Study each topic from first principles, then apply the ideas through worked examples and interactive tools.
Connect today’s spot curve to rates for future intervals. Follow the 6.00% / 6.50% example, explore the forward curve, and understand how an FRA hedges a future interest period.
Inside this topic: spot and realised rates · discount factors · no-arbitrage · compounding conventions · money-market forwards · FRAs · sensitivity · practice questions.
Explore the different types of fixed income securities and how their cash flows, issuers and contract terms differ.
Inside this topic: government and corporate bonds · fixed, floating and zero coupons · inflation-linked bonds · amortisation · embedded options · securitisation · worked examples.
Understand how bond prices relate to yields and market interest rates.
Measure how bond prices respond to changes in yield using Macaulay duration, modified duration and convexity.
Understand accrued interest and the relationship between the quoted clean price and the dirty price paid at settlement.
Inside this topic: coupon accrual · clean and dirty prices · day-count conventions · dated worked examples · interactive calculator · Excel formulas · knowledge check.
Explore short-term fixed income instruments, their interest quotations and their role in money markets.
Inside this topic: T-bills · commercial paper · CDs · repo and TREPS · call money · yield conventions · worked examples · risk and policy transmission.
Build bond maths cell by cell: price coupon, zero, floating-rate and convertible bonds; compute YTM, YTC and YTW; T-bills, T-notes and T-bonds; accrued interest, clean and dirty prices; Macaulay and modified duration and convexity with short-cut formulas.
Inside this topic: PV · PRICE · YIELD · RATE · ACCRINT · COUP* · TBILLPRICE · TBILLEQ · DOLLARDE · DURATION · MDURATION · 9 charts · interactive calculator · 10 practice questions.
See how a new bond gets its coupon and price: the issue yield built from the G-sec curve, RBI multiple-price auctions for G-secs and T-bills, corporate bonds on the Electronic Book Provider (EBP), and the issuer’s all-in cost of borrowing.
Inside this topic: price at issue · issue-yield build-up · yield- and price-based auctions · cut-off and pro-rata · primary dealer underwriting · T-bills (real RBI data) · EBP book building · SDLs · zero, floating and callable bonds · issue costs · an A-to-Z case of a corporate NCD public issue · 8 practice problems.
Understand coupon cancellation, call and extension risk, capital triggers and loss absorption. Compare AT1 with senior bonds, Tier 2, government bonds and equity.
Inside: worked scenarios · interactive CET1 and pricing labs · Yes Bank case · comparison tables · practice questions.