2025/2026
Финансовые инструменты с фиксированной доходностью на рынках БРИКС
Статус:
Маго-лего
Когда читается:
3 модуль
Охват аудитории:
для своего кампуса
Язык:
русский
Контактные часы:
28
Программа дисциплины
Аннотация
Course description and objectives
The course is designed to provide a theoretical framework for the practical analysis of BRICS+ fixed income instruments. While the primary focus is the valuation of the specific bond issue, the course also applies to the general principles of the credit analysis and basic concepts of the portfolio management. We'll discuss valuation of BRICS+ bonds, compare Asian and LATAM peers and develop a model of BRICS+ bond portfolio. Following defaults in China we’ll focus on the analysis of HY & even distressed bonds and introduce several scenarios of corporate debt restructurings. The course also offers a thorough understanding of the local currency bond markets, including practical cases from Russia and Iran.
The course will be taught in an interactive format. The students are expected to be familiar with fixed income securities and their basic risk characteristics. Though quantitative background is helpful, we will spend our time on the concepts and their application rather than mathematical derivation.
Course results
The course consists of three parts. Participants will be equipped to:
Evaluate BRICS+ fixed income instruments. Following the lectures you should be able to calculate bond prices, duration, understand yield spreads & nature of shifts in the yield curve, explain how the yield level impacts the interest rate risk of the bond, specific of BRICS+ bond pricing;
Understand key bond portfolio management strategies. Based on our valuations we'll discuss portfolio strategies of hedge funds & institutional asset managers. Finally we'll build a model portfolio of BRICS+ bonds;
Use a structural approach and fundamental analysis indicators to identify and evaluate HY bonds. We'll discuss the practice of work with BRICS+ distressed debt, the background of exchange offers & restructurings. During the last lecture we'll have simulation game following case discussion.