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In our two-day training you will explore the fascinating world of fixed income securities and interest rate markets. We will start by reviewing the basic building blocks of yield curves and bond math and build our way up to interest rate swaps and credit derivatives.
There are no prerequisites for this course – even though some basic understanding of financial markets would be helpful, it is not required.
- Gain a solid understanding of fixed income markets, its major players and various interest rate products.
- Be able to confidently explain how interest rates impact the global financial markets.
- Appreciate the specifics of government bonds and corporate debt.
- Find out what the bond market can tell us about inflation expectations.
- Explore the relationships between interest rates, credit spreads and economic cycles.
- Learn about the crucial importance of interbank and overnight markets.
- Recognize how compounding frequency impacts the total interest earned.
- Develop an intuitive and mathematical understanding of bond duration and convexity.
- Discover what role Central Banks play in fixed income and global markets.
- Learn how Credit Default Swaps can be used to protect against bond defaults.
- Private traders and investors, looking to learn about bonds and interest rate markets.
- Professionals within the financial industry or those providing services to the financial sector.
- Professionals performing financial functions in non-financial industries, such as corporate treasury, accounting, and investor relations.
- Students, preparing for an upcoming internship or starting their careers in finance.
- Anyone working in or looking to understand fixed income markets.
- Active trader specializing in equity derivatives and volatility trading.
- Former Goldman Sachs Quantitative Analyst.
- Working in finance since 2008.
- Professional career includes Nomura, Bloomberg and Goldman Sachs.
- Cross asset-class experience covering Equities, Fixed Income, FX and Commodities.
- Teaching financial courses since 2013.
- Holds Masters of Engineering from Imperial College London.
- Holds Masters of Science in Mathematical Finance from University of Oxford.
Investing in a Bond (James Bond):
- Discounting and compounding.
- Equity vs debt financing.
- Bond math.
- Zero-coupon, fixed-coupon and floating-coupon bonds.
- Yield to maturity (YTM).
Fixed Income Market Conventions:
- Quotation and market standards.
- Clean and dirty pricing.
- Day-count conventions.
- Credit ratings and rating agencies.
- Real vs nominal yields.
- Bonds in a portfolio.
Government and Sovereign Debt:
- Overview of sovereign debt.
- Government bond risks.
- Bond auctions and results.
- Constant maturity yield.
- Inflation-protected bonds.
- Break-even inflation.
International Money Markets:
- Bills, CPs and deposits.
- Interbank market.
- Benchmarks and reference rates.
- Central bank rates.
- Term structure of interest rates.
- Theories behind the yield curve.
- Impact of interest rates on an economy.
- Yield curve shapes and economic cycles.
- Strategies and trades.
- Corporate bond risks.
- Redemption types and bond features.
- Convertible bonds.
- Credit spreads and their dynamics.
- Credit cycles.
Duration and Convexity:
- Price-yield curve.
- Macaulay duration.
- Modified duration.
- Long and short duration assets.
- Convexity and its implications.
Fixed Income Derivatives:
- Bond futures.
- Interest rate caps and floors.
- Interest rate swaps.
- Comparative advantage theory.
- Cross-currency swaps.
- Credit default swaps (CDS).
Class size:25 students
- Formal completion certificate.
- Course notes and materials.
- Follow-up support – ability to ask questions and seek further clarification, if needed.
- 20% OFF any future courses you wish to attend.
We do our best to accommodate different time zones and appreciate that some students have to either wake up very early or stay very late in order to attend.
The times for this course are going to be:
PST: 05:00 – 12:00
EST: 08:00 – 15:00
UTC: 12:00 – 19:00
BST: 13:00 – 20:00
SGT: 20:00 – 03:00
There is an hour break in-between, for a total of six teaching hours per day.
We accept all major credit and debit cards, and PayPal.
You will receive this by email after completion of any of our classes.
You can cancel your booking and receive a full refund up to one month in advance of the course start date.
If you made a booking for a seminar that starts in less than one month, you can cancel for a full refund within the 14 days of making the booking.
In case if we are unable to deliver a course in a physical classroom and had to move it online due to COVID-19, you can also cancel and request a full refund if you don’t want to attend the course virtually.
There are no prerequisites for this course – even though some basic understanding of financial markets would be helpful, it is not required!
Trading profitably and consistently is not trivial, and like with any other skill, it requires a lot of studying, hard-work, dedication and persistence in order to master.
Our “Fixed Income Markets” training course is an excellent starting point, but definitely not sufficient in order to start trading fixed income markets profitably.