Matan Feldman – Crash Course in Bonds and Debt

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Matan Feldman – Crash Course in Bonds and Debt
Crash Course in Bonds

96 Lessons
8h 41m
93,052 Students

5.0 star rating 27 Reviews

A step-by-step crash course in bonds designed for those pursuing a career in fixed income research, investments, sales and trading or investment banking (debt capital markets).

Why You Should Take This Course

We’ll be blunt: bond analysis is usually taught horribly. Our course completely demystifies fixed income analysis to give people from the outside a clear window to the inside.
If you’ve ever tried to learn about bonds – either through a textbook, a university class, or CFA training materials, you’ve most likely discovered that it quickly gets painful. We’ll be blunt: bond analysis is usually taught horribly. Beyond super-basic concepts of bond pricing and interest rate valuation, concepts like convexity, modified duration and forward curves are introduced with no connection to how they relate to real-world investment strategies.
We made this bonds course with one overall objective in mind: to make something truly different than what’s out there now. Something that completely demystifies fixed income analysis and gives people a clear window to the inside.
We feel certain we’ve accomplished this. We take you step-by-step through the core concepts you need, and completely cut out concepts you’ll never use. The result is an intuitive look at the use of bonds in fixed income research, sales and trading and investment banking.

What You Will Learn

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

PLUS: We’ll show you how market practitioners use Bloomberg on the job.

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

Course Samples

DV01

Interpreting the Bloomberg YAS screen

Yield curve shape at various points in the business cycle

Course Highlights

Used on the Street
This is the same comprehensive course our corporate clients use to prepare their analysts and associates.

1.5x, 2x video speed
Save loads of time by bumping up playback speed to breeze through lessons at your own pace.

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

Instructor Support
Have a question on course content? Communicate directly with instructors by asking questions throughout the course.

Course TOC

Chapter 1: Fixed income market overview

1 What is fixed income? 2:30

2 Size of the bond market 2:41

3 Bond market geographic breakdown 3:21

Chapter 2: Bond basics

4 Basic bond terms 4:28

5 Basic bond math 5:52

6 Using Excel’s RATE() function 5:00

7 Reinvestment assumption of YTM 3:26

8 YTM vs. current vs. nominal yield 2:16

9 Annuities 4:28

10 Bond price as present value of a bond’s cash flows 1:32

11 Simple bond price exercise 2:47

12 More bond terms 4:58

13 Bond issuance costs 2:53

14 The price/yield relationship 3:52

15 Primary vs. secondary bond market 4:28

16 The bid/ask spread 2:44

17 QuizBond basics review 3 Questions

Chapter 3: Yield calculations and conventions

18 Coupon frequency and bond equivalent yield (BEY) 3:14

19 BEY vs Effective annual yield (EAY) 6:45

20 Converting from BEY to EAY 4:14

21 Compounding conventions of 0-coupon bonds 7:41

22 QuizYield calculations and conventions review 3 Questions

Chapter 4: The money market math

23 Money market yield 8:04

24 Money market math exercises 5:08

25 Compounding 9:53

26 Discount basis 12:46

27 Converting interest rates 5:49

28 Money market instruments 3:26

29 QuizThe money market math review 3 Questions

Chapter 5: Real world bond pricing nuances

30 Settlement date 0:37

31 Bond pricing between coupons 1:29

32 Fractional periods 7:01

33 Day count convention 1:51

34 Dirty price 2:19

35 Dirty price exercise 6:15

36 Clean vs dirty price 4:08

37 Useful Excel functions 2:55

38 Bond pricing exercise, part 1 6:34

39 Bond pricing exercise, part 2 8:25

40 Bond pricing exercise, part 3 4:51

41 Interpreting the Bloomberg bond screen 6:43

42 QuizBond pricing nuances review 2 Questions

Chapter 6: Realized compound yield and holding period yield

43 Realized compound yield and holding period yield 2:55

44 RCY / HPY exercise, part 1 6:07

45 RCY / HPY exercise, part 2 2:34

46 RCY / HPY exercise, part 3 19:48

47 QuizRealized compound yield and holding period yield review 2 Questions

Chapter 7: Interest rate risk

48 Intro to interest rate risk 4:27

49 DV01 5:36

50 Hedging interest rate risk 6:15

51 Estimating the price impact of rate changes 2:50

52 Modified duration & dollar duration 4:39

53 Modified duration exercise 5:59

54 Useful Excel functions for interest rate risk 1:48

55 Modified duration exercise, part 2 6:31

56 Modified duration exercise, part 3 3:54

57 Convexity 6:16

58 Convexity exercise 13:35

59 How convexity is applied in practice 2:29

60 Duration/convexity between coupons 3:01

61 Duration/convexity between coupons exercise 8:33

62 Interpreting the Bloomberg YAS screen 10:16

63 QuizInterest rate risk review 3 Questions

Chapter 8: Callable bonds

64 Make whole call 10:04

65 Make whole call, Apple example 3:17

66 Callable bonds 10:01

67 Sinking fund redemption 2:59

68 Yield to call and yield to worst 5:54

69 QuizCallable bonds review 2 Questions

Chapter 9: The Yield Curve

70 Yield curve intro 4:57

71 Term structure theory 11:31

72 Monetary policy intro 6:03

73 Federal funds and the discount rate 3:13

74 Open market operations 3:03

75 Other central bank tools 6:07

76 Summary of forces affecting the yield curve 8:09

77 Yield curve shape at various points in the business cycle 10:02

78 QuizYield Curve review 4 Questions

Chapter 10: Spot rates

79 Spot rates intro 6:48

80 Spot rates role in bond valuation 9:56

81 Full vs YTM bond valuation approaches 6:56

82 Bootstrapping the spot curve, part 1 11:18

83 Bootstrapping the spot curve, part 2 13:47

84 QuizSpot rates review 3 Questions

Chapter 11: Z-spread and OAS

85 Yield spreads and the z-spread 16:30

86 Option adjusted spread 4:10

87 QuizZ-spread and OAS review 2 Questions

Chapter 12: Forward rates

88 Forward rates 8:41

89 Forward rate exercise, part 1 7:10

90 Forward rate exercise, part 2 9:18

91 Trading strategy using forward rates 10:57

92 QuizForward rates review 1 Questions

Chapter 13: Credit analysis

93 Credit risk 8:01

94 Credit analysis 17:03

95 Navigating Clear Channel’s bond agreement 8:54

96 QuizCredit analysis review 2 Questions

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Delivery Policy

When will I receive my course?

You will receive a link to download/view your course immediately or within 1 to 24 hrs. It may takes few minutes, also few hours but never more than 24 hrs. Due to different time zone reasons.

How is my course delivered?

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In case you submit a wrong email address, please contact us to resend the course to the correct email.

Where can I find my course?

Upon completing your order, a link to download or access the course will be sent to your email. Alternatively, you can find it in the ‘My Account’ download section.
If you do not see it there, please share a screenshot of your order and payment with me on Telegram at @ bossallcourses_bot to ensure prompt assistance. I am highly responsive on Telegram.