Online

Available exclusively as online training

Price of online training

N/A

Lecturer

N/A

Language

English

Evaluation

N/A

Course Description

This course is designed to give an introduction to High Yield Bond markets, instruments and their role in the context of client portfolios. Participants will learn about current High Yield market trends, learn the valuation basics and risk management issues typically arising from High Yield exposures.

Target Audience

Junior to intermediate portfolio managers, security analysts, risk managers, sales and relationship managers, product developers, risk managers and institutional investors.

Program of the seminar: Analysis of High-Yield Bonds from Investment Management Perspective

The seminar timetable follows Central European Time (CET).

Day One

09.00 - 09.15 Welcome and Introduction

09.15 - 12.15

High Yield Instruments

Single-Bonds
Mutual funds and ETF
Structured Credit Instruments

High Yield Markets

Market Structure
Participants
Past, Present & Future
Liquidity Aspects

High Yield Valuation

Credit spreads
Factors affecting credit spreads

12.15 - 13.15 Lunch Break

13.15 - 17.00

High Yield Risk Analysis

Historical Default and Recovery Rates
Rating Migration and Credit Quality Correlation
Modelling Bond Rating Changes for Credit Risk Estimation
Currency Risk of High Yield

High Yield as an Asset Class

The High Yield and Investment Grade Bond Mix
High Yield and Equity: Similarities and Differences
High Yield in the context of a Strategic Asset Allocation
Tactical Allocation with High Yield
Specifics of HY credit in developed and emerging markets

High Yield Fund Products

Mutual funds
ETF

Analysis of High-Yield Bonds from Investment Management Perspective