Fixed Income — Free Resources¶
PIMCO¶
Fixed Income Education Center: https://www.pimco.com/ca/en/resources/education-center/fixed-income
Understanding Duration: https://www.pimco.com/us/en/resources/education/understanding-duration
Use the education center for: - rates - spreads - duration - yield curves - fixed-income terminology
MIT OpenCourseWare¶
Finance Theory I: https://ocw.mit.edu/courses/15-401-finance-theory-i-fall-2008/
Use the fixed-income securities lecture/video materials for bond valuation foundations.
Rates / Curve Construction¶
CME Group education hub (Treasury futures basics): https://www.cmegroup.com/education/
Use for: - curve bootstrapping intuition - forward rates - swap spreads - Treasury futures and hedging
Public data¶
U.S. Treasury Interest Rate Statistics: https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics
FRED: https://fred.stlouisfed.org/
10-Year Breakeven Inflation Rate (T10YIE) — FRED: https://fred.stlouisfed.org/series/T10YIE
Carry, rolldown, and financing¶
Carry Roll-Down Explained — Risk Hub: https://riskhub.org/blogs/carry-roll-down-explained
On the run (finance) — Wikipedia: https://en.wikipedia.org/wiki/On_the_run_(finance)
What's going on in the US Treasury market, and why does it matter? — Brookings: https://www.brookings.edu/articles/whats-going-on-in-the-us-treasury-market-and-why-does-it-matter/
Money Market Fund Repo and the ON RRP Facility — Federal Reserve: https://www.federalreserve.gov/econres/notes/feds-notes/money-market-fund-repo-and-the-on-rrp-facility-20231215.html
TIPS and breakevens¶
TIPS for Inflation Protection — Charles Schwab: https://www.schwab.com/learn/story/tips-and-inflation-what-to-know-now
Inflation expectations and inflation realities — U.S. Bureau of Labor Statistics: https://www.bls.gov/opub/mlr/2019/article/inflation-expectations-and-inflation-realities.htm
Fundamental credit analysis, covenants, and rating methodology¶
Financial Ratios for Credit Analysis — AnalystPrep (CFA Level 1): https://analystprep.com/cfa-level-1-exam/fixed-income/financial-ratios-credit-analysis/
An Introduction to Covenants in Leveraged Finance Debt — CredCore: https://credcore.com/insights/an-introduction-to-covenants-in-leveraged-finance-debt
Credit indices (CDX / iTraxx)¶
Credit Default Swap Indices — Financial Edge Training: https://www.fe.training/free-resources/financial-markets/credit-default-swap-indices/
Credit default swap index — Wikipedia: https://en.wikipedia.org/wiki/Credit_default_swap_index
Leveraged loans¶
Leveraged Lending and Collateralized Loan Obligations: FAQs — Congressional Research Service: https://www.congress.gov/crs-product/R46096
Leveraged Credit Markets: Then and Now — Western & Southern / Fort Washington: https://www.westernsouthern.com/fortwashington/insights/leveraged-credit-markets
TBA and the dollar roll¶
Dollar roll — Wikipedia: https://en.wikipedia.org/wiki/Dollar_roll
Using Dollar Rolls as a Balance Sheet and Earnings Strategy for Banks and Credit Unions — Doeren Mayhew: https://www.doeren.com/viewpoint/using-dollar-rolls-as-a-balance-sheet-and-earnings-strategy-for-banks-and-credit-unions
Specified pools¶
Specified Pool and TBA Trading in the Mortgage Backed Securities Market — SMU Cox Finance Seminar Series: https://www.smu.edu/-/media/site/cox/departments/finance/finaseminarseries/tba_specified_pool_liquidity_smu.pdf?la=en
Cash Payups for Mortgages with Specified Characteristics — Freddie Mac FAQ: https://sf.freddiemac.com/faqs/cash-payups-for-mortgages-with-specified-characteristics-faq
CMO / REMIC structuring¶
Collateralized Mortgage Obligations (CMOs) — thisMatter.com: https://thismatter.com/money/bonds/types/collateralized-mortgage-obligations.htm
Investor's Guide to RMBS & CMOs — SIFMA: https://www.53.com/content/dam/fifth-third/docs/legal/fts-sifma-investors-guide.pdf
Municipal bonds¶
Tax-Equivalent Yield — The Motley Fool: https://www.fool.com/terms/t/tax-equivalent-yield
Convertible bonds¶
Conversion Ratio — Wall Street Prep: https://www.wallstreetprep.com/knowledge/conversion-ratio/
Preferred securities¶
Cost of Preferred Stock — Wall Street Prep: https://www.wallstreetprep.com/knowledge/cost-of-preferred-stock/
Sovereign and EM debt¶
Emerging market debt: Local or hard currency? — Robeco: https://www.robeco.com/en-int/insights/2025/10/emerging-market-debt-local-or-hard-currency