Objectives
The course provides participants with the tools to analyse and manage portfolios with domestic and international fixed income.

The main aspects that affect fixed income portfolio management will be dealt with in an integrated and specific manner, taking into account the different management strategies and models that can be adopted, with special emphasis on the use of derivative instruments, to achieve the management objectives. The application in fund management will also be specifically dealt with as well as the peculiarities of private fixed income.

Participants
Analysis, management and consultancy professionals in banks and saving banks, investment and pension fund agents, securities firms and agencies, insurance companies and other entities from the financial sector. Company directors and professionals who need to optimise their investment portfolios and professionals from consultancy and advisory agencies.

 Programme
1. Fixed Income Markets in Spain

- Public Debt Market
- Private fixed income market

2. Temporary Interest Rate Structure (TIRS)

- Profitability curves versus TIRS
- Homogenisation of interest rates
- Zero coupon curve: estimations

3. Interest Rate Risk Measurement

- Duration analysis
- Convexity analysis
- Value at Risk (VaR)

4. Portfolio management and Immunisation

- Management oriented to one objective: immunisation
- Strategy on rates tendency: the securities switch

5. Futures and Financial Options

- Operating aspects
- Practical application to portfolio management

6. Interest Rate Swaps

- Operating aspects
- Practical applications in fixed income portfolio management

7. Credit risk analysis

- Credit risk: definition, characteristics and quantification
- Introduction to rating
- Advantages and disadvantages of having a rating

8. Private Fixed Income

- Characteristics of the private fixed income market
- Ranges of private fixed income products
- Analysis elements for private fixed income

Duration:  40 hours

Place:  IEF classrooms, Gran Vía, 670, 2º, - 08010 Barcelona