Bonds and credit
The bond market is twice the size of the stock market and almost nobody talks about it. This journey is fixed income from the ground up: yield curves, coupons, duration, credit spreads, the layers of the capital stack, how BDCs structure their loan books, and what happens when borrowers default — the restructuring playbook that practitioners run at the messy end of the credit cycle.
Your path
Work through the courses in order, or skip to whichever fits where you are. Every course is free and saves your progress locally.
- 1Understanding Bonds and Fixed IncomeBeginner
Learn how bonds work, why they matter, and how professionals use them to manage risk and generate income.
- 2Credit Analysis FundamentalsIntermediate
Learn to evaluate a company's creditworthiness like a bond analyst. Assess default risk, recovery, and credit deterioration signals.
- 3BDC Investing -- Public Access to Private CreditIntermediate
Business Development Companies (BDCs) are publicly traded private credit lenders. Learn how to read a BDC portfolio, evaluate dividend safety, spot non-accrual deterioration, and build a quality-weighted watchlist. Designed for credit analysts and yield-focused investors.
- 4Advanced Fixed IncomeAdvanced
Deep dive into bond math, curve strategies, structured credit, and the mechanics of the global fixed income market.
- 5Restructuring & Distressed InvestingAdvanced
How companies reorganize when they cannot pay their debts, and how investors profit from the process. Covers Chapter 11 mechanics from an investor's perspective, DIP financing, 363 sales, liquidation analysis, and loan-to-own strategies used by distressed funds.