NISM 21B Portfolio Managers Exam Notes

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  • Bond Ratings: CRISIL AAA (highest) to D (default).
  • Default Risk: Probability of issuer payment failure.
  • Reinvestment Risk: Reinvesting coupons at lower rates.
  • Liquidity Risk: Difficulty selling bonds without price impact.
  • Bond Market: Primary (new issues) and secondary (trading).

NISM 21B Portfolio Managers

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