Fixed Income Investments Analysis
Fixed Income investments Analysis is a core unit in Certified Investment and Financial Analysts (CIFA) qualification. A fixed-income security is an investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity.
Overview
COURSE DESCRIPTION
Fixed Income investments Analysis is a core unit in Certified Investment and Financial Analysts (CIFA) qualification. A fixed–income security is an investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity. This study focuses on debt types and various methods of valuation.
This paper is intended to enable you apply the knowledge and skills in valuation and analysis of fixed income
instruments in investment decisions.
INCLUDED IN THE COURSE
These materials include item-by-item notes as outlined in the revised Kasneb CIFA syllabus as well as focused questions from previous examinations by the board. In addition, our platform offers a forum for learners to discuss issues related to a certain subject.
Watch out for our online tutorials and videos!
LEARNING OUTCOMES
A candidate must be able to demonstrate his/her ability to carry out the following tasks related to Fixed-Income Investments Analysis:
- Explain various types of fixed income instruments
- Assess various types of risks associated with fixed income instruments
- Describe the term structure of interest rates and analyse interest rate volatility
- Discuss, value and analyse fixed income instruments
- Value bonds using interest rate models
- Determine the value of bonds using yield and spread analysis
- Assess credit models and apply the models to determine credit default rates.
HOW TO STUDY AND PASS THIS COURSE
- Allocate enough time to the study text. You need at least 2 months to fully grasp the concepts of study.
- Set aside sometime for arithmetical problems practice.
- Have at least a week to pass through related past papers and final touches.
- Make use of our course-specific forums to discuss with classmates on issues not clear.
Curriculum
- 9 Sections
- 63 Lessons
- 53 Weeks
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- CHAPTER 1: OVERVIEW OF FIXED INCOME SECURITIES5
- 1.11.1 Basic Features of a Fixed-Income Securities52 Weeks
- 1.21.2 Types of Fixed Income Securities53 Weeks
- 1.31.3 Legal, Regulatory and Tax Considerations on the Issuance and Trading of Fixed Income Securities53 Weeks
- 1.41.4 Structure of Bond’s Cash Flows and Bonds with Contingency Provisions52 Weeks
- 1.51.5 Risks Associated with Fixed Income Securities53 Weeks
- CHAPTER 2: FIXED-INCOME MARKETS: ISSUANCE, TRADING AND FUNDING3
- CHAPTER 3: FUNDAMENTALS OF FIXED INCOME VALUATION10
- 3.13.1 Introduction53 Weeks
- 3.23.2 Determination of Price of the Bond Given a Market Discount Rate53 Weeks
- 3.33.3 Relationships among a bond’s price, coupon rate, maturity, and market discount rate (yield-to-maturity)30 Minutes
- 3.43.4 Bond Price Quotation53 Weeks
- 3.53.5 Matrix Pricing of a Bond30 Minutes
- 3.63.6 Yield Measures for Fixed-Rate Bonds, Floating-Rate Notes, and Money Market Instruments53 Weeks
- 3.73.7 Term Structure of Interest Rate53 Weeks
- 3.83.8 Spot Curve, Yield Curve on Coupon Bonds, Par Curve, and Forward Curve53 Weeks
- 3.93.9 The Maturity Structure of Interest Rates53 Weeks
- 3.103.10 Bond Refinancing/Refunding53 Weeks
- CHAPTER 4: FIXED INCOME RISK AND RETURN9
- 4.14.1 Introduction53 Weeks
- 4.24.2 Return from Investing in a Fixed-Income Bond53 Weeks
- 4.34.3 Bond Duration Measures53 Weeks
- 4.44.4 Effective duration as a Measure of Interest rate risk for bonds with embedded options30 Minutes
- 4.54.5 Key rate durations as a Measure of sensitivity of bonds to changes in the shape of the benchmark yield curve30 Minutes
- 4.64.6 Effect of a bond’s maturity, coupon, embedded options, and yield level on its interest rate risk53 Weeks
- 4.74.7 Bond Convexity53 Weeks
- 4.84.8 Interest rate risk and the investment horizon53 Weeks
- 4.94.9 Effect of changes in credit spread and liquidity on yield-to-maturity of a bond and how duration and convexity can be used to estimate the price effect of the changes53 Weeks
- CHAPTER 5: CREDIT RISK MANAGEMENT4
- CHAPTER 6: THE TERM STRUCTURE AND INTEREST RATE DYNAMICS7
- 6.16.1 Introduction53 Weeks
- 6.26.2 Relationships among Spot Rates, Forward Rates, Yield to Maturity, Expected and Realized Returns on Bonds, and the Shape of the Yield Curve30 Minutes
- 6.36.3 Forward Pricing and Forward Rate Models: Determination of Forward and Spot Prices and Rates using those Models53 Weeks
- 6.46.4 Yield Curve Movement and The Forward Curve53 Weeks
- 6.56.5 The Swap Rate Curve53 Weeks
- 6.66.6 Review of Traditional Theories of the Term Structure of Interest Rates and their Implications to Forward Rates and the Shape of the Yield Curve53 Weeks
- 6.76.7 Modern Term Structure Models53 Weeks
- CHAPTER 7: THE ARBITRAGE-FREE VALUATION FRAMEWORK6
- 7.17.1 Introduction53 Weeks
- 7.27.2 Overview of Arbitrage Valuation of a Fixed-Income Instrument53 Weeks
- 7.37.3 Computation of the arbitrage-free value of an option-free, fixed-rate coupon bond53 Weeks
- 7.47.4 Binomial Interest Rate Tree Framework53 Weeks
- 7.57.5 Zero-Coupon Yield Curve, Arbitrage-Free Valuation and Pathwise Valuation53 Weeks
- 7.67.6 Monte Carlo Forward-Rate Simulation and Its Application53 Weeks
- CHAPTER 8: VALUATION AND ANALYSIS OF BONDS WITH EMBEDDED OPTIONS10
- 8.18.1 Introduction30 Minutes
- 8.28.2 Overview of Fixed-Income Securities with Embedded Options53 Weeks
- 8.38.3 Valuation and analysis of callable and putable bonds53 Weeks
- 8.48.4 Effect of Interest Rate Volatility on the Value of a Callable or a Putable Bond53 Weeks
- 8.58.5 Effect of Changes in the Level and Shape of the Yield Curve on the Value of a Callable or a Putable Bond30 Minutes
- 8.68.6 Valuation and Analysis of Callable and Putable Bonds with Interest Rate Volatility53 Weeks
- 8.78.7 Bond’s Effective Duration in Practice30 Minutes
- 8.88.8 Effective Convexities of Callable, Putable, and Straight Bonds30 Minutes
- 8.98.9 Determination of the Value of a Capped or Floored Floating-Rate Bond30 Minutes
- 8.108.10 Valuation and Analysis of Convertible Bonds30 Minutes
- CHAPTER 9: CREDIT ANALYSIS MODELS9
- 9.19.1 Introduction30 Minutes
- 9.29.2 Traditional Credit Models30 Minutes
- 9.39.3 Strengths and Weaknesses of Credit Ranking30 Minutes
- 9.49.4 Structural models of corporate credit risk30 Minutes
- 9.59.5 Reduced form models of corporate credit risk30 Minutes
- 9.69.6 Assumptions, strengths, and weaknesses of both structural and reduced form models of corporate credit risk30 Minutes
- 9.79.7 Term structure of credit spreads30 Minutes
- 9.89.8 Credit analysis required for asset-backed securities30 Minutes
- 9.99.9 Analysis of corporate debt30 Minutes
Instructor
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Course Features
- Lectures 63
- Quiz 0
- Duration 53 weeks
- Skill level All levels
- Students 69
- Assessments Yes