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    IMPORTANT PLEASE READ: Publishing Process for 2020

    Hi @Nicole Seaman Thanks for these questions. Just checking when do you think the study notes might be available for the topics. It will help in quick and easy reference before the exam.
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    Frm level 1 November 2018

    Please add me +91 99400 93041
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    Exam Feedback May 2018 Part 1 Exam Feedback

    Failed with 3213
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    Forward Rate Agreement

    Thanks @David Harper CFA FRM I believe the main concept here is that the value of a FRA is Principal * (Variable rate - Fixed Rate) * (T2-T1). The item in bold depends on whether the FRA holder is long or short. And, the variable rate is the forward rate for that period. In the example above...
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    Forward Rate Agreement

    Hi @David Harper CFA FRM .. My question is not related to the above and I am using this thread because I did not want to start a new one. My question is on Hull 4.6 (Study notes) Hull 4.6 Assuming that zero rates are as in Problem 4.5 (above), what is the value of an FRA that enables the holder...
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    Jensen's Alpha Formula - Please Confirm

    Thank @David Harper CFA FRM for the detailed response. Is it fair to conclude that Jensen's alpha is always an ex post value and not an ex ante value? Will the ex ante value always be zero as we invariably calculate it using the CAPM model? In other words as CAPM fails to recognize the...
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    Jensen's Alpha Formula - Please Confirm

    Hi @David Harper CFA FRM Sorry if this question sounds a little dumb as I am not able to get around this in my head. The expected return in the above example is assumed to be 9% while the expected return calculated per CAPM comes to 6.75%. While calculating Jensen's alpha, shouldn't we...
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    P1.T3.510. Dollar roll (Tuckman)

    Hi @David Harper CFA FRM I have a couple of questions 1) On the accrued interest calculation during the "re-purchase" in August. Will the principal pay down of 2% happen on August 9? What I want to understand is that if the principal paydown happens earlier, the accrued interest in August will...
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    call vs refunding

    @David Harper CFA FRM Sorry, can you please help me out with the queries above? Looking forward to your guidance
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    call vs refunding

    Adding to the above post, I have a question on the make whole call provision: Faboozi says the make whole call price moves inversely with treasury rates - which (as I interpret) is because make whole call price = PV of principal + PV of remaining coupon payment (discounted at treasury rates)...
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    call vs refunding

    Have a qn and I am not sure if it makes sense: In a low interest rate environment, will a fixed price callable bond always trade above the call price? For example, based on the call schedule, the call price of the bond is $105 per $100 par value. In a low interest rate environment, while the...
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    SPVs and DPCs

    That was very informative as usual @David Harper CFA FRM . Thank you!
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    SPVs and DPCs

    Yes @Nicole Seaman .. I created the thread after searching the forum. If you do find a relevant thread, please let me know.
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    SPVs and DPCs

    @Nicole Seaman , @David Harper CFA FRM ..Can you please help?
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    SPVs and DPCs

    Hi All, newbie here :) My first question is on SPVs and DPCs (I couldnt find a relevant thread and hence starting a new thread). Although, the two are largely irrelevant in today's market, I have the following questions on them: 1. It is mentioned that SPVs and DPCs are rated separately by the...
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