Скачать или смотреть Foundational Fixed Income Analysis ||The Journey of a Bond || CFA

The sources provide a comprehensive analysis of fixed income securities, explaining that a bond's price is the Present Value (PV) of its fixed future cash flows, discounted at the Yield to Maturity (YTM). This text details the inverse relationship between bond prices and market interest rates, as well as the conditions—par, discount, or premium—that arise from the relationship between the YTM and the bond's Coupon Rate. Furthermore, the material explores the critical theoretical limitations of YTM, particularly Reinvestment Risk, and explains secondary market mechanics by distinguishing between the quoted Clean Price and the settlement Dirty Price using Day Count Conventions (DCCs). Finally, the analysis covers advanced risk measures, utilizing Duration as the primary measure of price sensitivity and Convexity as a necessary correction factor for the non-linear price-yield relationship.