Study Guide for 2015 Level I CFA Exam - Wiley

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Study Session 15: Fixed Income--Basic Concepts Reading 51: Fixed-Income Securities: Defining Elements 3 Lesson 1: Overview of a Fixed-Income Security 3 Lesson 2: Legal, Regulatory and Tax Considerations 11 Lesson 3: Structure of a Bond's Cash Flows 12 Lesson 4: Bonds with Contingency Provisions 18 Reading 52: Fixed Income Markets: Issuance, Trading, and Funding 23 Lesson 1: Overview of Global Fixed-Income Markets 23 Lesson 2: Primary and Secondary Bond Markets 25 Lesson 3: Issuers of Bonds 27 Lesson 4: Short-Term Funding Alternatives Available to Banks 31 Reading 53: I ntroduction to Fixed-Income Valuation 35 Lesson 1: Bond Prices and the Time Value of Money 35 Lesson 2: Prices and Yields (Part I): Conventions for Quotes and Calculations 41 Lesson 3: Prices and Yields (Part II): Matrix Pricing and Yield Measures for Bonds 46 Lesson 4: Prices and Yields (Part III): The Maturity Structure of Interest Rates and Calculating Spot Rates and Forward Rates 58 Lesson 5: Yield Spreads 65 Reading 54: An Introduction to Asset-Backed Securities 69 Lesson 1: Introduction, the Benefits of Securitization and the Securitization Process 69 Lesson 2: Residential Mortgage Loans and Residential Mortgage-Backed Securities (RMBS) 74 Lesson 3: Commercial Mortgage-Backed Securities (CMBS) and Nonmortgage Asset-Backed Securities (ABS) 89 Lesson 4: Collateralized Debt Obligations (CDOs) 92 Study Session 16: Fixed Income--Analysis of Risk Reading 55: Understanding Fixed-Income Risk and Return 99 Lesson 1: Sources of Risk 99 Lesson 2: Interest Rate Risk on Fixed-Rate Bonds 105 Lesson 3: Yield Volatility, Interest Rate Risk and the Investment Horizon, and Credit and Liquidity Risk 126 Reading 56: Fundamentals of Credit Analysis 131 Lesson 1: Credit Risk, Capital Structure, Seniority Ranking, and Recovery Rates 131 Lesson 2: Rating Agencies, Credit Ratings, and Their Role in Debt Markets 134 Lesson 3: Traditional Credit Analysis 136 Lesson 4: Credit Risk versus Return: Yields and Spreads 143 Lesson 5: Special Considerations of High Yield, Sovereign and Municipal Credit Analysis 145 Study Session 17: Derivatives Reading 57: Derivative Markets and Instruments 153 Lesson 1: Dervative Markets, Foreword-Commitments, and Contingent Claims 153 Lesson 2: Benefits and Criticisms of Derivatives, and Arbitrage 156 Reading 58: Basics of Derivative Pricing and Valuation 159 Lesson 1: Fundamental Concepts of Derivative Pricing 159 Lesson 2: Foreword Contracts 163 Lesson 3: Futures Contracts 174 Lesson 4: Swap Contracts 178 Lesson 5: Option Contracts Part 1: European Option Pricing 183 Lesson 6: Option Contracts Part 2: Binomial Option Pricing 200 Lesson 7: Option Contracts Part 3: American Option Pricing 207 Reading 59: Risk Management Applications of Option Strategies 211 Lesson 1: Option Strategies 211 Study Session 18: Alternative Instruments Reading 60: Introduction to Alternative Investments 219 Lesson 1: Alternative Investments 219 Lesson 2: Major Types of Alternative Investments Part 1: Hedge Funds 221 Lesson 3: Major Types of Alternative Investments Part 2: Private Equity, Real Estate and Commodities 227 Lesson 4: Risk Management 238