Fixed Income Securities - Current Market Developments in Equity Products, Fixed Income Products & Commodities

Course Provider
Dates Duration	TBC  1 Day
Venue	TBC
Course Fees	Full Fee: €400 Network Members Fee: €250
CPD Hours	6 CPD Hours

AIM AND APPROACH

This programme is designed to give participants an understanding of how the fixed income markets work, types of fixed income securities, the issuers and the features of bonds in general.  The concepts of accrued interest, the impact of interest rates on bond prices, clean and dirty pricing and the main accounting aspects will be covered.  An overview of money market instruments will be provided, including the main securities and the accretion method of valuing as an alternative.
 
PROGRAMME OBJECTIVES 

Following the programme participants will be able to:

• Understand who issues fixed income securities and how this method of financing compares with the other main methods
• Be able to calculate the (clean) book cost of fixed income security positions, mark to market and calculate the resulting gain or loss
• Understand the different day-count methods for accruing interest
• Be able to calculate accrued interest on a bond for purchase/sale  and revaluation
• Have a broad understanding of bond yields and the impact of interest rates on bond prices
• Understand the different types of fixed income securities issued and their features e.g. Convertible bonds, Deep
• Discount Bonds, Asset-Backed Securities and Collateralised Debt Obligations.
• Have an understanding of the main players in fixed income capital markets and their roles
• Be able to apply coupon payments, capital redemptions and other bond corporate actions
• Understand the main categories of money market instruments, their features and valuation, including the accretion method

AUDIENCE

The programme is intended for anyone who works with fixed income securities or money market instruments in a Valuations, Pricing, Corporate Actions, Trustee or Accounting role.  

AGENDA

• What is a debt instrument?
• Issuers of bonds (to include corporates, governments and supra-nationals)
• Dealing in bonds – auctions & dealers, secondary market
• Pricing of bonds & Yield to Maturity calculations
• How bonds work – income & capital
  o Purchased and sold bond interest concepts & conventions
  o Calculation of accrued interest & coupons
• Types of bonds
  o Fixed Rate
  o Floating Rate
  o Loan Notes
  o Deep Discount Bonds  - Z-bonds
  o Convertible Bonds
  o Asset-backed Securities
  o Collateralised Debt Obligations
• Bond ratings & the Credit Rating Agencies
• Introduction to Money Market Instruments
  o Certificates of Deposit
  o Commercial Paper
  o Short-dated Bonds
  o Repos
   Term, open & special repos
  o Accretion method of valuing
• Accounting disclosures

BOOK THIS COURSE

Back to top