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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