High-Yield Bonds, Subordinated Debt, and Loans


Level 5

Approx 4.50h to complete

100% online and self-paced

Subscribe to get access to CMSA® and other programs

From $497/year

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High-Yield Bonds, Subordinated Debt and Loans Course Overview

In this High-Yield Bonds, Subordinated Debt, and Loans course, we will explore the high-yield category of fixed income capital markets. We will introduce each asset type and examine their markets. Then, we will look at the issuers and issuance procedures for each asset. We will examine the features and properties of these assets. Finally, we will look at the buyers for these assets, the key risks of buying them, and how you can trade and find them on Bloomberg.

This course is designed to provide you with the important information you need to consider before delving into high-yield investments.

This course uses real market data and examples of high-yield bond, subordinated debt, and loan Bloomberg screens. Using Bloomberg, we explore the different aspects of high-yield investments and how they apply to real investments that you may encounter as a financial analyst.

This online course can be taken on demand, from anywhere in the world. 

High-Yield Bonds, Subordinated Debt and Loans Learning Objectives

Upon completing this course, you will be able to:

  • Understand the capital stack, high-yield bonds, subordinated debt, and loans as investments
  • Comprehend the market dynamics of each of these asset types
  • Identify the issuers of these debt instruments and why
  • Analyze the buyers and key risks of each asset
  • Learn how to identify and analyze high-yield investments on Bloomberg

Fixed Income Fundamentals is a Required 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 High-Yield Bonds, Subordinated Debt, and Loans course is perfect for anyone who would like to build up their understanding about capital markets and specialize in fixed income instruments. This course is designed to equip anyone who desires to begin a career in fixed income, sales and trading, or other areas of finance with advanced knowledge of high-yield fixed income instruments.

What You'll Learn


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

High-Yield Bonds, Subordinated Debt, and Loans 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

Path To Certification

Prep Courses

5 courses from beginner to intermediate level.


Core Courses

8 courses from beginner to intermediate level.


Elective Courses

16 courses in advanced and intermediate levels.


Get Certified

Submit your CMSA® checklist and order your certificate.

CMSA Certificate 04Required

Join Our Community

Get access to the Global Corporate Finance Society.


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

High Yield bonds, sub debts etc.
Great Content and good presentation by instructor.


Overall Experience
I couldn't stop listening to the programmes. It was worth it. I encourage anyone wanting an understanding, knowing the fundamentals of the markets to take the CMSA course. You also get certification for life.

Tavaziva Lawrence Dzvova

Very great course and practical. Kudos to the presenter and CFI team. I highly recommend the course.


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