Fixed Income Curriculum
A structured journey from understanding what a bond is to managing complex duration risk.
Foundation: Core Concepts
The contract of lending, borrower types, and the landscape of fixed income.
Government Securities
Risk-free sovereign assets: T-Bills, G-Secs, and State Development Loans.
Corporate Debt Instruments
Lending to businesses: Bonds, Debentures, and Money Market Instruments.
Yield Mechanics
Understanding interest rates, bond pricing, and yield curves.
Duration & Volatility
Measuring interest rate sensitivity and price volatility.
Credit Risk Framework
Default probabilities, credit ratings, and analyzing credit events.
Debt Mutual Funds
Product layer: Liquid, Short-term, Gilt, and Dynamic Bond funds.
Risk Dimensions
Interest rate risk, credit concentration, and liquidity traps.
Taxation & Real Returns
Post-tax calculations, indexation rules, and inflation impact.
Portfolio Construction
Asset allocation, laddering strategies, and the role of debt.
Comparative Framework
Debt vs Equity: Cycles, correlations, and risk-return trade-offs.
Advanced Topics
Bond market structure (NDS-OM) and monetary policy transmission.