NAME OF THE COURSE |
Dealing With Fallen Angel Risk |
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CERTIFICATION |
Dealing With Fallen Angel Risk |
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COURSE OVERVIEW |
Fallen Angel risk results from the possibility and price impact of bond downgrades from investment grade (IG) into high yield (HY). We find that the price deterioration experienced by bonds of future Fallen Angels is significantly greater than the price deterioration experienced by bonds of future IG downgrades on average. As of Q1 2019, over 50% of investment-grade bonds in the US and globally by amount outstanding are rated Baa, so that a near-term recession could cause the incidence of Fallen Angels to rise substantially. In light of these circumstances, we test the early warning power of the CreditEdge Deterioration Probability (DP) metric for Fallen Angel downgrades and find it well-suited for this purpose. DP quintile portfolios exhibit monotonically increasing rates of Fallen Angel downgrades, and we find that historical underperformance by high DP versus low DP bond portfolios is exacerbated during market downturns. |
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TRAINING DURATION |
Total Training Hours: 22 Hours |
Training Duration: 1 Week |
Total Training Days: 4-5 Working Days |
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TRAINING SCHEDULE |
Weekdays (Sunday to Thursday) |
Regular Sessions: 4 – 6 Hrs Per day (9 am to 2 pm or 3.00 pm to 9.00 pm) |
Food & refreshments Included |
Weekends (Friday & Saturday) |
Fast Track Sessions: 8 Hours per day (9 am to 5 pm) |
Food & refreshments Included |
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CERTIFICATION |
Globally recognized certificate from “Kings Global Career Academy” |
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TEST |
No |
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LEARNING AIDS |
Yes |
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COURSE MATERIAL |
Hard & Soft Copies of Study Material |
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LANGUAGE OF INSTRUCTION |
English |
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INSTRUCTOR HELPLINE |
Yes |
1. Email |
2. Social Media (For Emergency requirements) |
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REGISTRATION REQUIREMENTS |
1. Passport Copy |
2. Curriculum Vitae |
3. Passport size photographs |
4. Course Fee |
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MODE OF PAYMENT |
Cash / Cheque / Credit Card / Bank Transfer. |
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COURSE ELIGIBILITY |
- All Government Top-level Officers
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COURSE BENEFITS WITH COMPLETE UNDERSTANDING |
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COURSE CONTENTS |
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A Focus on Quality May Enhance Performance |
- Market Realist – Fallen angels have historically offered higher risk-adjusted returns
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- Market Realist – Case for investing in fallen angels
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Muddier waters to wade: Overview |
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Market moves |
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- Earnings exceeding expectations
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Relative value themes |
- Large caps lead & domestic exposures dominate
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- Long growth, cyclical endure
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- Best of the worst for EM & EAFE
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Money in motion |
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- Growth & value sees outflows
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- Investors seeking cyclical exposures
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- International equity flows mixed & weak
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