The course provides an understanding of fixed income securities and methods used to value, analyze, and hedge their risk by participants in the financial services industry (e.g. commercial and investment banks, insurance companies, pension funds, investment companies, hedge funds). Topics covered include zero coupon bonds, coupon bonds, spot and forward rates, bond price sensitivity to interest rate changes (duration and convexity), interest rate derivatives such as forwards, swaps, futures and options, term structure of interest rates, credit risk, and credit derivatives. A thorough review of basic time value of money, continuous time value of money, and derivative securities formulas will be necessary and included while covering the related fixed income instruments.