{"id":10780,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm15\/"},"modified":"2026-09-22T07:03:18","modified_gmt":"2026-09-21T22:03:18","slug":"cfa-l1-fi-lm15","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm15\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Fixed Income LM15\u3011Credit Analysis for Government Issuers \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30bd\u30d6\u30ea\u30f3\u4fe1\u7528\u5206\u6790\u30fb\u652f\u6255\u80fd\u529b\u3068\u652f\u6255\u610f\u601d\u30fb\u4e00\u822c\u8ca1\u6e90\u50b5\u30fb\u30ec\u30d9\u30cb\u30e5\u30fc\u50b5"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 15\u300cCredit Analysis for Government Issuers\uff08\u653f\u5e9c\u767a\u884c\u4f53\u306e\u4fe1\u7528\u5206\u6790\uff09\u300d\u306f\u3001\u30bd\u30d6\u30ea\u30f3\u653f\u5e9c\u3068\u975e\u30bd\u30d6\u30ea\u30f3\u653f\u5e9c\u306e\u50b5\u52d9\u306e\u4fe1\u7528\u8a55\u4fa1\u306b\u304a\u3051\u308b\u7279\u6709\u306e\u8003\u616e\u4e8b\u9805\u3068\u3057\u3066\u3001\u652f\u6255\u80fd\u529b\u3068\u652f\u6255\u610f\u601d\u3092\u6e2c\u308b\u5b9a\u6027\u30fb\u5b9a\u91cf\u8981\u56e0\u3001\u4e2d\u592e\u9280\u884c\u306e\u72ec\u7acb\u6027\u3084\u6e96\u5099\u901a\u8ca8\u306e\u5730\u4f4d\u3001\u4e00\u822c\u8ca1\u6e90\u50b5\u3068\u30ec\u30d9\u30cb\u30e5\u30fc\u50b5\u306e\u5206\u6790\u306e\u9055\u3044\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM15\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM15\u306b\u306f1\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30bd\u30d6\u30ea\u30f3\u653f\u5e9c\u304a\u3088\u3073\u975e\u30bd\u30d6\u30ea\u30f3\u653f\u5e9c\u306e\u50b5\u52d9\u767a\u884c\u4f53\u3068\u50b5\u52d9\u306e\u4fe1\u7528\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306e\u7279\u6709\u306e\u8003\u616e\u4e8b\u9805\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain special considerations when evaluating the credit of sovereign and non-sovereign government debt issuers and issues<\/span><\/li>\n<\/ol>\n<h2>LM15\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u653f\u5e9c\u306f\u8ca1\u653f\u653f\u7b56\u306e\u5b9f\u65bd\u3084\u516c\u5171\u8ca1\u306e\u63d0\u4f9b\u306a\u3069\u306e\u4e88\u7b97\u9700\u8981\u306e\u305f\u3081\u306b\u3001\u516c\u958b\u5e02\u5834\u3067\u501f\u5165\u3092\u884c\u3046<\/li>\n<li>\u30bd\u30d6\u30ea\u30f3\u653f\u5e9c\u306f\u6c11\u9593\u306e\u7d4c\u6e08\u6d3b\u52d5\u306b\u8ab2\u7a0e\u3067\u304d\u308b\u305f\u3081\u3001\u305d\u306e\u56fd\u306e\u306a\u304b\u3067\u6700\u3082\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u4f4e\u3044\u767a\u884c\u4f53\u3068\u306a\u308b\u306e\u304c\u666e\u901a\u3067\u3001\u5148\u9032\u56fd\u306e\u30bd\u30d6\u30ea\u30f3\u50b5\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30ea\u30b9\u30af\u304c\u306a\u3044\u3068\u307f\u306a\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u30bd\u30d6\u30ea\u30f3\u767a\u884c\u4f53\u306e\u652f\u6255\u80fd\u529b\u3068\u652f\u6255\u610f\u601d\u306f\u3001\u5b9a\u6027\u7684\u8981\u56e0\u3068\u5b9a\u91cf\u7684\u8981\u56e0\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u5206\u6790\u3059\u308b<\/li>\n<li>\u4e2d\u592e\u9280\u884c\u304c\u30bd\u30d6\u30ea\u30f3\u767a\u884c\u4f53\u304b\u3089\u72ec\u7acb\u3057\u3066\u3044\u308b\u307b\u3069\u3001\u653f\u5e9c\u304c\u81ea\u56fd\u50b5\u306e\u8cb7\u5165\u308c\u306b\u3088\u3063\u3066\u5b89\u6613\u306b\u901a\u8ca8\u4f9b\u7d66\u3092\u5897\u3084\u3059\u53ef\u80fd\u6027\u306f\u4f4e\u304f\u306a\u308b<\/li>\n<li>\u30bd\u30d6\u30ea\u30f3\u306e\u4fe1\u7528\u529b\u306e\u91cd\u8981\u306a\u5206\u304b\u308c\u76ee\u306f\u3001\u81ea\u56fd\u901a\u8ca8\u304c\u5b8c\u5168\u306b\u4ea4\u63db\u53ef\u80fd\u3067\u5916\u56fd\u306e\u4e2d\u592e\u9280\u884c\u306a\u3069\u306b\u4fdd\u6709\u3055\u308c\u308b\u6e96\u5099\u901a\u8ca8\u304b\u3069\u3046\u304b<\/li>\n<li>\u975e\u30bd\u30d6\u30ea\u30f3\u653f\u5e9c\u306e\u50b5\u52d9\u306f\u5730\u65b9\u653f\u5e9c\u3084\u6e96\u653f\u5e9c\u6a5f\u95a2\u304c\u767a\u884c\u3057\u3001\u7a0e\u53ce\u307e\u305f\u306f\u7279\u5b9a\u4e8b\u696d\u306e\u53ce\u5165\u306b\u3088\u3063\u3066\u88cf\u4ed8\u3051\u3089\u308c\u308b<\/li>\n<li>\u7a0e\u53ce\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u975e\u30bd\u30d6\u30ea\u30f3\u50b5\u306e\u4fe1\u7528\u5206\u6790\u306f\u30bd\u30d6\u30ea\u30f3\u50b5\u3068\u4f3c\u305f\u89b3\u70b9\u3067\u884c\u3044\u3001\u4e8b\u696d\u53ce\u5165\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u30ec\u30d9\u30cb\u30e5\u30fc\u50b5\u306f\u5bfe\u8c61\u4e8b\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u57fa\u3065\u3044\u3066\u8a55\u4fa1\u3059\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u30bd\u30d6\u30ea\u30f3\u30fb\u975e\u30bd\u30d6\u30ea\u30f3\u653f\u5e9c\u306e\u4fe1\u7528\u8a55\u4fa1<\/h3>\n<p>\u30bd\u30d6\u30ea\u30f3\u50b5\u306e\u4fe1\u7528\u5206\u6790\u3067\u306f\u3001<strong>\u652f\u6255\u80fd\u529b\uff08ability to pay\uff09\u3068\u652f\u6255\u610f\u601d\uff08willingness to pay\uff09<\/strong>\u3092\u5b9a\u6027\u30fb\u5b9a\u91cf\u306e\u4e21\u9762\u304b\u3089\u8a55\u4fa1\u3057\u307e\u3059\u3002\u975e\u30bd\u30d6\u30ea\u30f3\u653f\u5e9c\u306e\u50b5\u52d9\u306f\u3001\u7a0e\u53ce\u304c\u88cf\u4ed8\u3051\u306e<strong>\u4e00\u822c\u8ca1\u6e90\u50b5<\/strong>\u304b\u3001\u7279\u5b9a\u4e8b\u696d\u306e\u53ce\u5165\u304c\u88cf\u4ed8\u3051\u306e<strong>\u30ec\u30d9\u30cb\u30e5\u30fc\u50b5<\/strong>\u304b\u306b\u3088\u3063\u3066\u5206\u6790\u306e\u8996\u70b9\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5b9a\u6027\u7684\u8981\u56e0\uff1a\u5236\u5ea6\u306e\u6709\u52b9\u6027\u3068\u653f\u6cbb\u7684\u5b89\u5b9a\u3001\u8ca1\u653f\u306e\u67d4\u8edf\u6027\u3001\u91d1\u878d\u653f\u7b56\u306e\u6709\u52b9\u6027\uff08\u4e2d\u592e\u9280\u884c\u306e\u72ec\u7acb\u6027\uff09\u3001\u7d4c\u6e08\u306e\u67d4\u8edf\u6027\u3001\u5bfe\u5916\u7684\u306a\u5730\u4f4d<\/li>\n<li>\u5b9a\u91cf\u7684\u8981\u56e0\uff1a\u653f\u5e9c\u50b5\u52d9\u306eGDP\u6bd4\u3001\u8ca1\u653f\u53ce\u652f\u3001\u7d4c\u6e08\u6210\u9577\u7387\u30fb1\u4eba\u5f53\u305f\u308a\u6240\u5f97\u3001\u7d4c\u5e38\u53ce\u652f\u3001\u5bfe\u5916\u50b5\u52d9\u3068\u5916\u8ca8\u6e96\u5099<\/li>\n<li>\u6e96\u5099\u901a\u8ca8\u306e\u767a\u884c\u56fd\u306f\u81ea\u56fd\u901a\u8ca8\u5efa\u3066\u3067\u501f\u5165\u3067\u304d\u3001\u4fe1\u7528\u529b\u306e\u9762\u3067\u5927\u304d\u306a\u5f37\u307f<\/li>\n<li>\u81ea\u56fd\u901a\u8ca8\u5efa\u3066\u50b5\u52d9\u3068\u5916\u8ca8\u5efa\u3066\u50b5\u52d9\u306f\u5225\u3005\u306b\u683c\u4ed8\u3055\u308c\u3001\u5916\u8ca8\u5efa\u3066\u306e\u683c\u4ed8\u306e\u65b9\u304c\u4f4e\u3044\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u4e00\u822c\u8ca1\u6e90\u50b5\uff08GO\u50b5\uff09\uff1a\u8ab2\u7a0e\u6a29\u304c\u88cf\u4ed8\u3051\u3067\u30bd\u30d6\u30ea\u30f3\u3068\u4f3c\u305f\u5206\u6790\u3060\u304c\u3001\u901a\u8ca8\u767a\u884c\u306f\u3067\u304d\u305a\u3001\u8ca1\u653f\u5747\u8861\u3092\u6c42\u3081\u3089\u308c\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u30ec\u30d9\u30cb\u30e5\u30fc\u50b5\uff1a\u6709\u6599\u9053\u8def\u30fb\u7a7a\u6e2f\u306a\u3069\u306e\u4e8b\u696d\u53ce\u5165\u304c\u88cf\u4ed8\u3051\u3067\u3001\u4e8b\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u50b5\u52d9\u8fd4\u6e08\u6bd4\u7387\u3067\u8a55\u4fa1<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm14\/\">LM14 Credit Risk\uff08\u4fe1\u7528\u30ea\u30b9\u30af\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm16\/\">LM16 Credit Analysis for Corporate Issuers\uff08\u4e8b\u696d\u4f1a\u793e\u306e\u4fe1\u7528\u5206\u6790\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-fi\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Fixed Income\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Fixed Income LM15\u300cCredit Analysis for Government Issuers\uff08\u653f\u5e9c\u767a\u884c\u4f53\u306e\u4fe1\u7528\u5206\u6790\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-10780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10780"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10780\/revisions"}],"predecessor-version":[{"id":10953,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10780\/revisions\/10953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11126"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}