Fixed Income
  Basic Concepts
  This study session presents the fundamentals of fixed-income investments, one of the largest segments of global financial markets. The first reading introduces elements that define and characterize fixed-income securities. The second reading describes the primary issuers, sectors, and types of bonds. The final reading introduces calculation and interpretation of prices, yields, and spreads for fixed-income securities; market conventions for price/yield calculations and quotations; and spot rates, forward rates, and alternative definitions of a yield curve.
  READING ASSIGNMENTS
  Reading 52 Fixed-Income Securities: Defining Elements by Moorad Choudhry, PhD, and Stephen E. Wilcox, PhD, CFA
  Reading 53 Fixed-Income Markets: Issuance, Trading, and Funding by Moorad Choudhry, PhD, Steven V. Mann, PhD, and Lavone F. Whitmer, CFA
  Reading 54 Introduction to Fixed-Income Valuation by James F. Adams, PhD, CFA, and Donald J. Smith, PhD
  LEARNING OUTCOMES
  READING 52. FIXED-INCOME SECURITIES: DEFINING ELEMENTS
  The candidate should be able to:
  a describe the basic features of a fixed-income security;
  b describe functions of a bond indenture;
  c compare affirmative and negative covenants and identify examples of each;
  d describe how legal, regulatory, and tax considerations affect the issuance and trading of fixed-income securities;
  e describe how cash flows of fixed-income securities are structured;
  f describe contingency provisions affecting the timing and/or nature of cash flows of fixed-income securities and identify whether such provisions benefit the borrower or the lender.
  READING 53. FIXED-INCOME MARKETS: ISSUANCE, TRADING, AND FUNDING
  The candidate should be able to:
  a describe classifications of global fixed-income markets;
  b describe the use of interbank offered rates as reference rates in floating-rate debt;
  c describe mechanisms available for issuing bonds in primary markets;
  d describe secondary markets for bonds;
  e describe securities issued by sovereign governments, non-sovereign govern?ments, government agencies, and supranational entities;
  f describe types of debt issued by corporations;
  g describe short-term funding alternatives available to banks;
  h describe repurchase agreements (repos) and their importance to investors who borrow short term.
  READING 54. INTRODUCTION TO FIXED-INCOME VALUATION
  The candidate should be able to:
  a calculate a bond’s price given a market discount rate;
  b identify the relationships among a bond’s price, coupon rate, maturity, and mar?ket discount rate (yield-to-maturity);
  c define spot rates and calculate the price of a bond using spot rates;
  d describe and calculate the flat price, accrued interest, and the full price of a bond;
  e describe matrix pricing;
  f calculate and interpret yield measures for fixed-rate bonds, floating-rate notes, and money market instruments;
  g define and compare the spot curve, yield curve on coupon bonds, par curve, and forward curve;
  h define forward rates and calculate spot rates from forward rates, forward rates from spot rates, and the price of a bond using forward rates;
  i compare, calculate, and interpret yield spread measures.
   
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