From pass-throughs to CMOs we unpack prepayment mechanics, tranche types and commercial vs. residential differences. Understand PSA curves, extension risk and how agencies wrap credit.

Explore structural credit enhancement, tranche waterfalls and trigger tests. Compare classic asset classes—autos, cards—and newer niches like solar leases and whole-business deals.

Follow the pipeline from loan pool to special-purpose entity to tranche. See how credit- and time-tranching reshape risk for issuers and investors, plus the economic case for securitization.

Dive into business risk, moats, management and detailed financial ratios. Finish with recovery analysis across the capital stack and why ratings can lag the market.

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.