moody's
  • Standard & Poor's
  • Fitch Investor's Services
  • External research analysis firms
  • Research departments

Module 14: Structure of an issue

  • Secured vs. unsecured bond
  • Senior vs. subordinated bond
  • Callability
  • Structure of the call feature
  • Sinking fund
  • The indenture
  • Notes vs. bonds
  • Serial borrowing
  • Term borrowing
  • Bullets
  • Basic elements - rate, time, principal return

Module 15: The money markets

  • Types of issuers
  • Issued as discount
  • Less than one year maturities

Module 16: Key interest rates

  • Discount rate
  • Fed funds rate

Module 1: U.S. government securities & agency issues

  • Types of issues
  • Primary government security dealers
  • The treasury auction
  • The secondary market
  • The Government securities yield curve

Module 2: The corporate bond markets

  • Types of issuers
  • Utility; transportation; financial; telecommunication; industrial

Module 3: Municipal securities

  • Definition
  • Taxation
  • Types of issuers
  • Credit risk and credit ratings
  • The secondary market

Module 4: Mortgage securities

  • Traditional mortgage
  • Government agencies
  • Lenders
  • Borrowers
  • CMOs

Module 5: Other asset backed securities

  • Credit cards
  • Auto loans
  • Student loans
  • Corporate debt

Module 6: Yield curves

  • Definition of yield curve
  • Determinants of shape of yield curve
  • Shape of yield curve and market expectations
  • Spreads between yield curves

Module 7: The economy

  • Business cycles
  • Monthly indicators
  • Watching the Fed

Module 8: Fiscal policy

  • Monetary policy
  • Concept of reserves - money creation
  • Transmission process to the economy
  • Key interest rates
  • Impact on security yields
  • Role of the Federal Reserve in the American economy

Module 9: Structure of the Federal Reserve

  • Board of Governors
  • The FOMC
  • 12 Federal Reserve Banks

Module 10: Targets and Goals

  • Reserve management
  • Short run targets - reserves and rates
  • Intermediate targets - money supply
  • Final goals - credit flows and the economy

Module 11: Tools of the Fed

  • Reserve requirements
  • Discount rates
  • Open market operations
  • Margin requirements

Module 12: Role of the New York Fed

  • Demand and supply for reserves
  • Operations
  • Primary Reporting Dealers

Module 13: The Federal funds market

  • Importance of Federal funds
  • Defined as a security
  • Methods of Federal funds exchange
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Fixed Income Markets I

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