Fixed-Income Markets for Government Issuers
2024 Curriculum
CFA Program Level I
Fixed Income
Refresher reading access
Overview
In this module, we complete the review of major fixed-income sectors by focusing on public sector issuers, including sovereign and non-sovereign governments, and how they differ from private sector issuers. Sovereign governments are distinguished by their right to tax within a jurisdiction, while non-sovereign, quasi-government, and supranational issuers may rely on local taxes, fee-based revenue, or other sources of repayment. Sovereign debt issuance is usually conducted through scheduled public auctions, with a different role for financial intermediaries than in private sector issu- ance. Sovereign debt securities are the most common benchmark securities used in pricing and valuation analyses for fixed-income instruments.
0.75 PL Credit
If you are a CFA Institute member don’t forget to record Professional Learning (PL) credit from reading this article.