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This workbook provides a broad introduction to the debt markets, the participants in
the markets, and some of the more common securities being issued and traded. The
student completing this course will gain a basic working vocabulary of the key terms
currently being used in the debt markets. Because this is an introductory course, we
will cover a wide range of topics without going into great detail. Additional study
will be necessary to gain a more complete knowledge of debt securities and the
markets in which they are traded.
UNIT 1: Fundamentals of Debt Financing
Types of markets in which debt securities are traded are presented in the first
unit. Some of the more common features found in debt securities are also
introduced, including the provisions for making interest payments and repaying
the principal. The unit also discusses different types of securities, based on the
backing that the issuer provides for the bonds. The main focus is to introduce
key terms and ideas that will be helpful in evaluating securities.
UNIT 2: Raising Debt Capital
Unit Two provides a discussion of the processes necessary to issue debt
securities. Relative advantages and disadvantages of several methods for raising
debt capital are discussed. These methods include a public offering of debt, a
private offering, and securing a bank loan. Costs associated with each method
are also presented. Once again, the unit focuses on introducing key terms and
processes.
UNIT 3: Valuing Debt
The third unit focuses on the mathematics associated with debt instruments. The
student learns how to calculate the appropriate yield of an instrument and how to
compare the yields of different instruments. Formulas are provided for estimating
an instrument's market price and the accumulated interest of an interest-bearing
security. The unit concludes with an introduction to the concepts of duration and
convexity and describes their applications. The student will find a financial
calculator useful in making the required calculations.

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