Wall Street Prep – Crash Course in Bonds

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Wall Street Prep – Crash Course in Bonds

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Wall Street Prep – Crash Course in Bonds

Get Wall Street Prep – Crash Course in Bonds right now!

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

This course will teach you all about bonds. First, we’ll take a look at the role of bonds in financing governments, corporations, households and financial Institutions around the world. Next, we’ll dive into bond math. You’ll learn the various calculations and concepts required to accurately analyze the large variety of fixed income products. We’ll start slow, but will quickly build up to some of the most traditionally confusing bond concepts: convexity, duration, spot rates, forward rates and the drivers of changes to the all-important yield curve. We conclude with a discussion of credit analysis and an overview of debt capital markets. Enjoy the course!

Why You Should Take This Course
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 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.

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.

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
Spot rates
Realized compound yield
Holding period yield
Forward rates
Credit analysis
Debt Capital Markets
Wall Street Prep’s Crash Course in Bonds is used at top financial institutions and business schools.

Exam and Certification
There is a 3-hour examination at the end of the course. You are eligible to take the exam for 24 months from the date you registered for the course. Those who complete the exam and score above 70% will receive a Certification in Bond Analysis. The exam is challenging and covers the most difficult concepts covered in the program.

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.

Chapter 1: Fixed income market overview

What is fixed income?
Size of the bond market
Bond market geographic breakdown
Get Wall Street Prep – Crash Course in Bonds on right now!

Chaper 2: Bond Basics

Basic bond terms
Basic bond math
Using Excel’s RATE() function
Reinvestment assumption of YTM
YTM vs. current vs. nominal yield
Bond price as present value of a bond’s cash flows
Simple bond price exercise
More bond terms
Bond issuance costs
The price/yield relationship
Primary vs. secondary bond market
The bid/ask spread
Chapter 3: Yield calculations and conventions

Coupon frequency and bond equivalent yield (BEY)
BEY vs Effective annual yield (EAY)
Converting from BEY to EAY
Compounding conventions of 0-coupon bonds
Chapter 4: The money market math

Money market yield
Money market math exercises
Discount basis
Converting interest rates
Money market instruments
Chapter 5: Real world bond pricing nuances

Settlement date
Bond pricing between coupons
Fractional periods
Day count convention
Dirty price
Dirty price exercise
Clean vs dirty price
Useful Excel functions
Bond pricing exercise, part 1
Bond pricing exercise, part 2
Bond pricing exercise, part 3
Interpreting the Bloomberg bond screen
Chapter 6: Realized compound yield and holding period yield

Realized compound yield and holding period yield
RCY / HPY exercise, part 1
RCY / HPY exercise, part 2
RCY / HPY exercise, part 3
Chapter 7: Interest rate risk

Intro to interest rate risk
Hedging interest rate risk
Estimating the price impact of rate changes
Modified duration & dollar duration
Modified duration exercise
Useful Excel functions for interest rate risk
Modified duration exercise, part 2
Modified duration exercise, part 3
Convexity exercise
How convexity is applied in practice
Duration/convexity between coupons
Duration/convexity between coupons exercise
Interpreting the Bloomberg YAS screen
Chapter 8: Callable bonds

Make whole call
Make whole call, Apple example
Callable bonds
Sinking fund redemption
Yield to call and yield to worst
Chapter 9: The yield curve

Yield curve intro
Term structure theory
Monetary policy intro
Federal funds and the discount rate
Open market operations
Other central bank tools
Summary of forces affecting the yield curve
Yield curve shape at various points in the business cycle
Chapter 10: Spot rates

Spot rates intro
Spot rates role in bond valuation
Full vs YTM bond valuation approaches
Bootstrapping the spot curve, part 1
Bootstrapping the spot curve, part
Chapter 11: Nominal spread, Z-spread and OAS

Yield spreads and the z-spread
Option adjusted spread
Chapter 12: Forward rates

Forward rates
Forward rate exercise, part 1
Forward rate exercise, part 2
Forward rate exercise, part 3
Trading strategy using forward rates
Chapter 13: Credit analysis

Credit risk
Credit analysis
Navigating Clear Channel’s bond agreement
Chapter 14: Debt capital markets and the debt origination process

Debt origination primer
Get Wall Street Prep – Crash Course in Bonds right now!

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