{"id":10847,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm5\/"},"modified":"2026-09-22T07:06:52","modified_gmt":"2026-09-21T22:06:52","slug":"cfa-l2-fi-lm5","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm5\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Fixed Income LM5\u3011Credit Default Swaps \u3092\u8981\u70b9\u89e3\u8aac\uff5cCDS\u306e\u4ed5\u7d44\u307f\u30fb\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8\u30fbCDS\u306e\u4fa1\u683c\u6c7a\u5b9a\u30fb\u30d9\u30fc\u30b7\u30b9\u53d6\u5f15"},"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 5\u300cCredit Default Swaps\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\uff09\u300d\u306f\u3001CDS\u306e\u57fa\u672c\u7684\u306a\u4ed5\u7d44\u307f\u3068\u30b7\u30f3\u30b0\u30eb\u30cd\u30fc\u30e0\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8\u3068\u6c7a\u6e08\u65b9\u6cd5\u3001CDS\u306e\u4fa1\u683c\u6c7a\u5b9a\u306e\u539f\u7406\u3068\u8981\u56e0\u3001\u4fe1\u7528\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u7ba1\u7406\u3068\u4fe1\u7528\u30ab\u30fc\u30d6\u306b\u95a2\u3059\u308b\u898b\u65b9\u306e\u8868\u73fe\u3001\u5e02\u5834\u9593\u306e\u8a55\u4fa1\u683c\u5dee\u3092\u5229\u7528\u3057\u305f\u53d6\u5f15\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>LM5\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\u3002LM5\u306b\u306f5\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\uff08CDS\uff09\u3001\u30b7\u30f3\u30b0\u30eb\u30cd\u30fc\u30e0CDS\u3068\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS\u3001\u304a\u3088\u3073\u7279\u5b9a\u306eCDS\u5546\u54c1\u3092\u898f\u5b9a\u3059\u308b\u30d1\u30e9\u30e1\u30fc\u30bf\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe credit default swaps (CDS), single-name and index CDS, and the parameters that define a given CDS product<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1aCDS\u306b\u95a2\u3059\u308b\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8\u3068\u6c7a\u6e08\u624b\u7d9a\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe credit events and settlement protocols with respect to CDS<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u5e02\u5834\u306b\u304a\u3051\u308bCDS\u306e\u4fa1\u683c\u6c7a\u5b9a\u306e\u57fa\u790e\u3068\u306a\u308b\u539f\u7406\u3068\u3001\u305d\u308c\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the principles underlying and factors that influence the market\u2019s pricing of CDS<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u4fe1\u7528\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u7ba1\u7406\u3057\u3001\u4fe1\u7528\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u3084\u6c34\u6e96\u306e\u5909\u5316\u306b\u95a2\u3059\u308b\u898b\u65b9\u3092\u8868\u73fe\u3059\u308b\u305f\u3081\u306eCDS\u306e\u5229\u7528\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe the use of CDS to manage credit exposures and to express views regarding changes in the shape and\/or level of the credit curve<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u50b5\u5238\u3001\u30ed\u30fc\u30f3\u3001\u682a\u5f0f\u3001\u682a\u5f0f\u95a2\u9023\u5546\u54c1\u306a\u3069\u7570\u306a\u308b\u5e02\u5834\u9593\u306e\u8a55\u4fa1\u683c\u5dee\u3092\u5229\u7528\u3059\u308b\u305f\u3081\u306eCDS\u306e\u5229\u7528\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe the use of CDS to take advantage of valuation disparities among separate markets, such as bonds, loans, equities, and equity-linked instruments<\/span><\/li>\n<\/ol>\n<h2>LM5\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>CDS\u306f\u3001\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u8cb7\u3044\u624b\u304c\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3044\u3001\u53c2\u7167\u4f01\u696d\u306b\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8\u304c\u8d77\u304d\u305f\u5834\u5408\u306b\u58f2\u308a\u624b\u304c\u640d\u5931\u3092\u88dc\u511f\u3059\u308b\u5951\u7d04<\/li>\n<li>CDS\u306b\u306f\u30b7\u30f3\u30b0\u30eb\u30cd\u30fc\u30e0CDS\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS\u3001\u30c8\u30e9\u30f3\u30b7\u30a7CDS\u304c\u3042\u308a\u3001\u53c2\u7167\u4f01\u696d\u3001\u53c2\u7167\u50b5\u52d9\u3001\u60f3\u5b9a\u5143\u672c\u3001\u6e80\u671f\u3001\u6a19\u6e96\u30af\u30fc\u30dd\u30f3\u306a\u3069\u3067\u898f\u5b9a\u3055\u308c\u308b<\/li>\n<li>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8\u306b\u306f\u7834\u7523\u3001\u652f\u6255\u4e0d\u5c65\u884c\u3001\u30ea\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0\u304c\u3042\u308a\u3001\u6c7a\u6e08\u306f\u73fe\u7269\u6c7a\u6e08\u307e\u305f\u306f\u73fe\u91d1\u6c7a\u6e08\uff08\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\uff09\u3067\u884c\u3046<\/li>\n<li>CDS\u306e\u4fa1\u683c\u306f\u3001\u30cf\u30b6\u30fc\u30c9\u7387\u3068\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\u304b\u3089\u6c42\u3081\u308b\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u30fb\u30ec\u30c3\u30b0\u3068\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30ec\u30c3\u30b0\u306e\u4fa1\u5024\u3067\u6c7a\u307e\u308b<\/li>\n<li>\u6a19\u6e96\u30af\u30fc\u30dd\u30f3\u3068CDS\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5dee\u306f\u30a2\u30c3\u30d7\u30d5\u30ed\u30f3\u30c8\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u8abf\u6574\u3059\u308b<\/li>\n<li>CDS\u306f\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u30d8\u30c3\u30b8\u3001\u4fe1\u7528\u306b\u95a2\u3059\u308b\u898b\u65b9\u306e\u8868\u660e\u3001\u30ab\u30fc\u30d6\u53d6\u5f15\u3001\u30d9\u30fc\u30b7\u30b9\u53d6\u5f15\u306a\u3069\u306b\u4f7f\u308f\u308c\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\uff1aCDS\u306e\u4ed5\u7d44\u307f\u3068\u30d1\u30e9\u30e1\u30fc\u30bf<\/h3>\n<p><strong>CDS<\/strong>\u306f\u3001\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u8cb7\u3044\u624b\u304c\u5b9a\u671f\u7684\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3044\u3001\u53c2\u7167\u4f01\u696d\u306b\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8\u304c\u767a\u751f\u3057\u305f\u5834\u5408\u306b\u58f2\u308a\u624b\u304b\u3089\u640d\u5931\u306e\u88dc\u511f\u3092\u53d7\u3051\u308b\u5951\u7d04\u3067\u3059\u3002<strong>\u30b7\u30f3\u30b0\u30eb\u30cd\u30fc\u30e0CDS<\/strong>\u306f1\u3064\u306e\u53c2\u7167\u4f01\u696d\u3001<strong>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS<\/strong>\u306f\u8907\u6570\u4f01\u696d\u306e\u6307\u6570\u3092\u5bfe\u8c61\u3068\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u8cb7\u3044\u624b\uff1a\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u30b7\u30e7\u30fc\u30c8<\/li>\n<li>\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u58f2\u308a\u624b\uff1a\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u30ed\u30f3\u30b0<\/li>\n<li>\u30d1\u30e9\u30e1\u30fc\u30bf\uff1a\u53c2\u7167\u4f01\u696d\u3001\u53c2\u7167\u50b5\u52d9\u3001\u60f3\u5b9a\u5143\u672c\u3001\u6e80\u671f\u3001\u6a19\u6e96\u30af\u30fc\u30dd\u30f3<\/li>\n<li>\u6700\u5272\u5b89\u53d7\u6e21\u50b5\u5238\uff08cheapest-to-deliver\uff09<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS\uff1a\u69cb\u6210\u4f01\u696d\u306e\u76f8\u95a2\u30ea\u30b9\u30af\u3092\u53cd\u6620<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8\u3068\u6c7a\u6e08<\/h3>\n<p><strong>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8<\/strong>\u306b\u306f<strong>\u7834\u7523<\/strong>\u3001<strong>\u652f\u6255\u4e0d\u5c65\u884c<\/strong>\u3001<strong>\u30ea\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0<\/strong>\u304c\u3042\u308a\u3001\u696d\u754c\u306e\u6c7a\u5b9a\u59d4\u54e1\u4f1a\u304c\u767a\u751f\u3092\u5224\u65ad\u3057\u307e\u3059\u3002\u6c7a\u6e08\u306f\u50b5\u5238\u3092\u5f15\u304d\u6e21\u3059<strong>\u73fe\u7269\u6c7a\u6e08<\/strong>\u304b\u3001\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u3067\u6c7a\u3081\u305f\u56de\u53ce\u7387\u306b\u57fa\u3065\u304f<strong>\u73fe\u91d1\u6c7a\u6e08<\/strong>\u3067\u884c\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7834\u7523\u30fb\u652f\u6255\u4e0d\u5c65\u884c\u30fb\u30ea\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0<\/li>\n<li>\u6c7a\u5b9a\u59d4\u54e1\u4f1a\uff08Determinations Committee\uff09\u306b\u3088\u308b\u8a8d\u5b9a<\/li>\n<li>\u73fe\u7269\u6c7a\u6e08\uff1a\u50b5\u5238\u306e\u5f15\u6e21\u3057\u3068\u984d\u9762\u306e\u652f\u6255<\/li>\n<li>\u73fe\u91d1\u6c7a\u6e08\uff1a\u984d\u9762 \u00d7\uff081 \u2212 \u56de\u53ce\u7387\uff09<\/li>\n<li>\u627f\u7d99\u30a4\u30d9\u30f3\u30c8\uff08\u5408\u4f75\u30fb\u5206\u5272\uff09\u306e\u6271\u3044<\/li>\n<\/ul>\n<h3>LOS 3\uff1aCDS\u306e\u4fa1\u683c\u6c7a\u5b9a\u306e\u539f\u7406\u3068\u8981\u56e0<\/h3>\n<p>CDS\u306e\u4fa1\u5024\u306f\u3001<strong>\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u30fb\u30ec\u30c3\u30b0<\/strong>\uff08\u671f\u5f85\u640d\u5931\u306e\u73fe\u5728\u4fa1\u5024\uff09\u3068<strong>\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30ec\u30c3\u30b0<\/strong>\uff08\u30d7\u30ec\u30df\u30a2\u30e0\u652f\u6255\u3044\u306e\u73fe\u5728\u4fa1\u5024\uff09\u306e\u5dee\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002CDS\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u4e3b\u306b<strong>\u30cf\u30b6\u30fc\u30c9\u7387<\/strong>\u3068<strong>\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387<\/strong>\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>CDS\u30b9\u30d7\u30ec\u30c3\u30c9\u2248\u30cf\u30b6\u30fc\u30c9\u7387 \u00d7\uff081 \u2212 \u56de\u53ce\u7387\uff09<\/li>\n<li>\u30a2\u30c3\u30d7\u30d5\u30ed\u30f3\u30c8\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u2248\uff08CDS\u30b9\u30d7\u30ec\u30c3\u30c9 \u2212 \u6a19\u6e96\u30af\u30fc\u30dd\u30f3\uff09\u00d7 \u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/li>\n<li>CDS\u306e\u4fa1\u683c\uff08\u984d\u9762100\u5f53\u305f\u308a\uff09\uff1d 100 \u2212 \u30a2\u30c3\u30d7\u30d5\u30ed\u30f3\u30c8\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff08%\uff09<\/li>\n<li>\u30b9\u30d7\u30ec\u30c3\u30c9\u7e2e\u5c0f\u3067\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u58f2\u308a\u624b\u304c\u5229\u76ca<\/li>\n<li>\u4fa1\u5024\u306e\u5909\u5316\u2248\u0394\u30b9\u30d7\u30ec\u30c3\u30c9 \u00d7 \u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3 \u00d7 \u60f3\u5b9a\u5143\u672c<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30a2\u30c3\u30d7\u30d5\u30ed\u30f3\u30c8\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff08%\uff09\u2248\uff08CDS\u30b9\u30d7\u30ec\u30c3\u30c9 \u2212 \u56fa\u5b9a\u30af\u30fc\u30dd\u30f3\uff09\u00d7 CDS\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<h3>LOS 4\uff1a\u4fe1\u7528\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u7ba1\u7406\u3068\u4fe1\u7528\u30ab\u30fc\u30d6\u306b\u95a2\u3059\u308b\u898b\u65b9<\/h3>\n<p>CDS\u306f\u4fdd\u6709\u50b5\u5238\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u30d8\u30c3\u30b8\u3084\u3001\u50b5\u5238\u3092\u4fdd\u6709\u305b\u305a\u306b\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u3068\u308b\u624b\u6bb5\u3068\u3057\u3066\u4f7f\u308f\u308c\u307e\u3059\u3002\u5e74\u9650\u306e\u7570\u306a\u308bCDS\u3092\u7d44\u307f\u5408\u308f\u305b\u308b<strong>\u30ab\u30fc\u30d6\u53d6\u5f15<\/strong>\u3067\u3001\u4fe1\u7528\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u5909\u5316\u306b\u95a2\u3059\u308b\u898b\u65b9\u3092\u8868\u73fe\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4fe1\u7528\u529b\u60aa\u5316\u306e\u4e88\u60f3\uff1a\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u3092\u8cb7\u3046<\/li>\n<li>\u4fe1\u7528\u529b\u6539\u5584\u306e\u4e88\u60f3\uff1a\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u3092\u58f2\u308b<\/li>\n<li>\u30ab\u30fc\u30d6\u30fb\u30b9\u30c6\u30a3\u30fc\u30d7\u30ca\u30fc\uff1a\u77ed\u671f\u58f2\u308a\u30fb\u9577\u671f\u8cb7\u3044<\/li>\n<li>\u30ed\u30f3\u30b0\uff0f\u30b7\u30e7\u30fc\u30c8\u53d6\u5f15\uff1a\u4f01\u696d\u9593\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u9593\u306e\u76f8\u5bfe\u7684\u306a\u898b\u65b9<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS\u306b\u3088\u308b\u30de\u30af\u30ed\u306a\u4fe1\u7528\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u7ba1\u7406<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u5e02\u5834\u9593\u306e\u8a55\u4fa1\u683c\u5dee\u3092\u5229\u7528\u3057\u305f\u53d6\u5f15<\/h3>\n<p><strong>\u30d9\u30fc\u30b7\u30b9\u53d6\u5f15<\/strong>\u306f\u3001\u50b5\u5238\u306e\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u3068CDS\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5dee\uff08\u30d9\u30fc\u30b7\u30b9\uff09\u306e\u7e2e\u5c0f\u3092\u72d9\u3046\u53d6\u5f15\u3067\u3059\u3002\u307b\u304b\u306b\u3001LBO\u306b\u4f34\u3046\u682a\u5f0f\u3068\u50b5\u5238\u306e\u76f8\u5bfe\u4fa1\u5024\u306e\u53d6\u5f15\u3084\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS\u3068\u69cb\u6210\u9298\u67c4\u306e\u5dee\u3092\u5229\u7528\u3059\u308b\u53d6\u5f15\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>CDS\u30d9\u30fc\u30b7\u30b9 \uff1d \u50b5\u5238\u306e\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9 \u2212 CDS\u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<li>\u30d9\u30fc\u30b7\u30b9\u306f\u6d41\u52d5\u6027\u30fb\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u7b49\u3067\u751f\u3058\u308b<\/li>\n<li>LBO\uff1a\u682a\u4e3b\u306b\u6709\u5229\u3001\u50b5\u6a29\u8005\u306b\u4e0d\u5229\u2192\u682a\u5f0f\u30ed\u30f3\u30b0\u30fbCDS\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u8cb7\u3044<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS\u3068\u69cb\u6210\u9298\u67c4\u306e\u88c1\u5b9a<\/li>\n<li>\u682a\u5f0f\u30fb\u8ee2\u63db\u793e\u50b5\u3068\u306e\u7d44\u307f\u5408\u308f\u305b<\/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\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \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-l2-fi-lm4\/\">LM4 Credit Analysis Models\uff08\u4fe1\u7528\u5206\u6790\u30e2\u30c7\u30eb\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-fi\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Fixed Income\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Fixed Income LM5\u300cCredit Default Swaps\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\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":11193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10847","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=10847"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10847\/revisions"}],"predecessor-version":[{"id":11020,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10847\/revisions\/11020"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11193"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}