Bond Market Credit Risk: Credit Risk, Rating Transitions and Default

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Whilst fixed income continues to be one of the most dominant asset classes for issuers and investors, often the analysis of the credit risk associated with the instrument remains limited to a simple review of the instrument’s credit rating.

This course seeks to address this issue – reviewing not just the credit risk profile of the issuer, but also the structural features of this instrument that can make an investor’s position either weak or strong.


This course has been designed to suit anyone involved in fixed income – from sales to origination, and from trading to operational support, critically:

– Traders, Asset managers and Bond Sales staff seeking to improve their knowledge of fixed income from the credit perspective
– Infrastructure staff seeking to gain a better understanding of the fixed income product beyond pricing and yield curves

Learning Outcomes

By the end of the programme delegates will be able to:

– Illustrate the ratings process for a first-time issuer in the bond markets
– Review and provide a commentary on bond default and transition rates across the ratings spectrum

Course Content

– How does credit risk arise in fixed income?
– Evaluating qualitative vs. quantitative risks presented by a typical corporate issuer
– The fixed income instrument in distress
– Understanding the drivers of fixed income defaults for investment grade bonds and high yield instruments
– A review of historic transition, default and recovery rates – globally and by industry sector
– An overview of the rating agency approach to credit analysis; how corporate credit ratings are derived and assigned


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