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DRPS : Course Catalogue : Business School : Common Courses (Management School)

Postgraduate Course: Fixed Income (CMSE11476)

Course Outline
SchoolBusiness School CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 11 (Postgraduate) AvailabilityNot available to visiting students
SCQF Credits10 ECTS Credits5
SummaryThe Fixed Income elective is designed to provide an overview of fixed income (debt) markets. Students will gain familiarity with the features of commonly traded fixed income instruments and how these are priced. Relevant research will be included aiming to help students develop a broad knowledge and understanding of issues relevant to fixed income.
Course description Students will familiarise themselves with the most important terms and evaluation methods for standard fixed income products. Through readings, students will learn about the institutional settings of the fixed income market and the importance of rating agencies. Issues surrounding information processing in fixed income markets and topics on securitisation and will be highlighted. Readings will not only be based on standard books but will include a fair amount of recent academic articles that elucidate contemporary issues relevant to fixed income markets.

Deep understanding of these topics should equip students with a solid base of analytical and critical reasoning skills to help enable pursuit of a wide array of careers including fixed income asset management, corporate finance and treasury management.

Outline Content

Topics covered in this course include an introduction to the fixed income market, pricing of standard fixed income products, the role of rating agencies, swaps and credit default swaps, and securitisation.

Student Learning Experience

This course places a great emphasis on independent learning. Before each lecture, students will be provided with a list comprising 2-3 essential readings and a number of additional readings. Students are expected to read the essential readings and ideally most if not all of the additional ones. The lectures will explore particular aspects of the readings and attempt to help students put materials in context. They are not a substitute for the readings. The nature of the material means that in most cases there is no single acceptable answer. Students are expected to learn how to argue a case that is supported by academic theory and empirical evidence.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Students MUST have passed: Corporate Finance (CMSE11342) OR Financial Valuation (CMSE11403) OR Research in Corporate Finance (CMSE11472)
Prohibited Combinations Other requirements None
Course Delivery Information
Academic year 2023/24, Available to all students (SV1) Quota:  None
Course Start Block 3 (Sem 2)
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 100 ( Lecture Hours 10, Seminar/Tutorial Hours 5, Summative Assessment Hours 2, Programme Level Learning and Teaching Hours 2, Directed Learning and Independent Learning Hours 81 )
Assessment (Further Info) Written Exam 100 %, Coursework 0 %, Practical Exam 0 %
Additional Information (Assessment) 100% Written Exam (Individual) - Assesses all course Learning Outcomes
Feedback Formative: Feedback will be provided throughout the course.

Summative: Feedback will be provided on the assessment within agreed deadlines.
Exam Information
Exam Diet Paper Name Hours & Minutes
Main Exam Diet S2 (April/May)Fixed Income (CMSE11476)2:00
Learning Outcomes
On completion of this course, the student will be able to:
  1. Understand and critically discuss the pricing and primary risk exposures of major classes of fixed-income securities.
  2. Understand the market and institutional structures influencing fixed income markets.
  3. Understand and critically evaluate current topics in fixed income markets such as securitisation.
Reading List
Fabozzi., F.J., (2016), Bond Markets: Analysis and Strategies, Ninth Edition, Pearson.

Choudhry, M., (2010), An Introduction to Bond Markets, Fourth Edition, Wiley.
Additional Information
Graduate Attributes and Skills Cognitive Skills

After completing this course, students should be able to:

Be self-motivated; curious; show initiative; set, achieve and surpass goals; as well as demonstrating adaptability, capable of handling complexity and ambiguity, with a willingness to learn; as well as being able to demonstrate the use digital and other tools to carry out tasks effectively, productively, and with attention to
KeywordsNot entered
Course organiserDr Sascha Kolaric
Course secretaryMiss Lindsay Hunter
Tel: (0131 6)50 3823
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