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Fixed Income Instruments and Markets

Jack Farmer

This course is a comprehensive survey of fixed income instruments and the markets in which the instruments are traded. Participants will learn how to compute yield- and risk measures for government bonds, corporate bonds and mortgage securities. The emphasis is on the development of a 'real-world' toolkit that is directly applicable to everyday tasks performed by fixed income traders, quants and support personnel. The Bloomberg Professional terminal is used extensively in this course.

This course is part 2 of the New York Institute of Finance’s Fixed Income Professional Certificate.

Read more

This course is a comprehensive survey of fixed income instruments and the markets in which the instruments are traded. Participants will learn how to compute yield- and risk measures for government bonds, corporate bonds and mortgage securities. The emphasis is on the development of a 'real-world' toolkit that is directly applicable to everyday tasks performed by fixed income traders, quants and support personnel. The Bloomberg Professional terminal is used extensively in this course.

This course is part 2 of the New York Institute of Finance’s Fixed Income Professional Certificate.

What you'll learn

  1. Fixed Income Markets
  2. Sovereign Debt Instruments
  3. Repurchase Agreements
  4. Mortgage Markets
  5. Forward and Swaps
  6. Interest Rate Derivatives
  7. Corporate Bonds and Credit Derivatives
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What's inside

Learning objectives

  • Fixed income markets
  • Sovereign debt instruments
  • Repurchase agreements
  • Mortgage markets
  • Forward and swaps
  • Interest rate derivatives
  • Corporate bonds and credit derivatives

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Covers beginner-friendly fixed income topics in an industry-standard context and includes practical exercises
Emphasizes real-world applications with a focus on developing a practical 'toolkit' for fixed income professionals
Provides a comprehensive survey of multiple fixed income instruments, including bonds, repurchase agreements, and mortgage securities
Utilizes the Bloomberg Professional terminal extensively, providing hands-on experience with industry-standard tools
Covers advanced topics such as interest rate derivatives and corporate bonds, catering to intermediate-level learners
Delves into credit derivatives, providing insights into the risk management and trading of fixed income securities

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Reviews summary

Practical fixed income for finance professionals

According to learners, this course offers a comprehensive and practical survey of fixed income instruments and markets. Students particularly highlight its strength in providing a 'real-world' toolkit that is directly applicable to tasks performed by finance professionals. The extensive use of the Bloomberg Professional terminal is frequently praised as a game-changer, significantly enhancing the practical understanding of concepts. The instructor's explanations are consistently described as clear, concise, and highly knowledgeable. However, some learners with less prior finance experience found the pace challenging and felt it assumes a significant level of previous knowledge, making it potentially less suitable for true beginners. Issues with Bloomberg access for some also limited their practical application.
Offers broad coverage but might lack deep dives.
"A very solid foundation in fixed income. The course covers a wide range of instruments, from sovereign bonds to mortgage securities."
"Good for a general overview, but maybe not for advanced practitioners."
"It provides a decent overview but I felt it lacked depth in certain areas."
Enhances practical learning, but access can be an issue.
"The Bloomberg Professional terminal is used extensively in this course and truly cemented my understanding."
"While the Bloomberg terminal integration is a plus, access was an issue for me, which limited the practical application."
"The Bloomberg integration is a key differentiator, making it feel very professional. But without direct access, it's less impactful."
Instructor provides clear and knowledgeable explanations.
"The instructor's explanations were clear, concise, and highly knowledgeable."
"The instructor did a fantastic job explaining complex topics simply."
"The instructor's expertise shines through."
Provides practical tools directly applicable to finance roles.
"The use of the Bloomberg terminal was a game-changer; it truly cemented my understanding of how fixed income concepts apply in a real-world trading environment."
"The content is directly applicable, and the Bloomberg terminal integration makes it stand out. I can definitely apply what I learned here to my daily tasks."
"The real-world applicability is its greatest strength. As someone transitioning into a fixed income role, this course filled many gaps in my knowledge."
Course pace and content challenging for beginners.
"I found this course quite challenging without prior strong background in finance. It assumes a lot of previous knowledge, and the pace is very quick."
"More time on foundational concepts could benefit beginners. Overall, a valuable course, especially if you have some prior finance knowledge."
"Not suitable for true beginners, despite the 'comprehensive survey' claim."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Fixed Income Instruments and Markets with these activities:
Review "Fixed Income" by Frank J. Fabozzi
Build a solid understanding of fixed income markets by reviewing this foundational reference book.
Show steps
  • Read chapters about sovereign debt instruments in the book.
  • Read chapters about mortgage markets in the book.
Find a mentor in the fixed income industry
Gain guidance and learn from an experienced professional in the fixed income industry.
Browse courses on Mentorship
Show steps
  • Identify potential mentors in your network.
  • Reach out to potential mentors and ask for their guidance.
Gather Industry Resources
Organize and review key resources and insights from the industry to supplement course materials and gain a broader perspective.
Show steps
  • Identify and collect relevant articles, research papers, and industry reports.
  • Create a central repository to organize and store the resources.
  • Review and summarize the information to enhance knowledge and stay updated with industry trends.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Practice calculating Bond Yield
Familiarize yourself with the concept and formula of Bond Yield, which is a crucial concept in the fixed income market.
Show steps
  • Review the theoretical concept of bond yield.
  • Solve practice problems to calculate bond yield.
Attend a fixed income conference
Connect with professionals in the industry, learn about current trends, and gain valuable insights through a fixed income conference.
Browse courses on Networking
Show steps
  • Research upcoming fixed income conferences.
  • Register and attend a conference.
  • Meet and network with professionals in the industry.
Form a Study Group
Enhance understanding by engaging with peers, discussing course concepts, and working on problems together.
Show steps
  • Find fellow students who are interested in forming a study group.
  • Set regular meeting times and establish a study schedule.
  • Collaborate on problem-solving, share insights, and support each other's learning.
Create a bond portfolio
Demonstrate your understanding of fixed income instruments by creating a bond portfolio based on your research and analysis.
Browse courses on Investment Strategy
Show steps
  • Research different types of bonds.
  • Analyze the risk and return of various bonds.
  • Construct a bond portfolio based on your research.
Contribute to a fixed income open-source project
Deepen your understanding and connect with others in the field by contributing to an open-source project related to fixed income.
Browse courses on Open Source
Show steps
  • Find an open-source project related to fixed income on platforms like GitHub.
  • Identify ways you can contribute to the project.
  • Make a pull request with your contributions.

Career center

Learners who complete Fixed Income Instruments and Markets will develop knowledge and skills that may be useful to these careers:
Portfolio Manager
Portfolio managers may not need to have a regimented education in fixed income, but an understanding of these instruments is critical to their success. This course covers a broad array of fixed income instruments, including bonds, mortgages, and derivatives. This course will help portfolio managers expand their understanding of alternative assets.
See salaries and explore the career path for Portfolio Manager
Investment Analyst
Investment analysts help businesses and individuals make informed financial decisions. They analyze the performance of companies, economies, and financial markets. This course provides investment analysts with a deep understanding of fixed income instruments and the markets in which they are traded. This will allow them to make more well-informed decisions.
See salaries and explore the career path for Investment Analyst
Financial Analyst
Financial Analysts provide valuable advice to their clients about potential investments in different companies or funds. This course allows financial analysts to expand their knowledge of financial markets. It will help them make better recommendations to clients.
See salaries and explore the career path for Financial Analyst
Credit Analyst
Credit analysts assess the creditworthiness of companies and other entities. This course will equip them with the knowledge and skills needed to evaluate fixed income securities. This will help them make better recommendations to their clients.
See salaries and explore the career path for Credit Analyst
Risk Manager
Risk managers are responsible for identifying, assessing, and mitigating risks. This course will help them to understand the risks associated with fixed income instruments. This will allow them to make better decisions that protect their organizations.
See salaries and explore the career path for Risk Manager
Trader
Traders buy and sell financial instruments for their clients. This course will give them a better understanding of fixed income. This will allow them to make more informed decisions about when to buy and sell.
See salaries and explore the career path for Trader
Quantitative Analyst
Quantitative analysts use mathematical and statistical models to analyze financial data. This course will help them to develop the skills they need to analyze fixed income instruments. This will allow them to make better predictions about the future performance of these instruments.
See salaries and explore the career path for Quantitative Analyst
Underwriter
Underwriters help companies raise capital by issuing and selling securities and bonds to investors. This course will help them to understand the risks and rewards associated with fixed income securities. This will allow them to make better decisions about which securities to underwrite.
See salaries and explore the career path for Underwriter
Operations Analyst
Operations analysts are responsible for the day-to-day operations of a financial institution. This course will help them to understand the importance of fixed income instruments in the financial system. This will allow them to make better decisions about how to manage the operations of their institution.
See salaries and explore the career path for Operations Analyst
Compliance Analyst
Compliance analysts ensure that their organization complies with all applicable laws and regulations. This course will help them understand the regulations that govern fixed income instruments. This will allow them to make better decisions about how to manage their organization's compliance program.
See salaries and explore the career path for Compliance Analyst
Auditor
Auditors review the financial statements of companies to ensure that they are accurate and complete. This course will help them to understand the accounting rules that apply to fixed income instruments. This will allow them to make better decisions about how to audit these instruments.
See salaries and explore the career path for Auditor
Financial Advisor
Financial advisors help individuals and families manage their finances. This course will help them to understand the role of fixed income instruments in a diversified portfolio. This will allow them to make better recommendations to their clients.
See salaries and explore the career path for Financial Advisor
Product Manager
Product managers are responsible for developing and managing new products and services. This course will help them to understand the fixed income market and the needs of investors. This will allow them to make better decisions about which products to develop and how to market them.
See salaries and explore the career path for Product Manager
Consultant
Consultants provide advice and support to businesses and organizations. This course will help them to understand the fixed income market and the challenges that their clients face. This will allow them to provide better advice to their clients.
See salaries and explore the career path for Consultant
Economist
Economists study the economy and make predictions about future economic trends. This course will help them to understand the role of fixed income instruments in the economy. This will allow them to make better predictions about the future performance of the economy.
See salaries and explore the career path for Economist

Reading list

We've selected nine books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Fixed Income Instruments and Markets.
Cover image
Investment Analysis & Portfolio Management
Save
Provides a comprehensive overview of fixed income securities from a risk management perspective. It valuable resource for professionals in the fixed income industry.
Investment Analysis & Portfolio Management
Paperback
$$$$
Cover image
Fixed Income Mathematics, Fifth Edition: Analytical...
Save
Can be used as a reference tool for professionals in the fixed income industry. It covers advanced topics such as credit derivatives, structured products, and securitization, which are not covered in the course.
Fixed Income Mathematics, Fifth Edition: Analytical...
Hardcover
$$$
Fixed Income Mathematics, Fifth Edition: Analytical...
Kindle Edition
$$$
Cover image
The Handbook of Fixed Income Securities
Save
Provides a comprehensive overview of fixed income securities for investors. It valuable resource for investors who want to learn more about the subject.
The Handbook of Fixed Income Securities
Hardcover
$$$$
Cover image
Standard and Poor's Stock and Bond Guide, 2003...
Save
Is written by Standard & Poor's and provides a comprehensive overview of credit derivatives. It covers topics such as credit derivative types, credit derivative pricing, and credit derivative risk management.
Standard and Poor's Stock and Bond Guide, 2003...
Paperback
Check
Standard and Poor's Stock and Bond Guide, 2003...
Kindle Edition
Check
Cover image
Fundamentals of Investing
Save
Is written by the former chief economist of PIMCO and provides a practical guide to investing in bonds. It covers topics such as bond mathematics, bond risk, and bond selection.
Fundamentals of Investing
Paperback
Check
Fundamentals of Investing
Kindle Edition
Check
Cover image
Counterparty Credit Risk, Collateral and Funding
Save
For those interested in the mathematical aspects of fixed income securities, this book provides a rigorous treatment of the subject. It covers topics such as yield curve modeling, credit risk modeling, and derivatives pricing.
Counterparty Credit Risk, Collateral and Funding
Paperback
Check
Counterparty Credit Risk, Collateral and Funding
Kindle Edition
Check
Cover image
Bond Markets, Analysis, and Strategies, tenth...
Save
Comprehensive reference guide to fixed income securities. It covers a wide range of topics, including valuation, risk management, and trading.
Bond Markets, Analysis, and Strategies, tenth...
Hardcover
$$$$
Bond Markets, Analysis, and Strategies, tenth...
Kindle Edition
$$$
Cover image
Risk Management and Financial Institutions
Save
Provides a comprehensive overview of fixed income investments. It covers a wide range of topics, including valuation, risk management, and trading.
Risk Management and Financial Institutions (Wiley...
Hardcover
$$$
Risk Management and Financial Institutions (Wiley...
Kindle Edition
$$$
Cover image
Guide to Investment Strategy
Save
Provides a comprehensive overview of fixed income analysis and strategy. It covers a wide range of topics, including valuation, risk management, and trading.
The Economist Guide To Investment Strategy 4th...
Paperback
$$

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Course image
Effort
1 to 2 hours per week for 6 weeks
Level
Introductory
Via
edX
Institution
New York Institute of Finance
Instructor
Jack Farmer
Language
English
Transcript
English
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Covers beginner-friendly fixed income topics in an industry-standard context and includes practical exercises
Emphasizes real-world applications with a focus on developing a practical 'toolkit' for fixed income professionals
Provides a comprehensive survey of multiple fixed income instruments, including bonds, repurchase agreements, and mortgage securities
Utilizes the Bloomberg Professional terminal extensively, providing hands-on experience with industry-standard tools
Covers advanced topics such as interest rate derivatives and corporate bonds, catering to intermediate-level learners
Delves into credit derivatives, providing insights into the risk management and trading of fixed income securities
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