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Bonds and fixed income products

by Alan McDougall

Languages: English

Price (from): €3,300

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About the trainer:

Alan helps banks and their clients to manage risk. He has designed and delivered over 1600 highly interactive training days in more than 40 countries for the International Faculty of Finance, Goldman Sachs, Morgan Stanley, JP Morgan, HSBC, Deutsche Bank, Rabobank, BNP Paribas, Societe Generale, UBS, Credit Suisse, Barclays, The Bank of England, The Financial Times, The London Stock Exchange, The United Nations and many others. He advised banks and multinational corporations on the design and execution of their hedging, asset-liability and risk management strategies at HSBC’s International Treasury Management Group, where he also ran a currency swaps book. He traded a proprietary fixed-income book at Scotia Capital Markets and ran training courses for the traders and the salespeople. The International Foreign Exchange Dealers Association (ACI) commissioned him to write ‘Mastering Swaps Markets’, published by the Financial Times and the University of Shanghai. He has an MSc in International Banking and Finance, plays the clarinet in one of London’s orchestras, and is a keen golfer, with a handicap of 6. Alan is an advisor to the fintech, edtech, social media company INVSTR.

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Bonds and fixed income products by Alan McDougall

About the training

#bonds   #fixed income

Participants on the course will work in groups on the exercises and case studies. Please bring a laptop with Excel for the case studies and exercises. The first day of the program will provide you with a complete overview of bond pricing: you will learn how to approximate both prices and yields at a glance, before exploring the bond maths functionality in Excel.

Learning outcomes

Term-structure of rates

How the term-structure of rates influences all financial instruments

Bond prices and yields

How to estimate bond prices and yields at a glance

Bonds in Excel

How to price and value bonds in Excel

Static and dynamic hedging

How static and dynamic hedging works

Program

  • How the bond markets work

  • Case study: participants will examine a new international bond issue from the perspectives of the issuer, the arrangers and investors

  • Pricing principles

  • Bonds and fixed income mechanics

  • Case study: Archer Daniel Midland Company 6.75% December 2027

  • Practical bond pricing techniques

  • Excel exercises: Haliburton 6.875% January 2028

  • Yield curves

  • Exercise: straight line interpolations of the US Treasury curve

  • The use of benchmarks in bond pricing

  • Case study: benchmarking corporate bonds to an interpolated curve

  • Case study: benchmarking Apple and Verizon

  • Investment skills

  • Group exercise: 7 immutable laws of investing & 9 rules of risk management

  • An introduction to curve trading

  • Group exercise: curve flattening trades and curve steepening trades

  • The bond markets today

  • Case study: Republic of Turkey 4.875% October 2026

  • Pricing floating rate notes

  • Case Study: FRN pricing - Pernod Ricard

  • Bond portfolio management

  • Case study: dynamically hedging a portfolio

  • Getting to grips with repos and reverses

  • Case study: the repo market

  • Contingent convertible capital instruments

  • Case study: understanding the CoCo market

  • Using duration as a hedging or trading technique

  • Case study: using duration to calculate hedge ratios; curve trading

  • Managing interest rate risk

  • Exercise: using duration as a hedging tool

  • Case study: bond pricing in Excel

  • Interest Rate Derivatives

  • Use Strips as a Benchmark for Pricing non-standard Bonds

  • Term Structure of Interest Rates

  • Case Study: Working out the term structure of Interest Rates

  • Case Study: Debt Origination

  • Liability Swaps and the Bond Markets

  • Asset-Backed Securities

  • Asset Swaps and Bond Markets

  • Swap Pricing

  • Swap Valuation

  • Case Study: Asset Swap Pricing and Valuation

  • Credit Curves, Benchmarking and Corporate Bond Spreades

Main benefits

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