NISM 21B Portfolio Managers Exam Notes

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  • Fixed Income Securities: Promise periodic cash flows, e.g., bonds.
  • Government Securities: Treasury bills (short-term), bonds (long-term), low risk.
  • Corporate Debt: Carries default risk, reflected in credit spread.
  • Investment Grade Bonds: Rated BBB or above, lower default risk.
  • High Yield Bonds: Below BBB, higher risk (junk bonds).

NISM 21B Portfolio Managers

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