CFA LEVEL 1- Fixed Income
SKU: WX9586C842F
Rs. 4999 Rs. 4999 ( % Off )
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  • CFA LEVEL 1- Fixed Income

Online Course


Basic Info           : Fixed Income Level                   : CFA LEVEL 1 Commitment     : 14 hour (7 sessions of 2 hours each) Language           : English Schedule Date:

What Will I Learn

When you are done with this course, you will be able to:

  • Examine the fundamental elements underlying bond returns and risks with a specific focus on interest rate and credit risk.
  • Evaluate credit risk and use credit analysis for risky bonds
  • Determine key measures for assessing a bond’s sensitivity to interest rate risk
  • Measure and analyze credit risk of fixed income securities


Session 1

  • Introduction to Fixed-Income Securities
  •   • Basic features of a fixed income security
  •   • Bond indenture
  •   • Affirmative and negative covenants
  •   • How legal, regulatory and tax considerations affect the issuance and trading of fixed income securities
  •   • How cash flows of fixed income securities are structured

Session 2

  • Fixed-Income Markets- Issuance, Trading & Funding– I
  •   • Global fixed-income markets
  •   • Use of interbank offered rates as reference rates in floating-rate debt
  •   • Mechanism available for issuing bonds in primary markets
  •   • Secondary markets for bonds
  •   • Securities issued by sovereign governments
  •   • Securities issued by non-sovereign governments, quasi government entities and supranational agencies
  •   • Types of debt issued by corporations
  •   • Structured financial instruments
  •   • Repurchase agreements (repos) and the risks associated with them

Session 3

  • Fixed-Income Valuation- I
  •   • Calculate a bond’s price given a market discount rate
  •   • Identify the relationship among a bond’s price, coupon rate, maturity and market discount rate (yield-to-maturity)
  •   • Spot rates and their calculation
  •   • Flat price, accrued interest and the full price of a bond
  •   • Matrix Pricing
  •   • Calculate and interpret yield measures for fixed rate bonds, floating-rate notes and money market instruments
  •   • Spot curve, yield curve on coupon bonds, par curve, and forward curve
  •   • Calculate spot rates from forward rates, forward rates from spot rates and the price of bond using forward rates
  •   • Yield spread measures

Session 4

  • Asset Backed Securities- I
  •   • Benefits of securitization for economies and financial markets
  •   • Typical structure of securitization, including credit tranching and time tranching
  •   • Residential mortgage loans that are typically securitized
  •   • Residential mortgage backed securities and collateralized mortgage obligations, cash flow and risk of each type
  •   • Pre-payment risk of mortgage-backed securities
  •   • Commercial mortgage-backed securities
  •   • Non-mortgage asset- backed securities
  •   • Collateralized debt obligation, including their cash flows and risks

Session 5

  • Understanding Fixed Income Risk and Return- I
  •   • The sources of return from investing in a fixed rate bond
  •   • Macaulay, modified and effective durations
  •   • Uses of key rate duration in measuring the sensitivity of bonds to changes in the shape of the benchmark yield curve
  •   • Bond maturity, coupon and yield level affect its interest rate risk
  •   • Duration and limitation of a portfolio

Session 6

  • Understanding Fixed Income Risk and Return- II
  •   • Calculate the money duration of a bond and price value of a basis point (PVBP)
  •   • Approximate and effective convexity
  •   • Effect of term structure of yield volatility on the interest rate risk of a bond
  •   • How changes in credit spread and liquidity affect yield-to-maturity of a bond
  •   • How duration and convexity can be used to estimate the price effect of the changes

Session 7

  • Fundamentals Of Credit Analysis
  •   • Credit risk and credit-related risks affecting corporate bonds
  •   • Default probability and loss severity as components of credit risks
  •   • Seniority rankings of corporate debt
  •   • The potential violation of the priority of claims in a bankruptcy proceedings
  •   • Risks in relying on ratings from credit rating agencies
  •   • Four Cs of traditional credit analysis
  •   • Financial ratios used in credit analysis
  •   • Factors influencing the level and volatility of yield spreads
  •   • Special consid erations when evaluating the credit of high yield, sovereign and non- sovereign government debt issuers and issues


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