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Current yield yield to call and scenario returns
Yield measures answer different questions. Current yield describes income relative to price, while yield to call assumes a particular redemption path that may never occur.
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Hybrid Securities Trading Guide
Understand securities that combine features of debt, equity and derivatives. Follow eight stages covering preferred shares, convertibles, corporate hybrids, bank capital and structured notes.
Start with What makes a security a hybrid, then follow the next lesson links. Explore 32 lessons with worked examples, exercises and further reading.
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Pricing Research and Execution · All lessons
Pricing Research and Execution
Compare yields, scenario values, liquidity and practical trading costs.
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Interest rates credit spreads and hybrid price sensitivity
Hybrid prices can respond to interest rates, credit spreads and equity moves at the same time. A single duration estimate captures only part of that exposure.
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Liquidity quoted prices and the real cost of execution
The price displayed on a screen may not be the price available for your trade size. Measure spreads, fees, accrued amounts and settlement requirements before comparing...
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Building a comparable hybrid research sheet
A research sheet should preserve contract differences and data dates. Comparable columns are useful only when their definitions and assumptions are consistent.
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