Introduction

Fixed Income Securities

US Treasury Securities

Stripped Treasury Securities

US Agency Securities

Federal Home Loan Banks (FHLB)

Federal National Mortgage Association (FNMA or Fannie Mae)

Government National Mortgage Association

Federal Home Loan Mortgage Corporation (FHLMC)

Farm Credit Agencies

Municipal Instruments

Classes of Municipal Securities

Other Types of Municipal Securities

Municipal Notes

Corporate Debt Instruments

Corporate Bonds and Notes

Convertible Bonds

Medium Term Notes

Bond Provisions

Credit Ratings

Money Market Instruments

Repos and Reverse Repos

The Fed Funds Market

Certificates of Deposit

Commercial Paper

Banker’s Acceptances

Mortgage Backed Securities

Agency Pass-Through Securities

Private Pass-Through Securities

Other Mortgage Securities

Collateralized Mortgage Obligations (CMOs)

Stripped Mortgage-Backed Securities

Non-US Fixed Income Securities

Price And Yield Issues

Time Value of Money

Future Value

Present Value

Pricing Bonds

Price Quotes

Accrued Interest

Yield Calculations

Current Yield

Yield To Maturity

Yield To Call

Total Return

Discount Rate vs. Bond Equivalent Yield

Taxable Equivalent Yield

Tax-Exempt Ratio

Interpreting The Yield Curve

Types of Yield Curves

The Impact Of Interest Rate Volatility On Financial Markets

The Relationship Between Interest Rates and Bond Prices

The Federal Reserve And Interest Rates

The FOMC

The Perception of Inflation

Risks Related To Fixed Income Securities

Interest Rate Risk

Credit Risk

Call Risk

Volatility Risk

Inflation Risk

Liquidity Risk

Currency Risk

Country Risk

Fixed Income Quiz