Fixed Income Securities

  1. Classification of Fixed Income Securities
    1. Government Securities
      1. U.S. Treasury Securities
        1. Treasury Bills
          1. Maturity Characteristics
            1. Discount Pricing
              1. Auction Process
                1. Secondary Market Liquidity
                2. Treasury Notes
                  1. Coupon Structure
                    1. Maturity Range
                      1. Reopening Process
                      2. Treasury Bonds
                        1. Long-Term Characteristics
                          1. Callable Features (Historical)
                            1. STRIPS Program
                            2. Treasury Inflation-Protected Securities
                              1. Inflation Adjustment Mechanism
                                1. Real vs. Nominal Yields
                                  1. Tax Implications
                                2. Federal Agency Securities
                                  1. Government-Sponsored Enterprises
                                    1. Fannie Mae Securities
                                      1. Freddie Mac Securities
                                        1. Federal Home Loan Banks
                                        2. Federal Agencies
                                          1. Government National Mortgage Association
                                            1. Small Business Administration
                                            2. Credit Support
                                              1. Explicit Government Backing
                                                1. Implicit Government Support
                                                  1. Agency vs. Treasury Spreads
                                                2. International Government Bonds
                                                  1. Sovereign Bonds
                                                    1. Developed Market Sovereigns
                                                      1. Emerging Market Sovereigns
                                                      2. Currency Denominations
                                                        1. Local Currency Bonds
                                                          1. Hard Currency Bonds
                                                          2. Sovereign Risk Assessment
                                                        2. Municipal Securities
                                                          1. Types by Security Structure
                                                            1. General Obligation Bonds
                                                              1. Full Faith and Credit Pledge
                                                                1. Taxing Power Backing
                                                                  1. Debt Limitations
                                                                  2. Revenue Bonds
                                                                    1. Project-Specific Revenue Streams
                                                                      1. Essential Service Revenue
                                                                        1. Non-Essential Service Revenue
                                                                      2. Special Municipal Structures
                                                                        1. Certificates of Participation
                                                                          1. Lease Revenue Bonds
                                                                            1. Tax Increment Financing Bonds
                                                                              1. Build America Bonds
                                                                              2. Tax Considerations
                                                                                1. Federal Tax Exemption
                                                                                  1. State Tax Treatment
                                                                                    1. Alternative Minimum Tax
                                                                                      1. Taxable Municipal Bonds
                                                                                    2. Corporate Bonds
                                                                                      1. Credit Quality Classifications
                                                                                        1. Investment Grade Bonds
                                                                                          1. Rating Categories
                                                                                            1. Credit Characteristics
                                                                                            2. High Yield Bonds
                                                                                              1. Speculative Grade Ratings
                                                                                                1. Default Risk Profile
                                                                                                  1. Market Dynamics
                                                                                                2. Security Structure
                                                                                                  1. Secured Bonds
                                                                                                    1. Mortgage Bonds
                                                                                                      1. Collateral Trust Bonds
                                                                                                        1. Equipment Trust Certificates
                                                                                                        2. Unsecured Bonds
                                                                                                          1. Debentures
                                                                                                            1. Notes
                                                                                                              1. Subordinated Debt
                                                                                                            2. Industry Sectors
                                                                                                              1. Financial Services
                                                                                                                1. Utilities
                                                                                                                  1. Industrial Companies
                                                                                                                    1. Energy Sector
                                                                                                                      1. Technology Sector
                                                                                                                    2. International Bonds
                                                                                                                      1. Eurobonds
                                                                                                                        1. Currency and Market Characteristics
                                                                                                                          1. Regulatory Environment
                                                                                                                          2. Foreign Bonds
                                                                                                                            1. Yankee Bonds
                                                                                                                              1. Samurai Bonds
                                                                                                                                1. Bulldog Bonds
                                                                                                                                2. Global Bonds
                                                                                                                                  1. Simultaneous Issuance
                                                                                                                                    1. Multiple Market Access
                                                                                                                                  2. Specialized Bond Features
                                                                                                                                    1. Embedded Options
                                                                                                                                      1. Callable Bonds
                                                                                                                                        1. Call Protection Periods
                                                                                                                                          1. Call Schedules
                                                                                                                                            1. Make-Whole Call Provisions
                                                                                                                                            2. Putable Bonds
                                                                                                                                              1. Put Schedules
                                                                                                                                                1. Investor Protection
                                                                                                                                                2. Convertible Bonds
                                                                                                                                                  1. Conversion Ratios
                                                                                                                                                    1. Conversion Premium
                                                                                                                                                      1. Forced Conversion
                                                                                                                                                      2. Exchangeable Bonds
                                                                                                                                                        1. Exchange Features
                                                                                                                                                          1. Third-Party Securities
                                                                                                                                                        2. Coupon Variations
                                                                                                                                                          1. Step-Up Bonds
                                                                                                                                                            1. Scheduled Rate Increases
                                                                                                                                                            2. Step-Down Bonds
                                                                                                                                                              1. Scheduled Rate Decreases
                                                                                                                                                              2. Payment-in-Kind Bonds
                                                                                                                                                                1. Non-Cash Interest
                                                                                                                                                                  1. Toggle Features
                                                                                                                                                                  2. Inflation-Linked Bonds
                                                                                                                                                                    1. Index-Linked Principal
                                                                                                                                                                      1. Index-Linked Coupons

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                                                                                                                                                                1. Introduction to Fixed Income Securities

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                                                                                                                                                                3. Bond Valuation Principles