{"id":256,"date":"2019-08-08T00:32:16","date_gmt":"2019-08-08T00:32:16","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=256"},"modified":"2025-01-06T12:45:28","modified_gmt":"2025-01-06T12:45:28","slug":"learning-sessions-curriculum-fixed-income","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/learning-sessions-curriculum-fixed-income\/","title":{"rendered":"CFA Level 1 Study Notes – Fixed Income"},"content":{"rendered":"

Study Session 14<\/h2>\n

Reading 42 – Fixed-Income Securities: Defining Elements<\/h2>\n– LOS 42a: describe basic features of a fixed-income security
<\/a>\n\n– LOS 42b: describe content of a bond indenture
<\/a>\n\n– LOS 42c: compare affirmative and negative covenants and identify examples of each
<\/a>\n– LOS 42d: describe how legal, regulatory, and tax considerations affect the issuance and trading of fixed-income securities
<\/a>\n– LOS 42e: describe how cash flows of fixed-income securities are structured
<\/a>\n– LOS 42f: describe contingency provisions affecting the timing and\/or nature of cash flows of fixed-income securities and identify whether such provisions benefit the borrower or the lender
\n<\/a>– LOS 42g: describe different types of bonds and their specific features<\/a>\n

Reading 43 – Fixed-Income Markets: Issuance, Trading and Funding<\/h2>\n– LOS 43a: describe classifications of global fixed-income markets
<\/a>\n– LOS 43b: describe the use of interbank offered rates as reference rates in floating-rate debt<\/a>
\n– LOS 43c: describe mechanisms available for issuing bonds in primary markets<\/a>
\n– LOS 43d: describe secondary markets for bonds<\/a>
\n– LOS 43e: describe securities issued by sovereign governments<\/a>
\n– LOS 43f: describe securities issued by non-sovereign governments, quasi-government entities, and supranational agencies<\/a>
\n– LOS 43g: describe types of debt issued by corporations<\/a>
\n– LOS 43h: describe structured financial instruments<\/a>
\n– LOS 43i: describe short-term funding alternatives available to banks<\/a>
\n– LOS 43j: describe repurchase agreements and the risks associated with them<\/a>\n

Reading 44 – Introduction to Fixed-Income Valuation<\/h2>\n– LOS 44a: calculate a bond\u2019s price given a market discount rate<\/a>
\n– LOS 44b: identify the relationships among a bond\u2019s price, coupon rate, maturity, and market discount rate (yield-to-maturity)<\/a>
\n– LOS 44c: define spot rates and calculate the price of a bond using spot rates<\/a>
\n– LOS 44d: describe and calculate the flat price, accrued interest, and the full price of a bond<\/a>
\n– LOS 44e: describe matrix pricing<\/a>
\n– LOS 44f:\u00a0calculate annual yield on a bond for varying compounding periods in a year<\/a>
\n– LOS 44g: calculate and interpret yield measures for fixed-rate bonds and floating-rate notes<\/span>\n<\/a>\n– LOS 44h: calculate and interpret yield measures for money market instruments<\/a>
\n– LOS 44i: define and compare the spot curve, yield curve on coupon bonds, par curve, and forward curve<\/a>
\n– LOS 44j: define forward rates and calculate spot rates from forward rates, forward rates from spot rates, and the price of a bond using forward rates<\/a>
\n– LOS 44k: compare, calculate, and interpret yield spread measures<\/a>\n

Reading 45 – Introduction to Asset-Backed Securities<\/h2>\n– LOS 45a: explain benefits of securitization for economies and financial markets<\/a>
\n– LOS 45b: describe securitization, including the parties involved in the process and the roles they play<\/a>
\n– LOS 45c: describe typical structures of securitizations, including credit tranching and time tranching<\/a>
\n– LOS 45d: describe types and characteristics of residential mortgage loans that are typically securitized<\/a>
\n– LOS 45e: describe types and characteristics of residential mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks for each type<\/a>
\n– LOS 45f: define prepayment risk and describe the prepayment risk of mortgage-backed securities<\/a>
\n– LOS 45g: describe characteristics and risks of commercial mortgage-backed securities<\/a>
\n– LOS 45h: describe types and characteristics of non-mortgage asset-backed securities, including the cash flows and risks of each type<\/a>
\n– LOS 45i: describe collateralized debt obligations, including their cash flows and risks<\/a>\n

Study Session 15<\/h2>\n

Reading 46 – Understanding Fixed-Income Risk and Return<\/h2>\n– LOS 46a: calculate and interpret the sources of return from investing in a fixed-rate bond<\/a>
\n– LOS 46b: define, calculate, and interpret Macaulay, modified, and effective durations<\/a>
\n– LOS 46<\/a>c: explain why effective duration is the most appropriate measure of interest rate risk for bonds with embedded options<\/a>
\n– LOS 46d: define key rate duration and describe the use of key rate durations in measuring the sensitivity of bonds to changes in the shape of the benchmark yield curve<\/a>
\n– LOS 46e: explain how a bond\u2019s maturity, coupon, and yield level affect its interest rate risk<\/a>
\n– LOS 46f: calculate the duration of a portfolio and explain the limitations of portfolio duration<\/a>
\n– LOS 46g: calculate and interpret the money duration of a bond and price value of a basis point (PVBP)<\/a>
\n– LOS 46h: calculate and interpret approximate convexity and distinguish between approximate and effective convexity<\/a>
\n– LOS 46i: estimate the percentage price change of a bond for a specified change in yield, given the bond\u2019s approximate duration and convexity<\/a>
\n– LOS 46j: describe how the term structure of yield volatility affects the interest rate risk of a bond<\/a>
\n– LOS 46k: describe the relationships among a bond\u2019s holding period return, its duration, and the investment horizon<\/a>
\n– LOS 46l: explain how changes in credit spread and liquidity affect yield-to-maturity of a bond and how duration and convexity can be used to estimate the price effect of the changes<\/a>\n

Reading 47 – Fundamentals of Credit Analysis<\/h2>\n– LOS 47a: describe credit risk and credit-related risks affecting corporate bonds<\/a>
\n– LOS 47b: describe default probability and loss severity as components of credit risk<\/a>
\n– LOS 47c: describe seniority rankings of corporate debt and explain the potential violation of the priority of claims in a bankruptcy proceeding<\/a>
\n– LOS 47d: distinguish between corporate issuer credit ratings and issue credit ratings and describe the rating agency practice of \u201cnotching\u201d<\/a>
\n– LOS 47e: explain risks in relying on ratings from credit rating agencies<\/a>
\n– LOS 47f: explain the four Cs (Capacity, Collateral, Covenants, and Character) of traditional credit analysis<\/a>
\n– LOS 47g: calculate and interpret financial ratios used in credit analysis<\/a>
\n– LOS 47h: evaluate the credit quality of a corporate bond issuer and a bond of that issuer, given key financial ratios of the issuer and the industry<\/a>
\n– LOS 47i: describe factors that influence the level and volatility of yield spreads<\/a>
\n– LOS 47j: explain special considerations when evaluating the credit of high yield, sovereign, and non-sovereign government debt issuers and issues<\/a>\n

Study Session 14<\/h2>\n

Reading 42 – Fixed-Income Securities: Defining Elements<\/h2>\n– LOS 42a: describe basic features of a fixed-income security<\/a>
\n– LOS 42b: describe content of a bond indenture<\/a>
\n– LOS 42c: compare affirmative and negative covenants and identify examples of each<\/a>
\n– LOS 42d: describe how legal, regulatory, and tax considerations affect the issuance and trading of fixed-income securities<\/a>
\n– LOS 42e: describe how cash flows of fixed-income securities are structured<\/a>
\n– LOS 42f: describe contingency provisions affecting the timing and\/or nature of cash flows of fixed-income securities and identify whether such provisions benefit the borrower or the lender\n<\/a>
– LOS 42x: describe different types of bonds and their specific features<\/a>\n

Reading 43 – Fixed-Income Markets: Issuance, Trading and Funding<\/h2>\n– LOS 43a: describe classifications of global fixed-income markets<\/a>
\n– LOS 43b: describe the use of interbank offered rates as reference rates in floating-rate debt
<\/a>\n– LOS 43c: describe mechanisms available for issuing bonds in primary markets
<\/a>\n– LOS 43d: describe secondary markets for bonds
<\/a>\n– LOS 43e: describe securities issued by sovereign governments
<\/a>\n– LOS 43f: describe securities issued by non-sovereign governments, quasi-government entities, and supranational agencies
<\/a>\n– LOS 43g: describe types of debt issued by corporations
<\/a>\n– LOS 43h: describe structured financial instruments
<\/a>\n– LOS 43i: describe short-term funding alternatives available to banks
<\/a>\n– LOS 43j: describe repurchase agreements and the risks associated with them<\/a>\n

Reading 44 – Introduction to Fixed-Income Valuation<\/h2>\n– LOS 44a: calculate a bond\u2019s price given a market discount rate<\/a>\n\n– LOS 44b: identify the relationships among a bond\u2019s price, coupon rate, maturity, and market discount rate (yield-to-maturity)<\/a>\n– LOS 44c: define spot rates and calculate the price of a bond using spot rates
<\/a>\n– LOS 44d: describe and calculate the flat price, accrued interest, and the full price of a bond
<\/a>\n– LOS 44e: describe matrix pricing
<\/a>\n– LOS 44f:\u00a0calculate annual yield on a bond for varying compounding periods in a year
<\/a>\n– LOS 44g: calculate and interpret yield measures for fixed-rate bonds and floating-rate notes<\/span>\n<\/a>\n– LOS 44h: calculate and interpret yield measures for money market instruments
<\/a>\n– LOS 44i: define and compare the spot curve, yield curve on coupon bonds, par curve, and forward curve
<\/a>\n– LOS 44j: define forward rates and calculate spot rates from forward rates, forward rates from spot rates, and the price of a bond using forward rates
<\/a>\n– LOS 44k: compare, calculate, and interpret yield spread measures<\/a>\n

Reading 45 – Introduction to Asset-Backed Securities<\/h2>\n– LOS 45a: explain benefits of securitization for economies and financial markets
<\/a>\n– LOS 45b: describe securitization, including the parties involved in the process and the roles they play
<\/a>\n– LOS 45c: describe typical structures of securitizations, including credit tranching and time tranching
<\/a>\n– LOS 45d: describe types and characteristics of residential mortgage loans that are typically securitized
<\/a>\n– LOS 45e: describe types and characteristics of residential mortgage-backed securities, including
mortgage pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks for each type<\/a>
\n– LOS 45f: define prepayment risk and describe the prepayment risk of mortgage-backed securities<\/a>
\n– LOS 45g: describe characteristics and risks of commercial mortgage-backed securities
<\/a>\n– LOS 45h: describe types and characteristics of non-mortgage asset-backed securities, including the cash flows and risks of each type
<\/a>\n– LOS 45i: describe collateralized debt obligations, including their cash flows and risks<\/a>\n

Study Session 15<\/h2>\n

Reading 46 – Understanding Fixed-Income Risk and Return<\/h2>\n– LOS 46a: calculate and interpret the sources of return from investing in a fixed-rate bond<\/a>
\n– LOS 46b: define, calculate, and interpret Macaulay, modified, and effective durations
<\/a>\n– LOS 46<\/a>c: explain why effective duration is the most appropriate measure of interest rate risk for bonds with embedded options
<\/a>\n– LOS 46d: define key rate duration and describe the use of key rate durations in measuring the sensitivity of bonds to changes in the shape of the benchmark yield curve<\/a>
\n– LOS 46e: explain how a bond\u2019s maturity, coupon, and yield level affect its interest rate risk<\/a>
\n– LOS 46f: calculate the duration of a portfolio and explain the limitations of portfolio duration<\/a>
\n– LOS 46g: calculate and interpret the money duration of a bond and price value of a basis point (PVBP)<\/a>
\n– LOS 46h: calculate and interpret approximate convexity and distinguish between approximate and effective convexity<\/a>
\n– LOS 46i: estimate the percentage price change of a bond for a specified change in yield, given the bond\u2019s approximate duration and convexity<\/a>
\n– LOS 46j: describe how the term structure of yield volatility affects the interest rate risk of a bond<\/a>
\n– LOS 46k: describe the relationships among a bond\u2019s holding period return, its duration, and the investment horizon<\/a>
\n– LOS 46l: explain how changes in credit spread and liquidity affect yield-to-maturity of a bond and how duration and convexity can be used to estimate the price effect of the changes<\/a>\n

Reading 47 – Fundamentals of Credit Analysis<\/h2>\n– LOS 47a: describe credit risk and credit-related risks affecting corporate bonds
<\/a>\n– LOS 47b: describe default probability and loss severity as components of credit risk
<\/a>\n– LOS 47c: describe seniority rankings of corporate debt and explain the potential violation of the priority of claims in a bankruptcy proceeding<\/a>
\n– LOS 47d: distinguish between corporate issuer credit ratings and issue credit ratings and describe the rating agency practice of \u201cnotching\u201d<\/a>
\n– LOS 47e: explain risks in relying on ratings from credit rating agencies<\/a>
\n– LOS 47f: explain the four Cs (Capacity, Collateral, Covenants, and Character) of traditional credit analysis<\/a>
\n– LOS 47g: calculate and interpret financial ratios used in credit analysis<\/a>
\n– LOS 47h: evaluate the credit quality of a corporate bond issuer and a bond of that issuer, given key financial ratios of the issuer and the industry<\/a>
\n– LOS 47i: describe factors that influence the level and volatility of yield spreads<\/a>
\n– LOS 47j: explain special considerations when evaluating the credit of high yield, sovereign, and non-sovereign government debt issuers and issues<\/a>\n

2024 Curriculum<\/h2>\n

Learning Module 1 – Fixed-Income Instrument Features<\/strong><\/h2>\nLOS a: describe the features of a fixed-income security

<\/a>LOS b: describe the contents of a bond indenture and contrast affirmative and negative covenants<\/a>\n

Learning Module 2 – Fixed-Income Cash Flows and Types<\/strong><\/h2>\nLOS a: describe common cash flow structures of fixed-income instruments and contrast cash flow contingency provisions that benefit issuers and investors

<\/a>LOS b: describe how legal, regulatory, and tax considerations affect the issuance and trading of fixed-income securities<\/a>\n

Learning Module 3 – Fixed-Income Issuance and Trading<\/strong><\/h2>\nLOS a: describe fixed-income market segments and their issuer and investor Participants

<\/a>LOS b: describe types of fixed-income indexes

<\/a>LOS c: compare primary and secondary fixed-income markets to equity Markets<\/a>\n

Learning Module 4 – Fixed-Income Markets for Corporate Issuers<\/span><\/strong><\/h2>\nLOS a: compare short-term funding alternatives available to corporations and financial institutions

<\/a><\/span>LOS b: describe repurchase agreements (repos), their uses, and their benefits and risks

<\/a>LOS c: contrast the long-term funding of investment-grade versus high-yield corporate issuers<\/a>\n

Learning Module 5 – Fixed-Income Markets for Government Issuers<\/strong><\/h2>\nLOS a: describe funding choices by sovereign and non-sovereign governments, quasi-government entities, and supranational agencies

<\/a>LOS b: contrast the issuance and trading of government and corporate fixed-income instruments<\/a>\n

Learning Module 6 – Fixed-Income Bond Valuation: Prices and Yields<\/strong><\/h2>\nLOS a: calculate a bond\u2019s price given a yield-to-maturity on or between coupon dates

<\/a>LOS b: identify the relationships among a bond\u2019s price, coupon rate, maturity, and yield-to-maturity

<\/a>LOS c: describe matrix pricing<\/a>\n

Learning Module 7 – Yield and Yield Spread Measures for Fixed-Rate Bonds<\/strong><\/h2>\nLOS a: calculate annual yield on a bond for varying compounding periods in a year

<\/a>LOS b: compare, calculate, and interpret yield and yield spread measures for fixed-rate bonds<\/a>\n

Learning Module 8 – Yield and Yield Spread Measures for Floating-Rate Instruments<\/strong><\/h2>\nLOS a: calculate and interpret yield spread measures for floating-rate instruments

<\/a>LOS b: calculate and interpret yield measures for money market instruments.<\/span><\/a>\n

Learning Module 9 – The Term Structure of Interest Rates: Spot, Par, and Forward Curves<\/strong><\/h2>\nLOS a: define spot rates and the spot curve, and calculate the price of a bond using spot rates.

<\/a>LOS b: define par and forward rates, and calculate par rates, forward rates from spot rates, spot rates from forward rates, and the price of a bond using forward rates.

<\/a>LOS c: compare the spot curve, par curve, and forward curve.<\/a>\n

Learning Module 10 – Interest Rate Risk and Return<\/strong><\/h2>\nLOS a: calculate and interpret the sources of return from investing in a fixed-rate bond.

<\/a>LOS b: describe the relationships among a bond\u2019s holding period return, its Macaulay duration, and the investment horizon.

<\/a>LOS c: define, calculate, and interpret Macaulay duration.<\/a>\n

Learning Module 11 – Yield-Based Bond Duration Measures and Properties<\/strong><\/h2>\nLOS a: define, calculate, and interpret modified duration, money duration, and the price value of a basis point (PVBP).

<\/a>LOS b: explain how a bond\u2019s maturity, coupon, and yield level affect its interest rate risk.<\/a>\n

Learning Module 12 – Yield-Based Bond Convexity and Portfolio Properties<\/strong><\/h2>\nLOS a: calculate and interpret convexity and describe the convexity adjustment.

<\/a>LOS b: calculate the percentage price change of a bond for a specified change in yield, given the bond\u2019s duration and convexity.

<\/a>LOS c: calculate portfolio duration and convexity and explain the limitations of these measures.<\/a>\n

Learning Module 13 – Curve-Based and Empirical Fixed-Income Risk Measures<\/strong><\/h2>\nLOS a: explain why effective duration and effective convexity are the most appropriate measures of interest rate risk for bonds with embedded options.

<\/a>LOS b: calculate the percentage price change of a bond for a specified change in benchmark yield, given the bond\u2019s effective duration and convexity.

<\/a>LOS c: define key rate duration and describe its use to measure price sensitivity of fixed-income instruments to benchmark yield curve changes.

<\/a>LOS d: describe the difference between empirical duration and analytical duration.<\/a>\n

Learning Module 14 – Credit Risk<\/strong><\/h2>\nLOS a: describe credit risk and its components, probability of default and loss given default.

<\/a>LOS b: describe the uses of ratings from credit rating agencies and their limitations.

<\/a>LOS c: describe macroeconomic, market, and issuer-specific factors that influence the level and volatility of yield spreads.<\/a>\n

Learning Module 15 – Credit Analysis for Government Issuers<\/strong><\/h2>\nLOS a: explain special considerations when evaluating the credit of sovereign and non-sovereign government debt issuers and issues.<\/a>\n

Learning Module 16 – Credit Analysis for Corporate Issuer<\/strong><\/h2>\nLOS a: describe the qualitative and quantitative factors used to evaluate a corporate borrower\u2019s creditworthiness.

<\/a>LOS b: calculate and interpret financial ratios used in credit analysis.

<\/a>LOS c: describe the seniority rankings of debt, secured versus unsecured debt and the priority of claims in bankruptcy, and their impact on credit ratings.<\/a>\n

Learning Module 17 – Fixed-Income Securitization<\/strong><\/h2>\n\n\n\n\nLOS a: explain benefits of securitization for issuers, investors, economies, and financial markets

<\/a>LOS b: describe securitization, including the parties and the roles they play<\/a>\n\n\n\n\n\n\n\n\n

Learning Module 18 – Asset-Backed Security (ABS) Instrument and Market Features<\/strong><\/h2>\n\n\n\n\nLOS a: describe characteristics and risks of covered bonds and how they differ from other asset-backed securities.

<\/a>LOS b: describe typical credit enhancement structures used in securitizations

<\/a>LOS c: describe types and characteristics of non-mortgage asset-backed securities, including the cash flows and risks of each type.

<\/a>LOS d: describe collateralized debt obligations, including their cash flows and risks.<\/a>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Learning Module 19 – Mortgage-Backed Security (MBS) Instrument and Market Features<\/strong><\/h2>\n\n\n\n\nLOS a: define prepayment risk and describe time tranching structures in securitizations and their purpose.

<\/a>LOS b: describe fundamental features of residential mortgage loans that are securitized.<\/a>\n\n\n\n\n\n\n\n\n\nLOS c: describe types and characteristics of residential mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations, and explain the cash flows and\nrisks for each type.

<\/a>LOS d: describe characteristics and risks of commercial mortgage-backed securities.<\/a>\n\n\n\n\n\n","protected":false},"excerpt":{"rendered":"

Study Session 14 Reading 42 – Fixed-Income Securities: Defining Elements – LOS 42a: describe basic features of a fixed-income security – LOS 42b: describe content of a bond indenture – LOS 42c: compare affirmative and negative covenants and identify examples…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-256","post","type-post","status-publish","format-standard","hentry","category-fixed-income","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"\nFixed Income Study Notes | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Master CFA Level 1 fixed income topics with comprehensive study notes. Learn about bonds, yield measures, and risk metrics to excel in your exam preparation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/learning-sessions-curriculum-fixed-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fixed Income Study Notes | CFA Level 1\" \/>\n<meta property=\"og:description\" content=\"Master CFA Level 1 fixed income topics with comprehensive study notes. 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