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2017 CFA Level II Fixed Income （ 考试比重：10-20%）

STUDY SESSION 12
Fixed Income Valuation Concepts
This study session covers essential knowledge and skills needed for the valuation of fixed-income investments. The first reading discusses the term structure of interest rates and interest rate dynamics. The second reading addresses arbitrage-free valuation of fixed-income securities.

READING ASSIGNMENTS
Reading 35 The Term Structure and Interest Rate Dynamics
Reading 36 The Arbitrage-Free Valuation Framework

STUDY SESSION 13 Topics in Fixed Income Analysis
This study session builds on the valuation concepts introduced in the previous study session. The first reading introduces valuation techniques for valuing bonds with embedded options. The second reading discusses credit risk and how it affects the valuation of fixed-income securities, credit analysis models, and how credit spreads are affected by liquidity. The final reading discusses credit default swaps.

READING ASSIGNMENTS
Reading 37 Valuation and Analysis: Bonds with Embedded Options
Reading 38 Credit Analysis Models
Reading 39 Credit Default Swaps

Exam Weight: 10-20%

Fixed Income 固定收益投资