Learn what pari passu means in finance, how equal ranking of claims affects bondholders during default, and why claim priority matters in credit risk analysis.

Understand non investment grade bonds, why they offer higher yields, how credit spreads drive pricing, and what risks matter most in high yield bond analysis for CFA and FRM exams.

Learn what a fallen angel bond is, how credit downgrades affect price, yield spreads, and institutional selling pressure, and why this concept matters in fixed income analysis.

Learn what a non dividend paying stock is, how it affects valuation models, option pricing, and investor returns, and why the absence of dividends matters in CFA and FRM exams.

Understand what arbitrage free means in finance, why riskless profit opportunities cannot persist, and how arbitrage-free pricing underpins derivatives and valuation models.

Learn what counterparty credit risk is, how it differs from traditional credit risk, and how collateral, netting, and central clearing reduce exposure in derivatives markets.

Understand the role of the originator in credit creation and securitisation, how underwriting, incentives, and risk retention shape loan quality and credit risk.

Accrued interest explained clearly, why bond buyers pay it, who earns it, and how it connects clean price, dirty price, and coupon timing.

Understand bond flat price, why bonds are quoted excluding accrued interest, and how flat price differs from dirty price in fixed income markets.