NISM 21B Portfolio Managers Exam Notes

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  • Modified Duration: Percentage price change per yield change.
  • Convexity: Adjusts duration for non-linear price-yield curve.
  • Government Securities: T-bills (<1 year), bonds (≥1 year), low risk.
  • Corporate Bonds: Higher yields due to default risk.
  • Credit Spread: Yield difference over government bonds.

NISM 21B Portfolio Managers

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