This course is about interest rates and risk management in bond markets. It develops insights into different bond portfolio strategies and illustrates how various types of derivative securities can be used to shift the risks associated with investing in fixed-income securities. It also provides extensive coverage on all sectors of the bond market and the techniques for valuing Treasury bonds as well as related securities such as corporate bonds, exchange-traded bond options, bonds with embedded options, floating rate notes, caps, collars, and floors, credit derivatives, mortgage-backed securities, etc. This course is oriented towards a rigorous, quantitative, approach to fixed-income portfolio management, and by the end of this class, participants are expected to reach an in-depth understanding of state-of-the art techniques used to generate performance and implement risk management processes in fixed-income markets.