Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


The objective of the course is to give students the key tools for analyzing, valuing and risk managing fixed income securities and derivatives, understanding the practical applications of such concepts, and being able to study current issues in the fixed income markets. The course will be useful to students interested in careers in banking, financial services, investment management, corporate financial management, or in the academia.

Credits: 6

Schedule: 27.02.2024 - 17.04.2024

Teacher in charge (valid for whole curriculum period):

Teacher in charge (applies in this implementation): Antti Suhonen, Yu Xiang

Contact information for the course (applies in this implementation):

CEFR level (valid for whole curriculum period):

Language of instruction and studies (applies in this implementation):

Teaching language: English. Languages of study attainment: English


  • valid for whole curriculum period:

    Topics discussed include the global fixed income market structure, valuation of key instruments traded in both government bond and credit markets including derivatives such as options, futures, swaps and structured products, interest rate risk management and modelling as well as the impact of macroeconomic events on fixed income markets. The course will cover theoretical models and concepts as well as practical applications and analysis.

Assessment Methods and Criteria
  • valid for whole curriculum period:

    Final exam (50%)
    Assignments and cases (50%)



Study Material
  • valid for whole curriculum period:

    Tuckman and Serrat (2022) Fixed Income Securities: Tools for Today s Markets, 4th edition.

Substitutes for Courses


Further Information
  • valid for whole curriculum period:

    Teaching Language : English

    Teaching Period : 2022-2023 Spring IV
    2023-2024 No teaching

    Enrollment :

    The course is offered to BIZ students only. A maximum of 70 students can be accepted to the course.

    Students at Aalto Finance M.Sc. programme (i.e. who have graduated as B.Sc.) will be guaranteed a seat on Finance M.Sc. courses. Students re-taking the course (grade already registered) will not be prioritized and can participate only if there are places remaining.

    Remaining seats are prioritized as follows:
    1. Finance M.Sc. exchange students from other universities
    2. Aalto Finance B.Sc. students with a finished B.Sc. thesis (registered in transcript of records)
    3. All other M.Sc. students at the School of Business

    Please follow carefully the registration deadlines of the courses and exams! Missing registration deadline automatically foregoes a guaranteed seat for Finance M.Sc. courses and puts prospective student at the bottom of the prioritization list.