Fixed Income Securities for Reserve Portfolios

Fixed income securities form the largest and most critical component of most official foreign exchange reserve portfolios, serving as the primary vehicle for maintaining safety and liquidity. This technical course provides a deep dive into the valuation, risk management, and trading of fixed income instruments relevant to central bank mandates. Participants will gain expertise in measuring interest rate risk (**duration** and **convexity**), analyzing credit risk (sovereign, agency, supranational), and understanding the intricacies of the global bond markets, including repurchase agreements and derivatives used for hedging and enhanced return.