Beginner
Fixed floating and reset distributions
A floating or reset distribution changes according to a formula. Learn the benchmark, margin and reset schedule before treating the quoted rate as lasting income.
Read articleFOLITIC / HYBRID SECURITIES
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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Reset rates · All lessons
Preferred Shares and Income
Understand dividends, priority, reset rates, redemption and the limits of income protection.