Fixed Income & Bonds — in plain English

Bonds are how the world borrows — governments, companies, even your mortgage. They're also where most investors go for income and safety. This track teaches fixed income from first principles, with a live calculator in every lesson: change an input and watch price, risk, or cashflows move. No quant background needed.

  1. 💵
    Module 1Available

    What is a bond?

    A bond is an IOU with a payment schedule. Its price is just the sum of its future payments, discounted to today.

    🎛 Live bond pricer

  2. 📈
    Module 2Available

    The yield curve

    Par vs zero rates, bootstrapping, and discount factors — how the market prices money across time.

    🎛 Curve builder

  3. ⚖️
    Module 3Available

    Interest-rate risk

    DV01, duration, convexity and key-rate durations — how much a bond moves when rates change, and where.

    🎛 Risk playground

  4. 🏢
    Module 4Available

    Corporate bonds & credit

    Z-spread, spread DV01 (CS01), and carry & roll-down — getting paid for taking credit risk.

    🎛 Spread explorer

  5. 🧱
    Module 5Available

    Structured credit / CLOs

    Tranching, the payment waterfall, coverage tests and subordination — how cash flows down (and losses up).

    🎛 CLO waterfall simulator

  6. 🎲
    Module 6Available

    Portfolio risk (VaR)

    Value-at-Risk, Expected Shortfall and diversification — how much a bond book could lose on a bad day.

    🎛 VaR lab

Start with Module 1

Price a real bond yourself — it's simpler than it sounds.

Open the bond pricer →

Educational analysis, not investment advice. Calculations validated against a reference pricing engine.