https://gdpark.blog/tags/fixed-income/Recent content in Fixed-Income on gdpark.blogHugoenSun, 13 Feb 2022 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-28-what-is-a-bond-the-fundamental-difference-from-equity/Sun, 24 Oct 2021 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-28-what-is-a-bond-the-fundamental-difference-from-equity/Kicking off Fixed Income for CFA Level 1 — what a bond actually is, why interest is called a coupon, and how it’s fundamentally different from a stock.https://gdpark.blog/posts/cfa-l1-29-types-of-bonds/Sun, 31 Oct 2021 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-29-types-of-bonds/A quick rundown of bond types by how they pay interest — floaters, inverse floaters, PIK bonds, index-linked, and the contingency provisions baked right in.https://gdpark.blog/posts/cfa-l1-30-key-fixed-income-terminology/Sun, 05 Dec 2021 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-30-key-fixed-income-terminology/A casual rundown of fixed income exam keywords — LIBOR, bond issuance methods, underwritten vs. best efforts offerings, primary dealers, and shelf registration.https://gdpark.blog/posts/cfa-l1-31-bond-valuation/Sun, 12 Dec 2021 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-31-bond-valuation/Bond valuation is just PV of future cash flows — once you lock in why price adjusts to match required return, the rest of fixed income stops wrecking your mental health. heh heh!!https://gdpark.blog/posts/cfa-l1-32-yield-measures/Sun, 19 Dec 2021 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-32-yield-measures/Breaking down why coupon rate isn’t your bond’s ’true’ yield, and how payment frequency changes everything when you’re comparing bonds apple to apple.https://gdpark.blog/posts/cfa-l1-34-yield-curve/Sat, 25 Dec 2021 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-34-yield-curve/Finally cracking open the yield curve — spot rates, zero coupon bonds, and why discounting everything at one single yield is kinda ridiculous.https://gdpark.blog/posts/cfa-l1-35-yield-spread/Fri, 31 Dec 2021 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-35-yield-spread/A casual breakdown of yield spreads — what G-spread and I-spread actually mean, why swap rates beat LIBOR as the private-sector risk-free rate, and how traders decide if a bond is cheap or rich.https://gdpark.blog/posts/cfa-l1-36-price-risk-reinvestment-risk-and-duration/Sat, 08 Jan 2022 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-36-price-risk-reinvestment-risk-and-duration/YTM secretly assumes you reinvest every coupon at YTM itself — and that hidden assumption is exactly where price risk and reinvestment risk come from.https://gdpark.blog/posts/cfa-l1-37-credit-analysis-and-credit-ratings/Sun, 23 Jan 2022 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-37-credit-analysis-and-credit-ratings/A breezy skim through credit analysis — cash flow, bond indentures, and why credit loss is basically just lottery math but for money you might lose.https://gdpark.blog/posts/cfa-l1-38-asset-backed-securities-abs-and-the-global-financial-crisis/Sat, 05 Feb 2022 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-38-asset-backed-securities-abs-and-the-global-financial-crisis/ABS, MBS, maturity mismatches, and yes — the full 2008 meltdown with AIG and everything. Buckle up, it’s the grand finale of the Fixed Income series!https://gdpark.blog/posts/cfa-l1-39-fixed-income-wrap-up/Sun, 13 Feb 2022 00:00:00 +0000https://gdpark.blog/posts/cfa-l1-39-fixed-income-wrap-up/Wrapping up the whole Fixed Income series with a keyword-by-keyword tour of securitization, covered bonds, RMBS vs. CMBS, and call protection mechanics.