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Event Location

Instructor

Instructor: Stephen A. Berkowitz
Hours: 9:00 am - 4:30 pm; Registration/Breakfast begins at 8:30 am

This intensive one-day seminar introduces the different types of fixed income products, their characteristics and how/where they are traded. We will begin with simple bonds and progress through the more sophisticated asset-backed and hybrid instruments with an emphasis on instrument features, marketplace characteristics and relative risk. The course does not require more than basic math skills.

v     Fixed Income Terms and Definitions

 

v     The Players: Issuers, Sellside, Buyside, Enhancers
 

v     Risks

·        Default

·        Interest Rate

·        Inflation

·        Liquidity

·        Miscellaneous

 

v     Rewards

·        Capital Gains and Losses

·        Interest and Reinvestment Income
 

v     Intro to Bond Math

·        Interest Rates, Yields and Rates of Return

·        Fixed Income Pricing Conventions

·        Conventional Yield Measures

·        Yield Curves

 

v     Types of Fixed Income Securities and Their Marketplaces

·        Government securities

¨      Treasury bills;

¨      Notes;

¨      Bonds;

¨      Treasury Inflation Protected Securities (TIPS, I- bonds);

¨      Strips;

¨      Agency securities.

·        Mortgage backed securities

¨      Pass-throughs;

¨      CMOs;

¨      Other mortgage backed securities and funds.

·        Other types of asset backed securities: credit card receivables, auto loans, corporate receivables, etc.

·        State and local securities

¨      General obligation;

¨      Revenue bonds.

·        Corporate bonds

¨      Bondholder entitlements;

¨      Hierarchy of claims in the event of default;

¨      Remedies in the event of default.

·        Preferred stocks and other hybrid bonds with equity characteristics.

·        High yield securities (equities in disguise)