Fixed Income

John Molson School of Business

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John Molson School of Business


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About the course

Fixed Income teaches how to analyze, valuate and manage fixed-income securities.

Fixed Income teaches how to analyze, valuate and manage fixed-income securities. This course also describes the primary issuers, sectors and types of bonds, as well as yields and spreads that affect monetary policies on financial markets. Primary tools for valuation and analysis are also explained such as basic valuation theory and techniques for bonds and fixed-income investment valuation (interest rate, yield valuation, interest rate measurement and analysis).


Expert advice and in-depth features

NOTE: The modular nature of this program allows different learners to tailor their courses to their needs. You may choose to take one course (for interest, or for a personal need), a series of courses (for career advancement, for example), or a series of modules (for professional certification preparedness in a particular field).

Module 1: Features of Debt Securities

Credit Hours: 2

A bond prospectus is a legal document that describes all the features of any debt instrument.This module explains the basics of a bond from the variety of coupon structures to the kinds of provisions for redemption and retirement of bonds. These lessons also explore the most common covenants of bond indentures, their typical embedded options and the basic methods of financing debt purchases.

Module 2: Risks Associated with Investing in Bonds Credit Hours: 3

Investing in bonds entails multiple risks. In this module, the risks are segregated and discussed independently. Interest risk, yield curve risk, reinvestment risk, liquidity risk, credit risk, event risk, inflation risk, exchange-rate risk, yield volatility. Interest rate risk is discussed in more depth for fixed coupon bonds, floating rate bonds, and bonds with embedded options. Duration is defined as a measure of interest rate sensitivity.m assets and liabilities, which allows it to operate.

Module 3: Overview of Bond Sectors and Instruments Credit Hours: 3

Bonds are issued by Sovereigns, Agencies, municipalities, and corporations. This module describes the basic US Treasury bond instruments (bills, notes, bonds, and inflation protection securities) and coupon and principal STRIPS; mortgage backed securities and collateralized mortgage obligations that are mainly issued by Federal agencies. A rich variety of bond instruments are issued by corporations (corporate bonds, medium-term notes, structured notes, commercial paper, negotiable CDs, and bankers acceptances, asset backed securities, and collateralized debt obligations). The distribution methods for placing bonds in the primary market and secondary markets are also outlined.

Module 4: Understanding Yield Spreads Credit Hours: 3

The most common quantitative concepts for bonds are yields, yield spreads, and yield curves. This module covers the topic in depth: The basic theories of the term structure of interest rates and the corresponding yield curve shapes; the various yield spread measures; the effect of embedded options on yield spreads. LIBOR, the benchmark interest rate, is defined and its importance in fixed income funding is addressed.

Module 5: Introduction to the Valuation of Debt Securities Credit Hours: 3

This module presents a thorough explanation of the basic quantitative framework for the valuation of a typically fixed coupon-bearing and zero-coupon bond, which entails discounting future cash flows. Lessons also discuss the necessary adaptations for the valuation of floating rate bonds and the valuation of a bond as a function of the selection of the discount rate and as time to maturity declines. In addition, this module explains the arbitrage-free valuation method of a bond and its use for identifying trading opportunities.

Module 6: Yield Measures, Spot Rates, and Forward Rates Credit Hours: 3

This module presents an in-depth look into the three components of the return from investing in bonds with a focus on reinvestment risk that affects realized returns. Lessons also define and differentiate the nominal spread, the zero-volatility spread, and the option-adjusted spread. Finally, forward rate calculations are explained and used for bond valuation to be compared to the use of spot rates.

Module 7: Introduction to the Measurement of Interest Rate Risk Credit Hours: 3

First and second order bond valuation sensitivity for changes in interest rates are examined in this module. The first order measures are based on the full valuation approach (scenario analysis) and the various duration measures (effective, modified, price value of a basis point (PVBP)). The second order measures are reflected in the bond’s convexity measures (effective, modified). Lessons also discuss the advantages and limitations of each measure.


Efi Pylarinou

Efi (Efstathia) Pylarinou is a founding partner of Daily Fintech Advisers (DFA), a niche advisory practice specializing in the digitization of financial services. Clients are global corporations, Fintech ScaleUps and Financial Institutions. The business leverages Daily Fintech, an open source res...

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Fixed Income at John Molson School of Business

From  CAD 495$388

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Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

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