Blend qualitative governance checks with quantitative debt, growth and external-balance ratios to rank sovereign default risk. Contrast with sub-sovereign and supranational analysis.

Define default, recovery and credit migration. Walk through structural vs. reduced-form models and see how ratings, leverage and cyclical forces feed into spread moves.

Swap from yield-shift to curve-shift analytics: key-rate durations, twist & butterfly exposures, plus empirical (regression) duration when cash-flow data are messy.

Add curvature to your risk toolkit. Topics: standalone bond convexity, duration-plus-convexity price estimates and building target-duration/convexity portfolios.

Compute modified, money duration and price-value-of-a-basis-point for bullets, zeros, floaters and perps. See how convexity tweaks the linear estimate.

Break total return into income, reinvestment and price change. Link Macaulay duration, investment horizon and curve shifts to work out when rising rates can still boost realised return.

Boot-strap spot curves, derive par & forward rates, and flip between them to price bonds or swaps. Finish with curve shapes and what they signal about growth, inflation and policy.

Floating notes aren’t risk-free. We calculate money-market yields, discount margins and quoted margins, then see how caps, floors and reference-rate changes alter valuation.

Deconstruct quoted yields: street-convention, bond-equivalent, periodicity tweaks and callable-bond option-adjusted spreads. Learn when each metric best explains risk-adjusted return.

Discount every coupon like a pro. Topics include PV with spot curves, YTM conventions, full vs. flat price, constant-yield price paths and matrix pricing when comparable issues are thinly traded.