Wall Street Prep – Crash Course in Bonds

Wall Street Prep – Crash Course in Bonds

Archive : Wall Street Prep – Crash Course in Bonds

A step-by-step course designed for these pursuing a career in mounted income evaluation, investments, product sales and shopping for and promoting or funding banking (debt capital markets).

This course will prepare you all about bonds. First, we’ll try the operate of bonds in financing governments, corporations, households and financial Institutions across the globe. Next, we’ll dive into bond math. You’ll be taught the numerous calculations and concepts required to exactly analyze the massive variety of mounted income merchandise. We’ll start sluggish, nevertheless will quickly assemble as a lot as among the many most traditionally sophisticated bond concepts: convexity, size, spot prices, forward prices and the drivers of changes to the all-important yield curve. We conclude with a dialogue of credit score rating analysis and an overview of debt capital markets. Enjoy the course!

Why You Should Take This Course

If you’ve ever tried to check bonds – each by the use of a textbook, a university class, or CFA teaching provides, you’ve greater than doubtless discovered that it quickly will get painful. We’ll be blunt: bond analysis is commonly taught horribly. Beyond super-basic concepts of bond pricing and fee of curiosity valuation, concepts like convexity, modified size and forward curves are launched with no connection to how they relate to real-world funding strategies.

We made this course with one whole objective in ideas: to make one factor actually fully completely different than what’s in the marketplace now. Something that totally demystifies mounted income analysis and affords of us a clear window to the inside.

We actually really feel certain we’ve achieved this. We take you step-by-step by the use of the core concepts you need, and totally cut back out concepts you’ll not at all use. The outcome’s an intuitive take a look on the utilization of bonds in mounted income evaluation, product sales and shopping for and promoting and funding banking.

We’ll be blunt: bond analysis is commonly taught horribly. Our course totally demystifies mounted income analysis to supply of us from the pores and skin a clear window to the inside.

What You Will Learn

• Fixed income market overview
• Bond math fundamentals
• Yield calculations and conventions
• Money Market math
• Interest cost risk
• Real world bond pricing nuances
• Callable bonds
• The yield curve
• Nominal unfold & Z-spread
• OAS
• Spot prices
• Realized compound yield
• Holding interval yield
• Forward prices
• Credit analysis
• Debt Capital Markets

Wall Street Prep’s Crash Course in Bonds is used at prime financial institutions and enterprise schools.

Exam and Certification

There is a 3-hour examination on the end of the course. You are eligible to take the examination for 24 months from the date you registered for the course.  Those who full the examination and score above 70% will acquire a Certification in Bond Analysis.  The examination is troublesome and covers most likely essentially the most troublesome concepts coated in this method.

Course Highlights

Used on the Street

This is analogous full course our firm purchasers use to prepare their analysts and associates.

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Taught by bankers

Our instructors are former I-bankers who give courses real-world context by connecting it to their experience on the desk.

Instructor Support

Have a question on track content material materials? Communicate instantly with instructors by asking questions all by means of the course.

Chapter 1: Fixed income market overview

• What is mounted income?
• Size of the bond market
• Bond market geographic breakdown

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Chaper 2: Bond Basics

• Basic bond phrases
• Basic bond math
• Using Excel’s RATE() carry out
• Reinvestment assumption of YTM
• YTM vs. current vs. nominal yield
• Annuities
• Bond value as present value of a bond’s cash flows
• Simple bond value prepare
• More bond phrases
• Bond issuance costs
• The value/yield relationship
• Primary vs. secondary bond market
• The bid/ask unfold

Chapter 3: Yield calculations and conventions

• Coupon frequency and bond equal yield (BEY)
• BEY vs Effective annual yield (EAY)
• Converting from BEY to EAY
• Compounding conventions of 0-coupon bonds

Chapter 4: The money market math

• Money market yield
• Money market math exercises
• Compounding
• Discount basis
• Converting charges of curiosity
• Money market units

Chapter 5: Real world bond pricing nuances

• Settlement date
• Bond pricing between coupons
• Fractional durations
• Day rely convention
• Dirty value
• Dirty value prepare
• Clean vs dirty value
• Useful Excel capabilities
• Bond pricing prepare, half 1
• Bond pricing prepare, half 2
• Bond pricing prepare, half 3
• Interpreting the Bloomberg bond show

Chapter 6: Realized compound yield and holding interval yield

• Realized compound yield and holding interval yield
• RCY / HPY prepare, half 1
• RCY / HPY prepare, half 2
• RCY / HPY prepare, half 3

Chapter 7: Interest cost risk

• Intro to fee of curiosity risk
• DV01
• Hedging fee of curiosity risk
• Estimating the worth affect of cost changes
• Modified size & buck size
• Modified size prepare
• Useful Excel capabilities for fee of curiosity risk
• Modified size prepare, half 2
• Modified size prepare, half 3
• Convexity
• Convexity prepare
• How convexity is utilized in observe
• Duration/convexity between coupons
• Duration/convexity between coupons prepare
• Interpreting the Bloomberg YAS show

Chapter 8: Callable bonds

• Make total title
• Make total title, Apple occasion
• Callable bonds
• Sinking fund redemption
• Yield to call and yield to worst

Chapter 9: The yield curve

• Yield curve intro
• Term building thought
• Monetary protection intro
• Federal funds and the low value cost
• Open market operations
• Other central monetary establishment devices
• Summary of forces affecting the yield curve
• Yield curve kind at quite a few components in the enterprise cycle

Chapter 10: Spot prices

• Spot prices intro
• Spot prices operate in bond valuation
• Full vs YTM bond valuation approaches
• Bootstrapping the spot curve, half 1
• Bootstrapping the spot curve, half

Chapter 11: Nominal unfold, Z-spread and OAS

• Yield spreads and the z-spread
• Option adjusted unfold

Chapter 12: Forward prices

• Forward prices
• Forward cost prepare, half 1
• Forward cost prepare, half 2
• Forward cost prepare, half 3
• Trading method using forward prices

Chapter 13: Credit analysis

• Credit risk
• Credit analysis
• Navigating Clear Channel’s bond settlement

Chapter 14: Debt capital markets and the debt origination course of

• Debt origination primer

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