Bonds

After this course, you will understand the operating principles and organisation of the bond market having analysed:

• The source and development of fixed income securities
• The players and parties involved
• The new market organisation including the requirements of MIF 2 (MIFIR/MIFID 2)
• The basic characteristics of bonds (physical presentation, nominal value, issue price, redemption price…)
• The main explanatory variables encountered
• How to issue bonded debt (types of issue, mechanisms, prospectus and regulatory aspects …)
• The rights and obligations of the bond issuer and holder
• The risks involved in a bond investment and solvency criteria
• The basic elements and characteristics of the various types of bonds (fixed rate, variable rate, hybrids…)
• The principles and methods used to establish a FAIR bond price
• Problems encountered in measuring bond yields
• How to structure and interpret a bond rates curve and what conclusions to draw from it from a structural and economic point of view