Brief Description

The lecture "Bond Markets" deals with the national and international bond markets, which are an important source of financing for companies, as well as for the public sector. After an overview of the most important bond markets, different yield definitions are discussed. Based on this, the concept of the yield curve is presented. In addition, the theoretical and empirical relationships between ratings, default probabilities and spreads are analyzed. The focus will then be on questions regarding the valuation, measurement, management and control of credit risks.