Fixed Income Courses

What is Fixed Income?

Commonly known as debt, fixed income is used by borrowers and investors alike. Many think of fixed income simply as bonds that offer fixed periodic coupon payments with the return of principal at maturity. While this is true, the scope of fixed income is broad and encompasses a wide range of products. From plain vanilla notes and bonds, to bonds with embedded options and those that may be converted into equity, fixed income spans a wide array of topics.

Overview of Fixed Income Courses

At GFMI, we offer a full suite of fixed income courses including an introduction to fixed income, repurchase agreements, and yield curve analysis.

• Our Repurchase Agreement Course is designed to provide fundamental knowledge of repurchase agreements, securities lending, and their differences. The course begins with an explanation of the basics of the repo and the sec lending markets, followed by an examination of traditional applications. This course will also feature a discussion on how the Federal Reserve uses repos, as well as an explanation of the applications of more complex strategies.
  • By the end of this course, participants will be able to describe the features and characteristics of secured financing, including:
    • Repurchase agreements
    • Securities lending
    • Describing the applications and uses of these products
    • Identifying the key risks associated with the management of these products
• Our Yield Curve Analysis Course covers the shape, uses, and derivation of yield curves and is designed for the cash and/or derivative markets. The sources of the data (e.g. the government or the swap curve) and when to use the respective data are discussed. More sophisticated techniques for interpretation are explored. Additionally credit risk and spreads between the government benchmarks and corporate bonds are analyzed. The phenomenon of negative spreads will also be explored.
  • After the completion of this course, participants will be able to:
    • Describe the construction and analytical applications of yield curves
    • Explain theories regarding the level and shape of yield curves
    • Develop the ability to apply yield curves in an analysis of debt securities
    • Demonstrate the uses of yield curves in portfolio management and fixed income trading
• Participants will be introduced to the expansive world of Fixed Income during our one-day interactive Fixed Income Course. This course evaluates the features of a government bond and uses it as a foundation to describe the wide array of other bonds, which range from plain vanilla corporates to asset backed securities. Pricing, or valuation, of a bond will be explored. A variety of fixed income applications will be covered, from the viewpoint of various issuers, institutional investors/asset managers, and arbitrageurs. A particular focus will be the concept of alpha. The various risks including credit and market will be discussed. Risk measurements, such as duration and convexity, and their applications, management, and the mitigation of interest rate risk will be explained.
  • By the end of this course, participants will be able to:
    • Describe how the fixed income markets operate
    • Explain the features and characteristics of fixed income securities
    • Price a bond and evaluate economic variables that influence the value of the securities
    • Identify the risks and risk measurements associated with these instruments

For additional information on any of our fixed income courses, please contact us at +1-516-935-0923 or by email at [email protected].