周教授CFA金融课程：2019 CFA LEVEL I :Fixed Income

STUDY SESSION 16 ： Fixed Income (1)

This study session introduces the unique attributes that define fixed-income secu- rities, then follows with an overview of global debt markets. Primary issuers, sectors, and bond types are explained. Key concepts for the calculation and interpretation of bond prices, yields, and spreads and coverage of interest rate risk and key related risk measures are presented. Securitization—the creation of fixed-income securities backed by certain (typically less liquid) assets—including the various types, characteristics, and risks of these investments end the session.

READING ASSIGNMENTS

Reading 50 Fixed-Income Securities: Defining Elements

Reading 51 Fixed-Income Markets: Issuance, Trading, and Funding

Reading 52 Introduction to Fixed-Income Valuation

Reading 53 Introduction to Asset-Backed Securities

STUDY SESSION 17 ： Fixed Income (2)

This study session examines the fundamental elements underlying bond returns and risks with a specific focus on interest rate and credit risk. Duration, convexity, and other key measures for assessing a bond’s sensitivity to interest rate risk are intro- duced. An explanation of credit risk and the use of credit analysis for risky bonds concludes the session.

READING ASSIGNMENTS

Reading 54 Understanding Fixed-Income Risk and Return

Reading 55 Fundamentals of Credit Analysis

Exam Weight: 11%

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