Level III Fixed Income

Access to all Level III fixed income articles until the next Level III exam date

As a gift to the candidates studying for the Level III exam in 2019, CFA Institute replaced the existing Level III Fixed Income readings with new Fixed Income readings.  Amongst the new readings was one entitled Yield Curve Strategies, and included in that reading was a section on Inter-Market Curve Strategies, including, in particular, inter-market […]

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The idea of immunization is fairly straightforward: you have a known set of liabilities due at known future dates, and you want to create a portfolio that will fund those liabilities with a minimum of risk, at a reasonable price.  Two types of immunization are discussed in the CFA curriculum: classical immunization and contingent immunization.  […]

This article is for members only.  You can become a member now by purchasing a

CFA® Level III Membership

This will give you access to this and all other articles at that membership level.

The idea of immunization is fairly straightforward: you have a known set of liabilities due at known future dates, and you want to create a portfolio that will fund those liabilities with a minimum of risk, at a reasonable price.  Two types of immunization are discussed in the CFA curriculum: classical immunization and contingent immunization.  […]

This article is for members only.  You can become a member now by purchasing a

CFA® Level III Membership

This will give you access to this and all other articles at that membership level.

Option-adjusted spread (OAS) is a yield spread (i.e., an interest rate) that is added to the (1-period forward) interest rate at each node in a binomial tree; specifically, it is the spread that when added to the discount rates results in the tree giving the current market price for a particular bond, after accounting for […]

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CFA® Level II Membership, CFA® Level II Fixed Income Membership, CFA® Level III Fixed Income Membership, CFA® Level III Membership

This will give you access to this and all other articles at that membership level.