This course is intended to provide a broad overview of debt markets in the U.S. and abroad. In addition, students will study the determinants of risk and return of debt securities. Valuation principles will be developed for pricing debt securities. Fixed income portfolio management techniques and the role of fixed-income derivative markets such as futures and swaps in risk management will also be developed in this course. COURSE OBJECTIVES: Overview: An overview of fixed-income markets. Getting to know the instruments, players and vocabulary. Organization: Market organization and the structure of Fixed Income Markets and Debt Contracts. Risk & Rewards: Concepts of Yields, Duration, Convexity, Risk Measurement and Management (Interest Rate Risk, Liquidity Risk, Inflation Risk and Credit Risk). Yield Curve Analysis: General Principles of Yield Curve Analysis - Par Yields, Zero Yields, Strip Curves, etc. Trading Strategies: Spread Trades, Butterly Trades and Intermarket Spreading. Related Derivatives: Treasury Futures Contracts, Eurodollar and T-bill Futures. Treasury and Eurodollar Options. Asset Management: Asset Management Issues: Indexation, Dedication, Immunization, etc. Swaps: FRNs, Interest Rate Swaps and Yield Curve Swaps.