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Primary Markets, Underwriting, and Offerings
Learn how bonds are first introduced to investors through primary markets, the role of underwriters, and various offering structures, including public offerings and private placements.
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Secondary Market Structures and Pricing Conventions
Explore the complexities of bond secondary market structures, including over-the-counter (OTC) networks and exchange platforms, and learn key pricing conventions such as clean versus dirty pricing and yield-based quotes.
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Short-Term Funding (Commercial Paper, Repos)
Discover the fundamentals of Commercial Paper (CP) and Repurchase Agreements (Repos), including structure, mechanics, credit risk, and strategic implications for short-term funding in fixed-income markets.
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Global Bond Market Segmentation
Explore how global bond markets are structured and segmented by geography, currency, credit rating, and regulatory considerations, with practical insights and real-world examples for CFA candidates.
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Innovations in Bond Issuance (Digital, Tokenized)
Explore how digital technology and tokenization are transforming bond issuance, offering real-time settlement, fractional ownership, and broader investor participation in the fixed-income markets.
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Auction Mechanisms and Syndication in Bond Issuance
Explore how government debt auctions and syndicated bond offerings facilitate bond issuance, covering Dutch and multiple-price auctions, book-building, and real-world examples.
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Market Microstructure and Transaction Costs
An in-depth exploration of how trading mechanisms, transparency, and dealer quotes influence price discovery and transaction costs in fixed-income markets.
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Cross-Border Listing and Localization of Funding
Explore how issuing debt securities beyond borders broadens investor reach, lowers funding costs, and addresses currency needs, while balancing regulatory requirements and risks in diverse global markets.
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Private Placements and Rule 144A Market
Comprehensive exploration of private placements, liquidity considerations, and how Rule 144A facilitates secondary trading among qualified institutional buyers.
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Crowd-Based Bond Issuance and Direct Market Access
Explore how crowd-based bond issuance democratizes fixed-income markets and how direct market access transforms institutional bond trading.
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Tri-Party Repos and Collateral Management
Explore the essentials of tri-party repurchase agreements, the role of third-party agents, key collateral management techniques, and real-world market practices for effective funding and liquidity.
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Developments in Short-Term Instrument Financing Alternatives
Explore modern innovations in short-term financing instruments, including ABCP, ECP, and specialized repo structures. Understand how these alternatives impact rollover risk, liquidity management, and central bank policy, with practical examples and case studies.
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Electronic Platforms and AI-Driven Bond Issuance
Explore how digital platforms and AI tools are transforming bond issuance—from streamlined underwriting to real-time investor demand analysis—within global fixed-income markets.
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Developments in High-Frequency Bond Trading
Exploration of algorithm-driven, high-speed trading in bond markets, focusing on liquidity, market fragmentation, and regulatory concerns.
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Intraday Liquidity and Netting in Bond Settlement Systems
Explore intraday liquidity strategies, netting processes, and how real-time gross settlement (RTGS) and deferred net settlement (DNS) systems function within bond markets.
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Short Selling and Repo Market Implications in Fixed Income
Explore key mechanics and motivations for short selling in the bond market, the repo market’s vital role, associated risks, and how these practices influence fixed-income trading and liquidity.