Introduction to Corporate Credit

This “Introduction to Corporate Credit” course gives participants an understanding of the credit market for large corporate borrowers in debt capital markets.

It explores the relative return of different types of assets, and for different issuers within the same asset class. It explains the reasons for this difference, and how trading strategies can be structured to take advantage of this. It looks at the different credit rating agencies and their respective approach to credit ratings.

Finally it looks at the past performance of investments compared to their credit rating, and what happens in the event of a default.


This course is for individuals with a working knowledge of bond markets.

Learning Outcomes

  • At the end of this course delegates should understand
  • The products and dynamics of the corporate credit market
  • The methodology of credit ratings and key credit rating agencies
  • What happens in the event of a credit default

Course Content

  • Basics of the credit market
  • Corporate bonds
  • Credit spreads
  • Corporate bond yields by rating
  • High yield bonds
  • Types of credit spread
  • Trading credit
  • Credit risk premium over the long term
  • Credit market drivers
  • Credit strategies
  • Exercises: Building a credit portfolio
  • Credit rating agencies
  • Ratings and outlook
  • S&P vs. Moody’s vs. Fitch
  • Credit rating scales
  • Credit rating methodology
  • Sovereign and corporate rating methodology
  • Issue-specific vs. issuer credit ratings
  • Ratio driven ratings
  • Credit defaults
  • Credit ratings mapped to historical defaults
  • Corporate default rate statistics
  • Exercises: Credit quiz


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