Tier 3 · AdvancedFree
Fixed Income and Rates
Bond Math
8 modules~58 min totalVerifiable certificate on completion
Syllabus
01Bond Pricing and the Price-Yield RelationshipMath
9 min02Duration: The First Derivative of PriceMath
9 min03Convexity: The Second Derivative and the CorrectionMath
9 min04Why a Bond's Price Falls When Rates Rise
6 min05Three Ways to Measure Yield
6 min06The Duration Decision
7 min07Reading the Curve
6 min08The Spread
6 minFrom Module 1 — read a sample
A bond is just a promise to pay cash flows at set dates. Its price = the present value of all those cash flows, discounted at the current market interest rate. When rates rise, bond prices fall — they move opposite, because the same fixed cash flows are worth less when discounted at a higher rate.
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