Fixed Income Duration, Convexity and Credit Risk
This e-training programme comprises 3 topics/tutorials. Answer all quiz questions at the end of each tutorial in order to complete the training.
A) Duration Analysis
(Estimated Completion Time: 75 Minutes)
Duration is a measure of the sensitivity of bond prices to changes in yield. This tutorial looks at the key types of duration figure, including Macaulay duration, modified duration, money duration, and spread duration. It also examines the use of duration in hedging and immunizing fixed income portfolios as well as looking at rate sensitivity measures for other types of fixed rate instrument such as floating rate notes, swaps, inflation-linked bonds.
B) Convexity Analysis
(Estimated Completion Time: 50 Minutes)
Convexity helps to approximate the change in the price of a bond that is not explained by duration. This tutorial shows how convexity is calculated for a single security or a fixed income portfolio. The different types of portfolio, such as positive and negative duration, approximate portfolio, and effective duration are also discussed in detail.
C) Fixed Income Analysis – Credit Risk
(Estimated Completion Time: 60 Minutes)
Credit risk is a key concern for bondholders. This tutorial looks at how credit risk is reflected in market spreads and how rating agencies assess this risk. The evolution of credit risk into a distinct asset class is also examined.
Terms and Conditions
1) Each e-training programme takes approximately 3 hours to complete.
2) In order to qualify for Continuing Education credits from SGX, please complete all quiz questions found at the end of each tutorial (a 70% pass rate is required) by 31 December 2020.
3) Access to the e-training materials is valid for 3 months from the date the access is issued. For Trading Representatives who require Continuing Education Credit and had registered at the last quarter of 2020, access is valid till 31 December 2020 (e.g. for access given on 24 November 2020, access is valid till 31 December 2020).
4) Upon successful registration, an email with the access details and password would be sent to you within 2 working days.
5) If participants wish to make any changes to their application or request for a refund, written notice should be given within 10 business days of receiving the access ID and password to the online programme and provided the access has not been utilised. There will be an administrative fee of 20% of the fees paid. There will be no changes or refund if notice is given thereafter or if the access has been utilised.
6) Please login using Microsoft Internet Explorer from your PC or Laptop.
7) Please note that the learning management system is not compatible with browsers on Apple iOS or other operating systems.
8) For assistance please contact firstname.lastname@example.org or call 6327 5436.
This course is recommended for Trading Representatives and Professionals who need to meet their Continuing Education Credit.
SGX reserves the right to make changes to information regarding the programme if warranted by circumstances beyond its control.