This course will builds on participants’ existing understanding of bond pricing and financial maths.

Through the process of bootstrapping it will be possible to calculate bond prices and in doing so, to calculate the implied forward interest rate for different periods of time.

Finally, participants will look at strips to see how an interest bearing instrument can be broken down into its constituent parts. Exercises throughout the course give participants the ability to apply these techniques and embed their learning.


This course is for individuals with a basic knowledge of the bond market.

Learning Outcomes

At the end of this course delegates should understand:

  • The relationship between spot rates, forward expectation and the par yield curve
  • The process of bootstrapping
  • How to calculate spot rates from a strip price

Course Content

YTM, Spot and Forward Rates

  • Spot rates
  • Forward expectations
  • Par yield curve

Exercises: Pricing bonds off the spot curve and from forward expectations


  • Extracting spot rates
  • Calculating forward rates

Exercises: Practising bootstrapping and combining DV01 hedging, carry, roll and changes in forward expectations

Government Bond Spot Rates in Reality

  • Treasury strips
  • Calculating spot rates from a strip price


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Why study with Alpha?

Innovation and creativity born from experience

We are thought leaders in instructional and learning journey design and holistic solution architects. We have extensive finance and investments experience combined with skills application to deliver performance improving results. We develop immersive learning environments that maximize time to productivity, support talent retention and added value to improving quality of hires.

Knowledge Exchange Evangelists

We are focused on mining the embedded organisational intellectual capital for the benefit of the next generation. We create and curate best in class practice gathered from our experience with the leading financial institutions. We design our programmes with the end in mind – what results are you trying to achieve with this intervention? What metrics will we set ourselves to achieve that?

Generation Proof

Quality and innovation, using current market and industry best practices, have made us a trusted partner in delivering dynamic and motivating training for the financial and capital markets. Our programmes are generation proof and responsive to evolving learner needs and styles. Our solutions use a multi-stakeholder engagement strategy that expands beyond relationships between the learner and learning provider. We create connections with managers, peers and the wider business to drive impactful return on investment..

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