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2018 CFA Level I Fixed Income

STUDY SESSION 15 Fixed Income Basic Concepts

This study session presents the fundamentals of fixed-income investments. Fixed income is 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 third reading introduces calculation and interpretation of prices, yields, and spreads for fixedincome securities; market conventions for price/yield calculations and quotations; and spot rates, forward rates, and alternative definitions of a yield curve. The fourth reading focuses on securitization and describes types, characteristics, and risks of asset-backed securities.

READING ASSIGNMENTS

Reading 51 Fixed-Income Securities: Defining Elements
Reading 52 Fixed-Income Markets: Issuance, Trading, and Funding
Reading 53 Introduction to Fixed-Income Valuation
Reading 54 Introduction to Asset-Backed Securities

STUDY SESSION 16 Fixed Income Analysis of Risk

This study session focuses on the analysis risks associated with fixed-income securities; emphasis is on interest rate and credit risks. The first reading describes the sources of return on fixed-income securities and measures and analysis of interest rate risk. The second reading introduces measures and analysis of credit risk of fixedincome securities.

READING ASSIGNMENTS
Reading 55 Understanding Fixed-Income Risk and Return
Reading 56 Fundamentals of Credit Analysis

Exam Weight: 10%

本章学习重点

固定收益证券介绍了债券市场的运作、发行债券时的定价问题，同时亦可以认识如何把资产证券化出售。在整个过程中了解到投资债券的风险，以及资产抵押债券（ABS）与保险资金固定收益分析。

Fixed Income 固定收益投资