title = "Fixed Income Trading"

content = """
Fixed income trading involves debt securities including government bonds, corporate bonds, mortgage-backed securities, and municipal obligations. These instruments require specialized knowledge of yield calculations, duration risk, and credit analysis.

**Bond Pricing Mechanics** determine security values through present value calculations of future cash flows discounted at appropriate yield rates. Clean prices exclude accrued interest, while dirty prices include interest earned since last payment.

**Yield Calculations** include current yield (annual coupon divided by price), yield-to-maturity (internal rate of return), and yield-to-call (for callable bonds). Understanding yield relationships enables relative value analysis.

**Duration and Convexity** measure price sensitivity to interest rate changes, with duration approximating percentage price change for small rate movements and convexity capturing curvature effects.

**Credit Spread Analysis** evaluates compensation for credit risk through spreads over risk-free rates. Spread decomposition identifies components attributable to credit quality, liquidity, and market factors.

**Treasury Market Operations** involve primary dealer activities, auction mechanisms, and open market operations influencing benchmark yields across all maturities.

**Corporate Bond Trading** considers issuer credit quality, industry conditions, and capital structure in pricing decisions. Fallen angels (downgraded investment-grade bonds) and rising stars (upgraded high-yield bonds) present trading opportunities.

**Mortgage-Backed Securities (MBS)** include pass-through certificates, collateralized mortgage obligations (CMOs), and stripped securities. Prepayment risk and tranche structures create complex valuation challenges.

**Municipal Bond Markets** feature tax-exempt yields, credit enhancements, and specialized sectors including healthcare, education, and infrastructure financing.

**Emerging Markets Debt** encompasses sovereign bonds, corporate issues, and Brady bonds with unique risk considerations including currency volatility and political risk.

**Trading Protocols** include request-for-quote (RFQ) systems, electronic trading platforms, and voice negotiation depending on market segment and liquidity.

**Settlement Processes** involve book-entry transfers through Federal Reserve systems, with same-day settlement for Treasury securities and T+1/T+2 cycles for corporate bonds.

**Regulatory Considerations** include SEC Rule 144A for private placements, TRACE reporting requirements, and MSRB rules for municipal securities.

**Relative Value Strategies** exploit yield curve anomalies, sector rotations, and credit spread dislocations through cash bond trading and derivative overlays.

Effective fixed income trading requires understanding of mathematical pricing models, credit analysis frameworks, and market microstructure dynamics.
"""

version = "0.0.1"
