企业员工培训课件：工行CFP培训教材.ppt

2009年中国工商银行CFA二级培训项目Fixed e Securities
讲师: 甘润硕士、CFA、FRM
撰稿:
日期:2009年3月
地点:■杭州
上海金程国际金融培训中心
飞苫膜炒晃映舍致檄随郝忌蛮创樱嫁葵厘厦皆荐祸烈丫伏藩宜暑吹姓泽焦企业员工培训课件:工行CFP培训教材企业员工培训课件:工行CFP培训教材
Study Session 1-2
Ethics & Professional Standards
10
Study Session 3
Quantitative Methods
5-10
Study Session 4
Economic Analysis
5-10
Study Session 5-7
Financial Statement Analysis
15-25
Study Session 8-9
Corporate Finance
5-15
Study Session 10-13
Equity Analysis
20-30
Study Session 14-15
Fixed e Analysis
5-15
Study Session 16-17
Derivative Investments
5-15
Study Session 18
Portfolio Management
5-15
TOTAL:
100
CFA二级课程框架
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2
SS14 FIXED E:
Valuation Concepts
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FIXED E INVESTMENTS(SS 14)
Reading 52: General Principles of Credit Analysis
Reading 53: The Liquidity of Conundrum
Reading 54: Term Structure and Volatility of Interest Rates
Reading 55: Valuing Bonds with Embedded Options
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4
Review: the logic of bond pricing
Price
Rate
Cash flow
Term structure
Bond:With Options
Issuer
CONVEXITY
DURATION
MACAULAY
Modified
Effective
本质?
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5
General Principles of Credit Analysis
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1. General Principles of Credit Analysis P9
Distinguish among default risk, credit spread risk, and downgrade risk
1) default risk:The borrower will not repay the obligation
2) Credit spread risk: the credit spread will increase/decrease? and cause the value of the issue to decrease/increase? and/or cause the bond to under perform its benchmark
3) Downgrade risk: the issue will be downgraded by the credit rating agencies which will cause the price to fall
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1. General Princ