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<b>PART I Learning Outcomes, Summary Overview, and Problems</b> <p><b>CHAPTER 1 Features of Debt Securities 3</b></p> <p>Learning Outcomes 3</p> <p>Summary Overview 3</p> <p>Problems 5</p> <p><b>CHAPTER 2 Risks Associated with Investing in Bonds 8</b></p> <p>Learning Outcomes 8</p> <p>Summary Overview 9</p> <p>Problems 11</p> <p><b>CHAPTER 3 Overview of Bond Sectors and Instruments 15</b></p> <p>Learning Outcomes 15</p> <p>Summary Overview 16</p> <p>Problems 19</p> <p><b>CHAPTER 4 Understanding Yield Spreads 22</b></p> <p>Learning Outcomes 22</p> <p>Summary Overview 23</p> <p>Problems 25</p> <p><b>CHAPTER 5 Introduction to the Valuation of Debt Securities 29</b></p> <p>Learning Outcomes 29</p> <p>Summary Overview 29</p> <p>Problems 31</p> <p><b>CHAPTER 6 Yield Measures, Spot Rates, and Forward Rates 33</b></p> <p>Learning Outcomes 33</p> <p>Summary Overview 34</p> <p>Problems 35</p> <p><b>CHAPTER 7 Introduction to the Measurement of Interest Rate Risk 41</b></p> <p>Learning Outcomes 41</p> <p>Summary Overview 42</p> <p>Problems 44</p> <p><b>CHAPTER 8 Term Structure and Volatility of Interest Rates 49</b></p> <p>Learning Outcomes 49</p> <p>Summary Overview 49</p> <p>Problems 52</p> <p><b>CHAPTER 9 Valuing Bonds with Embedded Options 55</b></p> <p>Learning Outcomes 55</p> <p>Summary Overview 55</p> <p>Problems 58</p> <p><b>CHAPTER 10 Mortgage-Backed Sector of the BondMarket 63</b></p> <p>Learning Outcomes 63</p> <p>Summary Overview 63</p> <p>Problems 65</p> <p><b>CHAPTER 11 Asset-Backed Sector of the BondMarket 73</b></p> <p>Learning Outcomes 73</p> <p>Summary Overview 73</p> <p>Problems 78</p> <p><b>CHAPTER 12 ValuingMortgage-Backed and Asset-Backed Securities 83</b></p> <p>Learning Outcomes 83</p> <p>Summary Overview 83</p> <p>Problems 86</p> <p><b>CHAPTER 13 Interest Rate Derivative Instruments 92</b></p> <p>Learning Outcomes 92</p> <p>Summary Overview 92</p> <p>Problems 94</p> <p><b>CHAPTER 14 Valuation of Interest Rate Derivative Instruments 98</b></p> <p>Learning Outcomes 98</p> <p>Summary Overview 99</p> <p>Problems 100</p> <p><b>CHAPTER 15 General Principles of Credit Analysis 106</b></p> <p>Learning Outcomes 106</p> <p>Summary Overview 107</p> <p>Problems 109</p> <p><b>CHAPTER 16 Introduction to Bond Portfolio Management 114</b></p> <p>Learning Outcomes 114</p> <p>Summary Overview 114</p> <p>Problems 116</p> <p><b>CHAPTER 17 Measuring a Portfolio's Risk Profile 119</b></p> <p>Learning Outcomes 119</p> <p>Summary Overview 120</p> <p>Problems 122</p> <p><b>CHAPTER 18 Managing Funds Against a Bond Market Index 129</b></p> <p>Learning Outcomes 129</p> <p>Summary Overview 130</p> <p>Problems 132</p> <p><b>CHAPTER 19 Portfolio Immunization and Cash Flow Matching 140</b></p> <p>Learning Outcomes 140</p> <p>Summary Overview 140</p> <p>Problems 142</p> <p><b>CHAPTER 20 Relative-ValueMethodologies for Global Credit Bond Portfolio Management 144</b></p> <p>Learning Outcomes 144</p> <p>Summary Overview 144</p> <p>Problems 146</p> <p><b>CHAPTER 21 International Bond Portfolio Management 151</b></p> <p>Learning Outcomes 151</p> <p>Summary Overview 152</p> <p>Problems 155</p> <p><b>CHAPTER 22 Controlling Interest Rate Risk with Derivatives 159</b></p> <p>Learning Outcomes 159</p> <p>Summary Overview 160</p> <p>Problems 162</p> <p><b>CHAPTER 23 HedgingMortgage Securities to Capture Relative Value 167</b></p> <p>Learning Outcomes 167</p> <p>Summary Overview 167</p> <p>Problems 169</p> <p><b>CHAPTER 24 Credit Derivatives in Bond Portfolio Management 172</b></p> <p>Learning Outcomes 172</p> <p>Summary Overview 172</p> <p>Problems 174</p> <p><b>PART II Solutions</b></p> <p><b>CHAPTER 1 Features of Debt Securities 183</b></p> <p>Solutions 183</p> <p><b>CHAPTER 2 Risks Associated with Investing in Bonds 186</b></p> <p>Solutions 186</p> <p><b>CHAPTER 3 Overview of Bond Sectors and Instruments 191</b></p> <p>Solutions 191</p> <p><b>CHAPTER 4 Understanding Yield Spreads 197</b></p> <p>Solutions 197</p> <p><b>CHAPTER 5 Introduction to the Valuation of Debt Securities 201</b></p> <p>Solutions 201</p> <p><b>CHAPTER 6 Yield Measures, Spot Rates, and Forward Rates 207</b></p> <p>Solutions 207</p> <p><b>CHAPTER 7 Introduction to the Measurement of Interest Rate Risk 219</b></p> <p>Solutions 219</p> <p><b>CHAPTER 8 Term Structure and Volatility of Interest Rates 225</b></p> <p>Solutions 225</p> <p><b>CHAPTER 9 Valuing Bonds with Embedded Options 231</b></p> <p>Solutions 231</p> <p><b>CHAPTER 10 Mortgage-Backed Sector of the Bond Market 238</b></p> <p>Solutions 238</p> <p><b>CHAPTER 11 Asset-Backed Sector of the BondMarket 251</b></p> <p>Solutions 251</p> <p><b>CHAPTER 12 ValuingMortgage-Backed and Asset-Backed Securities 258</b></p> <p>Solutions 258</p> <p><b>CHAPTER 13 Interest Rate Derivative Instruments 264</b></p> <p>Solutions 264</p> <p><b>CHAPTER 14 Valuation of Interest Rate Derivative Instruments 270</b></p> <p>Solutions 270</p> <p><b>CHAPTER 15 General Principles of Credit Analysis 281</b></p> <p>Solutions 281</p> <p><b>CHAPTER 16 Introduction to Bond Portfolio Management 287</b></p> <p>Solutions 287</p> <p><b>CHAPTER 17 Measuring a Portfolio’s Risk Profile 290</b></p> <p>Solutions 290</p> <p><b>CHAPTER 18 Managing Funds Against a Bond Market Index 298</b></p> <p>Solutions 298</p> <p><b>CHAPTER 19 Portfolio Immunization and Cash Flow Matching 307</b></p> <p>Solutions 307</p> <p><b>CHAPTER 20 Relative-ValueMethodologies for Global Credit Bond Portfolio Management 311</b></p> <p>Solutions 311</p> <p><b>CHAPTER 21 International Bond Portfolio Management 316</b></p> <p>Solutions 316</p> <p><b>CHAPTER 22 Controlling Interest Rate Risk with Derivatives 324</b></p> <p>Solutions 324</p> <p><b>CHAPTER 23 HedgingMortgage Securities to Capture Relative Value 331</b></p> <p>Solutions 331</p> <p><b>CHAPTER 24 Credit Derivatives in Bond Portfolio Management 335</b></p> <p>Solutions 335</p> <p><b>About the CFA Program 343</b></p>

<b>FRANK J. FABOZZI</b>, PHD, CFA, CFP, is an Adjunct Professor of Finance and Becton Fellow at Yale University's School of Management. He is also Editor of the <i>Journal of Portfolio Management</i> and a consultant.

In the <i>Second Edition of Fixed Income Analysis</i>, financial expert Frank Fabozzi and a team of knowledgeable contributors provide complete coverage of the most important issues in fixed income analysis. <p>Now, in <i>Fixed Income Analysis Workbook, Second Edition</i>, Fabozzi offers you a wealth of practical information and exercises that will solidify your understanding of the tools and techniques associated with this discipline. This comprehensive study guide—which parallels the main book chapter by chapter—contains challenging problems and a complete set of solutions as well as concise learning outcome statements and summary overviews.</p> <p>If you want to make the most of your time in the fixed income marketplace, the lessons within this workbook can show you how. Topics reviewed include:</p> <ul> <li>The risks associated with investing in fixed income securities</li> <li>The fundamentals of valuation and interest rate risk</li> <li>The features of structured products—such as mortgage-backed securities and asset-backed securities</li> <li>The principles of credit analysis</li> <li>The valuation of fixed income securities with embedded options</li> </ul>

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