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Applied Fixed Income

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Overview

Intermediate Fixed Income Course Overview

This Intermediate Fixed Income course builds on the fixed income fundamentals and delves deeper into government & agency issued debt, zeroes, floaters & linkers and callables & putables. It provides knowledge on how they are priced with industry relevant examples of each type of debt. You will have the opportunity to work through practice examples of certain types of debt and learn how to identify key information on Bloomberg Terminal. By the end of this course, you will have an enhanced understanding of fixed income products which will prepare you for learning advanced fixed income courses.



We will explore: 

  • Government, GSE and SSA Debt
  • Zeroes, Floaters and Linkers
  • Callables and Putables



Intermediate Fixed Income Learning Objectives

Upon completing this course, you will be able to:

  • Describe the different types of fixed income products, their issuers and investors
  • Understand in depth about their pricing, duration and convexity
  • Understand how to calculate bond yields from Bloomberg



Intermediate Fixed Income Is an Elective Course of CFI’s CMSA® Program

CFI’s Capital Markets & Securities Analyst (CMSA)® program covers all the basic, intermediate, and advanced topics about sales and trading, investment banking, and asset management. This program teaches you trading strategies used in the finance and capital markets industry. It is ideal for students who want to learn how to trade different asset classes. The program is completely online so you can take it at your own pace, from anywhere in the world.

Common career paths for students who take the CMSA® are Sales & Trading, Asset Management, Wealth Management, Treasury, Risk Management, and other capital markets careers.



Who Should Take This CMSA® Course?

This Intermediate Fixed Income course is perfect for anyone who would like to build up their understanding about fixed income products. This course is designed to equip anyone who desires to begin a career in the capital markets on the fixed income desk.

What You'll Learn

Lesson
Multimedia
Exams
Files
Government, GSE, and SSA Overview
Introduction to the Course FREE PREVIEW
Downloadable Files
US Government Debt Market
Issuance Process
US Treasury Grey Market
Key US Treasury Auction Statistics FREE PREVIEW
Buybacks
Interactive Exercise 1
Importance of Yield Curves
Carry and Roll
Coupons, Maturities, and Butterflies
Drivers of US Treasuries
European Government Bonds
Interactive Exercise 2
German Government Curve Actives
5-Year On-The-Run OAT
2-Year On-The-Run GILT
Supranationals
Interactive Exercise 3
Case Study - World Bank
IBRD Debt
Issuing Supranational Bonds
IBRD Bond Issuance
IBRD Bond Example
New Issue Distribution
Secondary Trading IBRD Bond
Sovereign Agencies
Sovereign Agencies Yield Curves and Differences
Sovereign Agency - New Issuance
Why Do Investors Buy SSA Debt
Interactive Exercise 4
GSE Debt
GSE Debt Market
Fannie Mae and Freddie Mac
Interactive Exercise 5
FHLB, FAMC and FFCB
FHLB Bond Example
Domestic Bond Markets
International Bond Markets
Sample Shelf and Pricing Supplement
Zeros, Floaters, and Linkers Overview
Zero-Coupon Bonds
PV of a Zero-Coupon Bond
Duration and Convexity of a Zero-Coupon Bond
Excel Example - Duration and Convexity of a Zero-Coupon Bond
Downloadable files
STRIPS
STRIPS Investors and FRNs
FRNs
Interactive Exercise 6
Sample FRNs
Yield of an FRN
Pricing FRNs
Duration of an FRN
Linkers
Interactive Exercises 7
Mechanics of TIPS
TIPS Duration and Breakeven Inflation
Interactive Exercise 8
Callables and Putables
Introduction to Callables and Putables
Callables and Putables - Payouts and Issuer
Make-whole Call
GSE Callable Bonds
Binomial Interest Rate Tree
Excel Example - Binomial Interest Rate Tree
Downloadable files
Yield To Call
Yield To Worst
Option Adjusted Spread
Duration and Convexity of a Callable Bond
Interactive Exercise 9
Putable Bond
Interest Rate Tree and Price-Yield Relationship
Downloadable Files
YTP Effective Duration and Convexity for Putables
Course Summary
Qualified Assessment
Qualified Assessment
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Course Completion

Become a certified Capital Markets & Securities Analyst (CMSA)®

Applied Fixed Income is part of the All Capital Markets & Securities Analyst (CMSA)® courses, which includes 29 courses.

Capital Markets & Securities Analyst (CMSA)® Certification
  • Skills Learned Trading strategies used in the finance and capital markets
  • Career Prep Work in capital markets, whether on the buy-side or the sell-side
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Path To Certification

Prep Courses

5 courses from beginner to intermediate level.

01Optional

Core Courses

8 courses from beginner to intermediate level.

02Required

Elective Courses

16 courses in advanced and intermediate levels.

03Required

Get Certified

Submit your CMSA® checklist and order your certificate.

CMSA Certificate 04Required

Join Our Community

Get access to the Global Corporate Finance Society.

05Optional

How the Certification Works

Capital Markets & Securities Analyst (CMSA)® courses are offered 100% online, allowing you the flexibility to start the Capital Markets & Securities Analyst (CMSA)® program anytime and learn when it’s most convenient for you.

The program is a part of the All Access Subscription, which includes all programs and courses.

CFI courses are designed by instructors with over 21 years of financial analyst training experience.

Students must complete all core and 7 elective courses (13 in total) and demonstrate mastery of the topics through successful completion of course materials, quizzes, and assessments.
Within 48 hours of program completion, your Blockchain Verified (CMSA)® Certification will be emailed to you.

What Our Students Say

great
GOOD

Abdaullah AlHammad

Intermedidate Fixed Income
The final assessment test should be more probing.

VENUGOPAL RAJAMANURI

Chileshe
The course content is great and was mouthful. Thank you to the presenter. I highly recommend the course

CHILESHE KELVIN

Intermediate Fixed Income
NICE COURSE

John Ngelula

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