Tuckman, Fixed Income Securities, Chapter 3: Returns, Spreads and Yields is a 34 minute instructional video analyzing the following concepts:

* Distinguish between gross and net realized returns …

* Define and interpret the spread of a bond, and explain how a spread is derived from a bond price and a term structure of rates.

* Define, interpret, and apply a bond’s yield-to-maturity (YTM) to bond pricing.

* Compute a bond’s YTM given a bond structure and price.

* Calculate the price of an annuity and a perpetuity.

* Explain the relationship between spot rates and YTM.

* Define the coupon effect and explain the relationship between coupon rate, YTM, and bond prices.

* Explain the decomposition of P&L for a bond into separate factors including carry roll-down, rate change and spread change effects.

* Identify the most common assumptions in carry roll-down scenarios, including realized forwards, unchanged term structure, and unchanged yields.