دانلود کتاب درآمد ثابت، مشتقات و سرمایه گذاری های جایگزین – SchweserNotes™ 2023

This topic review discusses the theories and implications of the term structure of interest rates. In addition to understanding the relationships between spot rates, forward rates, yield to maturity, and the shape of the yield curve, be sure you become familiar with concepts like the Z-spread, the TED spread and the MRR-OIS spread. Interpreting the shape of the yield curve in the context of the theories of the term structure of interest rates is always important for the exam. Also pay close attention to the concept of key rate duration. The financial markets both impact and are controlled by interest rates. Understanding the term structure of interest rates (i.e., the graph of interest rates at different maturities) is one key to understanding the performance of an economy. In this reading, we explain how and why the term structure changes over time. Spot rates are the annualized market interest rates for a single payment to be received in the future. Generally, we use spot rates for government securities (risk-free) to generate the spot rate curve. Spot rates can be interpreted as the yields on zero-coupon bonds, and for this reason we sometimes refer to spot rates as zero-coupon rates. A forward rate is an interest rate (agreed to today) for a loan to be made at some future date.