Fixed Income Masterclass

Price: $1695   Register now

Recommended that you register at least two weeks in advance.

Course Features

  • Course date:02/25/2020
  • Course Duration: 2 Day
  • Level: Advanced
  • Prerequisites: None
  • Method: Live & Virtual
  • Venue: MicroTek
  • Time: 9:00 am – 5:00 pm
  • Dress Code: Business Casual
  • Category:
  • Certificate: Yes
  • CPE Credits: 14
  • Course Code: 702

Fixed Income Masterclass

The Fixed Income Master Class is designed to deepen and extend the understanding of credit market-related topics introduced in more basic courses. First, we will examine the very heterogeneous world of fixed income instruments, then we will look at how these instruments are issued and valued. On Day 2 we will understand how fixed income instruments are analyzed and traded, and we will get into how the fixed income markets work and are regulated. We will finish up looking at how fixed income investment managers work, and how their world is changing.

Day One

Fixed Income Instruments Defined

  • Understanding fixed income
    • What is fixed income?
    • Fixed vs floating rates
    • Maturity, average life, and duration
  • Bond prices and yields
    • Yield to Maturity vs. realized rates of return
    • Bond yields as an expression of the current value
    • Bond yield insight – cost today per dollar of future cash flow
  • Money market instruments
  • FI Derivatives

Securities Issuance

  • Issuance Auctions
    • Types of yield auctions
    • Auction process
    • Auction metrics – noncompetitive, average accepted price, tail
  • Public Offering via Underwriters
    • Firm commitment versus best efforts underwritings
    • Negotiate compared to competitive bid underwritings
    • Types of syndicates – divided or undivided
    • Description of the underwriting processes
  • Unregistered Offerings
    • Private placements
    • Rule 144(a) offerings
  • Pricing New Issues

Market Pricing of Fixed Income Securities

  • The two components of price/yield
    • Time value of money
    • Default risk
    • How they interplay
  • Understanding Yield Curves
    • Yield curve fundamentals
    • Construction of yield curve
  • What determines a yield curve?
    • Monetary policy
    • Credit conditions
  • The business (economic) cycle
  • Currency rates


Day Two

Fixed Income Analytics

  • Fundamentals of FI analytics
  • Fair valuation
  • Liquidity inputs
  • How bond prices move
  • Duration sensitivity of bond prices/bond portfolio values to rate changes
  • Types of duration – modified, effective and dollar duration
  • Positive and negative convexity
  • Understanding FI performance
  • Performance calculation
  • Time-weighted vs dollar-weighted
  • Performance attribution

Understanding Fixed Income Markets

  • Principal vs agency markets
  • Aging and liquidity
  • The role of securities financing
  • Recent changes and trends

Monetary Policy and Global Interest Rates

  • Understanding monetary policy
    • Interest rates and the economy
    • Currency rates and the economy
    • Monetary policy tools
    • Ancillary activities of monetary authorities

Global FI Market Regulation

  • Regulatory structures worldwide
  • Important global regulations
  • Impacts of regulation on market participants

Fixed Income Portfolio Management

  • Understanding portfolio management concepts
    • Investment objective setting:  risk and return
    • Portfolio constraints
    • Strategies for portfolio management
  • Understanding portfolio management styles
    • Managing assets to fund future liabilities
    • Passive investment management – indexing and quasi indexing
    • Active portfolio management – constrained and unconstrained
    • How the portfolio management world is changing


  • George Bollenbacher spent 20 years as a trader in the fixed income markets at such firms as Paine Webber, Chase Manhattan Bank and Donaldson, Lufkin and Jenrette. Then he spent ten years in the technology industry, at such firms as IBM and Unisys, designing systems for the trading industry. He holds a Patent Achievement Award …
    Continue reading George Bollenbacher