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.
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.
Explore short-term fixed income instruments, their interest quotations and their role in money markets.