{"id":10902,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm6\/"},"modified":"2026-09-22T07:44:51","modified_gmt":"2026-09-21T22:44:51","slug":"cfa-l3-pmp-lm6","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm6\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 PM Pathway LM6\u3011Fixed-Income Active Management: Credit Strategies \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u6307\u6a19\u3068OAS\u30fb\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u3068\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u30fbCDS\u6226\u7565\u30fb\u6d41\u52d5\u6027\u3068\u30c6\u30fc\u30eb\u30ea\u30b9\u30af"},"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 6\u300cFixed-Income Active Management: Credit Strategies\uff08\u50b5\u5238\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u6226\u7565\uff09\u300d\u306f\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u5546\u54c1\u306e\u30ea\u30b9\u30af\u306e\u8003\u3048\u65b9\u3001\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u6307\u6a19\u306e\u9577\u6240\u30fb\u77ed\u6240\u3068OAS\u304c\u6700\u9069\u3068\u3055\u308c\u308b\u7406\u7531\u3001\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u3068\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u6226\u7565\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3068\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u306e\u7ba1\u7406\u3001CDS\u6226\u7565\u3068\u30b9\u30d7\u30ec\u30c3\u30c9\u898b\u901a\u3057\u306e\u5b9f\u884c\u65b9\u6cd5\u3001\u56fd\u969b\u30af\u30ec\u30b8\u30c3\u30c8\u5e02\u5834\u3001\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u5546\u54c1\u3001\u5206\u6790\u30c4\u30fc\u30eb\u306e\u6d3b\u7528\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>LM6\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\u3002LM6\u306b\u306f11\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30d9\u30fc\u30b9\u306e\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af\u306e\u8003\u616e\u4e8b\u9805\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe risk considerations for spread-based fixed-income portfolios<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30d9\u30fc\u30b9\u306e\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3051\u308b\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u6307\u6a19\u306e\u9577\u6240\u3068\u77ed\u6240\u3092\u8ad6\u3058\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u8abf\u6574\u5f8c\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u6700\u3082\u9069\u5207\u306a\u6307\u6a19\u3068\u3055\u308c\u308b\u7406\u7531\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">discuss the advantages and disadvantages of credit spread measures for spread-based fixed-income portfolios, and explain why option-adjusted spread is considered the most appropriate measure<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u6226\u7565\u306b\u304a\u3051\u308b\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss bottom-up approaches to credit strategies<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u6226\u7565\u306b\u304a\u3051\u308b\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss top-down approaches to credit strategies<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u5e02\u5834\u306e\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3068\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3051\u308b\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306e\u7ba1\u7406\u65b9\u6cd5\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss liquidity risk in credit markets and how liquidity risk can be managed in a credit portfolio<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u3092\u8a55\u4fa1\u30fb\u7ba1\u7406\u3059\u308b\u65b9\u6cd5\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe how to assess and manage tail risk in credit portfolios<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u306a\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\u306b\u304a\u3051\u308b\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\u6226\u7565\u306e\u5229\u7528\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the use of credit default swap strategies in active fixed-income portfolio management<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u7279\u5b9a\u306e\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u898b\u901a\u3057\u3092\u5b9f\u884c\u3059\u308b\u305f\u3081\u306b\u904b\u7528\u8005\u304c\u4f7f\u3048\u308b\u3055\u307e\u3056\u307e\u306a\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u6226\u7565\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss various portfolio positioning strategies that managers can use to implement a specific credit spread view<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u56fd\u969b\u30af\u30ec\u30b8\u30c3\u30c8\u5e02\u5834\u306b\u307e\u305f\u304c\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u69cb\u7bc9\u30fb\u904b\u7528\u306b\u304a\u3051\u308b\u8003\u616e\u4e8b\u9805\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss considerations in constructing and managing portfolios across international credit markets<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3044\u3066\u3001\u793e\u50b5\u306e\u4ee3\u66ff\u3068\u3057\u3066\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u91d1\u878d\u5546\u54c1\u3092\u5229\u7528\u3059\u308b\u3053\u3068\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the use of structured financial instruments as an alternative to corporate bonds in credit portfolios<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\u306b\u5206\u6790\u30c4\u30fc\u30eb\u3092\u7528\u3044\u308b\u969b\u306e\u4e3b\u8981\u306a\u30a4\u30f3\u30d7\u30c3\u30c8\u3001\u30a2\u30a6\u30c8\u30d7\u30c3\u30c8\u3001\u8003\u616e\u4e8b\u9805\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe key inputs, outputs, and considerations in using analytical tools to manage fixed-income portfolios<\/span><\/li>\n<\/ol>\n<h2>LM6\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>\u5229\u56de\u308a\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3001\u671f\u5f85\u3057\u305f\u5229\u606f\u30fb\u5143\u672c\u3092\u53d7\u3051\u53d6\u308c\u306a\u3044\u30ea\u30b9\u30af\u3068\u3001\u73fe\u5728\u306e\u5e02\u5834\u74b0\u5883\u3067\u306e\u58f2\u8cb7\u30b3\u30b9\u30c8\u306b\u5bfe\u3059\u308b\u5bfe\u4fa1\u3002\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u4e3b\u8981\u306a\u69cb\u6210\u8981\u7d20\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\uff08POD\uff09\u3068\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\uff08LGD\uff09<\/li>\n<li>\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3001\u666f\u6c17\u5faa\u74b0\u306b\u4f34\u3046\u4fe1\u7528\u306e\u62e1\u5927\u30fb\u53ce\u7e2e\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b5\u30a4\u30af\u30eb\uff09\u3067\u5909\u5316\u3059\u308b\u3002\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u767a\u884c\u4f53\u306fPOD\u306e\u5909\u5316\u304c\u5927\u304d\u304f\u3001\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u50b5\u306e\u4fa1\u683c\u306f\u56de\u53ce\u7387\u306b\u8fd1\u3065\u304f<\/li>\n<li>\u56fa\u5b9a\u5229\u4ed8\u50b5\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u6307\u6a19\u306f\u5b9f\u969b\u306e\u30fb\u88dc\u9593\u3057\u305f\u30fb\u30bc\u30ed\u30fb\u30ab\u30fc\u30d6\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u4f7f\u3044\u5206\u3051\u308b\u304c\u3001OAS\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3057\u50b5\u5238\u306e\u6bd4\u8f03\u3092\u53ef\u80fd\u306b\u3059\u308b\u3002\u5909\u52d5\u5229\u4ed8\u50b5\u306f\u53c2\u7167\u91d1\u5229\uff08MRR\uff09\u306b\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u52a0\u3048\u305f\u5229\u606f\u3092\u6255\u3046<\/li>\n<li>\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f\u30b9\u30d7\u30ec\u30c3\u30c9\u5909\u5316\u306b\u5bfe\u3059\u308b\u4fa1\u683c\u611f\u5fdc\u5ea6\u3002\u4f4e\u683c\u4ed8\u50b5\u307b\u3069\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u7d76\u5bfe\u5e45\u3067\u306f\u306a\u304f\u6c34\u6e96\u306b\u6bd4\u4f8b\u3057\u3066\u5909\u5316\u3057\u3084\u3059\u3044<\/li>\n<li>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u6226\u7565\u306f\u8ca1\u52d9\u6bd4\u7387\u5206\u6790\u3001Z\u30b9\u30b3\u30a2\u306a\u3069\u306e\u8a98\u5c0e\u578b\u30e2\u30c7\u30eb\u3001\u69cb\u9020\u578b\u30e2\u30c7\u30eb\u3092\u7528\u3044\u308b\u3002\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u6226\u7565\u306f\u30de\u30af\u30ed\u8981\u56e0\u306b\u3082\u3068\u3065\u304d\u3001\u683c\u4ed8\u3051\u3084\u696d\u7a2e\u3067\u6295\u8cc7\u5224\u65ad\u3092\u307e\u3068\u3081\u308b\u3002ESG\u3092\u542b\u3080\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u3082\u5e83\u304c\u3063\u3066\u3044\u308b<\/li>\n<li>\u30af\u30ec\u30b8\u30c3\u30c8\u5e02\u5834\u306e\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306f\u5e02\u5834\u69cb\u9020\u306e\u9055\u3044\u304b\u3089\u682a\u5f0f\u3088\u308a\u9ad8\u3044\u3002\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u306fVaR\u3084\u671f\u5f85\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\u3067\u6e2c\u308a\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u4e0a\u9650\u3001\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3067\u7ba1\u7406\u3059\u308b<\/li>\n<li>CDS\u306a\u3069\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u3001\u767a\u884c\u4f53\u30fb\u30bb\u30af\u30bf\u30fc\u30fb\u5e74\u9650\u306e\u30aa\u30fc\u30d0\u30fc\u30fb\u30a2\u30f3\u30c0\u30fc\u30a6\u30a7\u30a4\u30c8\u3092\u5b9f\u73fe\u3059\u308b\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u5408\u6210\u7684\u624b\u6bb5\u3002\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u306e\u30b9\u30c6\u30a3\u30fc\u30d7\u5316\u306f\u4f4e\u3044\u30c7\u30d5\u30a9\u30eb\u30c8\u4e88\u60f3\u3068\u9ad8\u3044\u6210\u9577\u4e88\u60f3\u3001\u30d5\u30e9\u30c3\u30c8\u5316\u30fb\u9006\u8ee2\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u4e88\u60f3\u306e\u4e0a\u6607\u3092\u793a\u3059<\/li>\n<li>\u56fd\u969b\u30af\u30ec\u30b8\u30c3\u30c8\u3067\u306f\u5148\u9032\u56fd\u3068\u65b0\u8208\u56fd\u3092\u533a\u5225\u3059\u308b\u3002\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u5546\u54c1\u306f\u3001\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u50b5\u5238\u30d7\u30fc\u30eb\u3084\u4e0d\u52d5\u7523\u30fb\u6d88\u8cbb\u8005\u30ed\u30fc\u30f3\u7531\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3078\u306e\u30a2\u30af\u30bb\u30b9\u3068\u3001\u30c8\u30e9\u30f3\u30c1\u30f3\u30b0\u306b\u3088\u308b\u30ea\u30bf\u30fc\u30f3\u5f37\u5316\u3092\u3082\u305f\u3089\u3059\u3002\u5206\u6790\u30c4\u30fc\u30eb\u3067\u306f\u30a4\u30f3\u30d7\u30c3\u30c8\u3068\u524d\u63d0\u306e\u6b63\u78ba\u3055\u3001\u30a2\u30a6\u30c8\u30d7\u30c3\u30c8\u3068\u904b\u7528\u76ee\u7684\u306e\u6574\u5408\u304c\u91cd\u8981<\/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\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30d9\u30fc\u30b9\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af<\/h3>\n<p>\u5229\u56de\u308a\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3001<strong>\u4fe1\u7528\u30ea\u30b9\u30af<\/strong>\uff08\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387POD\u3068\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387LGD\uff09\u3068<strong>\u6d41\u52d5\u6027\u30ea\u30b9\u30af<\/strong>\uff08\u58f2\u8cb7\u30b3\u30b9\u30c8\uff09\u306b\u5bfe\u3059\u308b\u5bfe\u4fa1\u3067\u3059\u3002\u30b9\u30d7\u30ec\u30c3\u30c9\u306f<strong>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b5\u30a4\u30af\u30eb<\/strong>\u306b\u5fdc\u3058\u3066\u5909\u5316\u3057\u3001\u3068\u304f\u306b\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u3067\u306fPOD\u306e\u5909\u5316\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u671f\u5f85\u640d\u5931\uff1dPOD\u00d7LGD\uff08LGD\uff1d1\u2212\u56de\u53ce\u7387\uff09<\/li>\n<li>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b5\u30a4\u30af\u30eb\uff1a\u666f\u6c17\u62e1\u5927\u671f\u306b\u30b9\u30d7\u30ec\u30c3\u30c9\u7e2e\u5c0f\u3001\u5f8c\u9000\u671f\u306b\u62e1\u5927<\/li>\n<li>\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\uff1aPOD\u306e\u5909\u52d5\u304c\u5927\u304d\u304f\u3001\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u6642\u306f\u4fa1\u683c\u304c\u56de\u53ce\u7387\u306b\u8fd1\u3065\u304f<\/li>\n<li>\u6295\u8cc7\u9069\u683c\u50b5\uff1a\u91d1\u5229\u30ea\u30b9\u30af\u306e\u6bd4\u91cd\u304c\u5927\u304d\u304f\u3001\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u306f\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u6bd4\u91cd\u304c\u5927\u304d\u3044<\/li>\n<li>\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u5909\u5316\u306b\u5bfe\u3059\u308b\u4fa1\u683c\u611f\u5fdc\u5ea6<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u8d85\u904e\u30ea\u30bf\u30fc\u30f3 \u2248 (s \u00d7 t) \u2212 (SD \u00d7 \u0394s) \u2212 (t \u00d7 POD \u00d7 LGD)<\/div>\n<h3>LOS 2\uff1a\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u6307\u6a19\u3068OAS<\/h3>\n<p>\u30b9\u30d7\u30ec\u30c3\u30c9\u6307\u6a19\u306b\u306f\u3001<strong>G\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\uff08\u56fd\u50b5\u3068\u306e\u5dee\uff09\u3001<strong>I\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\uff08\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u3068\u306e\u5dee\uff09\u3001<strong>Z\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\uff08\u56fd\u50b5\u30bc\u30ed\u30fb\u30ab\u30fc\u30d6\u5168\u4f53\u306b\u4e00\u5b9a\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u52a0\u3048\u308b\uff09\u3001<strong>OAS<\/strong>\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002OAS\u306f\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u9664\u3044\u305f\u30b9\u30d7\u30ec\u30c3\u30c9\u306a\u306e\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3057\u50b5\u5238\u3092\u540c\u3058\u571f\u4ff5\u3067\u6bd4\u8f03\u3067\u304d\u3001\u6700\u3082\u9069\u5207\u306a\u6307\u6a19\u3068\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>G\u30b9\u30d7\u30ec\u30c3\u30c9\uff1a\u5358\u7d14\u3060\u304c\u3001\u6e80\u671f\u306e\u5408\u3046\u56fd\u50b5\u304c\u306a\u3044\u3068\u88dc\u9593\u304c\u5fc5\u8981\u3001\u30bc\u30ed\u30fb\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u3092\u53cd\u6620\u3057\u306a\u3044<\/li>\n<li>I\u30b9\u30d7\u30ec\u30c3\u30c9\uff1a\u30b9\u30ef\u30c3\u30d7\u30fb\u30ab\u30fc\u30d6\u3092\u57fa\u6e96\u306b\u3059\u308b\u3001\u30d8\u30c3\u30b8\u3068\u306e\u6574\u5408\u6027<\/li>\n<li>\u30a2\u30bb\u30c3\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\uff1a\u56fa\u5b9a\u5229\u4ed8\u50b5\u3092\u5909\u52d5\u306b\u4ea4\u63db\u3057\u305f\u5834\u5408\u306e\u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<li>Z\u30b9\u30d7\u30ec\u30c3\u30c9\uff1a\u30ab\u30fc\u30d6\u5168\u4f53\u3092\u4f7f\u3046\u304c\u3001\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8003\u616e\u3057\u306a\u3044<\/li>\n<li>OAS\uff1a\u91d1\u5229\u30e2\u30c7\u30eb\u3067\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u3092\u9664\u304f\u3001\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u524d\u63d0\u306b\u4f9d\u5b58<\/li>\n<li>\u5909\u52d5\u5229\u4ed8\u50b5\uff1a\u30af\u30a9\u30fc\u30c6\u30c3\u30c9\u30fb\u30de\u30fc\u30b8\u30f3\u3001\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30de\u30fc\u30b8\u30f3<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u6226\u7565<\/h3>\n<p><strong>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u6226\u7565<\/strong>\u306f\u500b\u5225\u306e\u767a\u884c\u4f53\u30fb\u9298\u67c4\u306e\u4fe1\u7528\u529b\u3092\u8a55\u4fa1\u3057\u3001\u540c\u7a0b\u5ea6\u306e\u30ea\u30b9\u30af\u306e\u4e2d\u3067\u76f8\u5bfe\u7684\u306b\u5272\u5b89\u306a\u3082\u306e\u3092\u9078\u3073\u307e\u3059\u3002<strong>\u8ca1\u52d9\u6bd4\u7387\u5206\u6790<\/strong>\u3001<strong>\u8a98\u5c0e\u578b\u30e2\u30c7\u30eb<\/strong>\uff08Z\u30b9\u30b3\u30a2\u306a\u3069\uff09\u3001<strong>\u69cb\u9020\u578b\u30e2\u30c7\u30eb<\/strong>\u3092\u7528\u3044\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u4fe1\u7528\u30ea\u30b9\u30af\u3068\u6bd4\u3079\u3066\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30e6\u30cb\u30d0\u30fc\u30b9\u3092\u696d\u7a2e\u30fb\u683c\u4ed8\u3051\u306a\u3069\u3067\u6bd4\u8f03\u53ef\u80fd\u306a\u30b0\u30eb\u30fc\u30d7\u306b\u5206\u3051\u308b<\/li>\n<li>\u8ca1\u52d9\u6bd4\u7387\uff1a\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u30ab\u30d0\u30ec\u30c3\u30b8\u3001\u53ce\u76ca\u6027\u306a\u3069<\/li>\n<li>\u8a98\u5c0e\u578b\u30e2\u30c7\u30eb\uff1aZ\u30b9\u30b3\u30a2\u306a\u3069\u8ca1\u52d9\u30c7\u30fc\u30bf\u304b\u3089\u30c7\u30d5\u30a9\u30eb\u30c8\u3092\u4e88\u6e2c<\/li>\n<li>\u69cb\u9020\u578b\u30e2\u30c7\u30eb\uff1a\u682a\u4fa1\u3068\u8ca0\u50b5\u304b\u3089\u4f01\u696d\u8cc7\u7523\u306e\u4fa1\u5024\u3092\u63a8\u5b9a\u3057\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3092\u6c42\u3081\u308b<\/li>\n<li>\u76f8\u5bfe\u4fa1\u5024\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3042\u305f\u308a\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u306a\u3069\u3067\u6bd4\u8f03<\/li>\n<li>\u6d41\u52d5\u6027\u3084\u9298\u67c4\u56fa\u6709\u306e\u4e8b\u60c5\u3082\u8003\u616e<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u6226\u7565<\/h3>\n<p><strong>\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u6226\u7565<\/strong>\u306f\u3001\u7d4c\u6e08\u6210\u9577\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b5\u30a4\u30af\u30eb\u3001\u91d1\u5229\u3001\u696d\u7a2e\u306e\u52d5\u5411\u306a\u3069\u306e<strong>\u30de\u30af\u30ed\u8981\u56e0<\/strong>\u304b\u3089\u5224\u65ad\u3057\u3001<strong>\u683c\u4ed8\u3051\uff08\u4fe1\u7528\u5ea6\uff09<\/strong>\u3084<strong>\u696d\u7a2e\u30bb\u30af\u30bf\u30fc<\/strong>\u5358\u4f4d\u3067\u914d\u5206\u3092\u6c7a\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u666f\u6c17\u62e1\u5927\u306e\u4e88\u60f3\uff1a\u4fe1\u7528\u5ea6\u3092\u4e0b\u3052\u308b\uff08\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u3092\u5897\u3084\u3059\uff09\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u5ef6\u3070\u3059<\/li>\n<li>\u666f\u6c17\u5f8c\u9000\u306e\u4e88\u60f3\uff1a\u4fe1\u7528\u5ea6\u3092\u4e0a\u3052\u308b<\/li>\n<li>\u696d\u7a2e\u30bb\u30af\u30bf\u30fc\u306e\u914d\u5206\uff1a\u666f\u6c17\u611f\u5fdc\u5ea6\u306e\u9055\u3044\u3092\u5229\u7528<\/li>\n<li>\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u4e88\u60f3\u306f\u6bd4\u7387\u30d9\u30fc\u30b9\u3067\u8003\u3048\u308b\u3053\u3068\u304c\u591a\u3044\uff08\u4f4e\u683c\u4ed8\u307b\u3069\u5909\u5316\u5e45\u304c\u5927\u304d\u3044\uff09<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\uff1a\u898f\u6a21\u3001\u30d0\u30ea\u30e5\u30fc\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u3001ESG\u306a\u3069<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u5e02\u5834\u306e\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3068\u7ba1\u7406<\/h3>\n<p>\u30af\u30ec\u30b8\u30c3\u30c8\u5e02\u5834\u306f<strong>\u30c7\u30a3\u30fc\u30e9\u30fc\u4e2d\u5fc3\u306e\u5e97\u982d\u5e02\u5834<\/strong>\u3067\u3001\u9298\u67c4\u6570\u304c\u591a\u304f\u591a\u304f\u306e\u9298\u67c4\u306e\u53d6\u5f15\u304c\u5c11\u306a\u3044\u305f\u3081\u3001\u682a\u5f0f\u3088\u308a\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002\u77ed\u671f\u306e\u6226\u8853\u7684\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u306f\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u50b5\u5238\u3092\u4f7f\u3044\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u9298\u67c4\u306f\u8cb7\u3044\u6301\u3061\u6226\u7565\u306b\u56de\u3059\u306a\u3069\u3001\u76ee\u7684\u306b\u5fdc\u3058\u3066\u4f7f\u3044\u5206\u3051\u3066\u7ba1\u7406\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6d41\u52d5\u6027\u306f\u65b0\u767a\u30fb\u5927\u578b\u306e\u9298\u67c4\u3067\u9ad8\u304f\u3001\u65e2\u767a\u30fb\u5c0f\u578b\u306e\u9298\u67c4\u3067\u4f4e\u3044<\/li>\n<li>\u30b9\u30c8\u30ec\u30b9\u6642\u306b\u306f\u30c7\u30a3\u30fc\u30e9\u30fc\u306e\u5728\u5eab\u7e2e\u5c0f\u3067\u6d41\u52d5\u6027\u304c\u6025\u4f4e\u4e0b<\/li>\n<li>\u77ed\u671f\u306e\u6226\u8853\u7684\u30dd\u30b8\u30b7\u30e7\u30f3\uff1a\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u50b5\u5238\u3084\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6<\/li>\n<li>\u8cb7\u3044\u6301\u3061\uff1a\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u9298\u67c4\u3067\u975e\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u5f97\u308b<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u4ed8\u52a0\u4fa1\u5024\u304c\u5c0f\u3055\u3044\u90e8\u5206\u306fETF\u30fbCDS\u306a\u3069\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u4ee3\u66ff\u624b\u6bb5<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30c6\u30fc\u30eb\u30ea\u30b9\u30af<\/h3>\n<p>\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u306f\u3001<strong>VaR<\/strong>\u3084<strong>\u671f\u5f85\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb<\/strong>\u3067\u5b9a\u91cf\u5316\u3057\u3001<strong>\u30dd\u30b8\u30b7\u30e7\u30f3\u4e0a\u9650<\/strong>\u3001<strong>\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0<\/strong>\u3001<strong>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6<\/strong>\u3067\u7ba1\u7406\u3057\u307e\u3059\u3002\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u30ea\u30bf\u30fc\u30f3\u5206\u5e03\u306f\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u306b\u3088\u308b\u5927\u304d\u306a\u640d\u5931\u3067\u5de6\u306b\u6b6a\u3093\u3067\u3044\u308b\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>VaR\uff1a\u4e00\u5b9a\u306e\u4fe1\u983c\u6c34\u6e96\u3067\u751f\u3058\u3046\u308b\u6700\u5c0f\u640d\u5931<\/li>\n<li>\u671f\u5f85\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\uff08CVaR\uff09\uff1aVaR\u3092\u8d85\u3048\u305f\u5834\u5408\u306e\u5e73\u5747\u640d\u5931<\/li>\n<li>VaR\u306e\u624b\u6cd5\uff1a\u30d1\u30e9\u30e1\u30c8\u30ea\u30c3\u30af\u3001\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u3001\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed<\/li>\n<li>\u7ba1\u7406\uff1a\u9298\u67c4\u30fb\u30bb\u30af\u30bf\u30fc\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u4e0a\u9650\u3001\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8<\/li>\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff1aCDS\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u8cfc\u5165\u3001CDX\u306e\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u3001\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/li>\n<\/ul>\n<h3>LOS 7\uff1aCDS\u6226\u7565\u306e\u5229\u7528<\/h3>\n<p><strong>CDS<\/strong>\u306f\u3001\u767a\u884c\u4f53\u30fb\u30bb\u30af\u30bf\u30fc\u30fb\u5e74\u9650\u3054\u3068\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u3001\u73fe\u7269\u50b5\u3088\u308a\u6d41\u52d5\u6027\u304c\u9ad8\u304f<strong>\u5408\u6210\u7684\u306b<\/strong>\u30aa\u30fc\u30d0\u30fc\u30fb\u30a2\u30f3\u30c0\u30fc\u30a6\u30a7\u30a4\u30c8\u3059\u308b\u624b\u6bb5\u3067\u3059\u3002\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e<strong>\u58f2\u308a<\/strong>\u306f\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u53d6\u308b\u30ed\u30f3\u30b0\u3001<strong>\u8cb7\u3044<\/strong>\u306f\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u6e1b\u3089\u3059\u30b7\u30e7\u30fc\u30c8\u306b\u76f8\u5f53\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5358\u4e00\u9298\u67c4CDS\u3068\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS\uff08CDX\u306a\u3069\uff09<\/li>\n<li>\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u58f2\u308a\uff1d\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u30ed\u30f3\u30b0\u3001\u8cb7\u3044\uff1d\u30b7\u30e7\u30fc\u30c8<\/li>\n<li>\u30ed\u30f3\u30b0\u30fb\u30b7\u30e7\u30fc\u30c8\uff1a\u4fe1\u7528\u529b\u304c\u6539\u5584\u3059\u308b\u767a\u884c\u4f53\u3092\u58f2\u308a\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u3001\u60aa\u5316\u3059\u308b\u767a\u884c\u4f53\u3092\u8cb7\u3044\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3<\/li>\n<li>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u6226\u7565\uff1a\u5e74\u9650\u306e\u7570\u306a\u308bCDS\u306e\u7d44\u307f\u5408\u308f\u305b<\/li>\n<li>\u30d9\u30fc\u30b7\u30b9\u53d6\u5f15\uff1a\u73fe\u7269\u50b5\u3068CDS\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u5dee\u3092\u5229\u7528<\/li>\n<li>\u73fe\u7269\u50b5\u306e\u7a7a\u58f2\u308a\u306e\u96e3\u3057\u3055\u3092\u56de\u907f\u3067\u304d\u308b<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u898b\u901a\u3057\u306e\u5b9f\u884c<\/h3>\n<p>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u6c34\u6e96\u3068\u30ab\u30fc\u30d6\u306e\u50be\u304d\u306f\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b5\u30a4\u30af\u30eb\u306b\u6cbf\u3063\u3066\u5909\u5316\u3057\u307e\u3059\u3002<strong>\u5b89\u5b9a\u3057\u305f\u30ab\u30fc\u30d6<\/strong>\u3092\u4e88\u60f3\u3059\u308b\u306a\u3089\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3084\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u5897\u3084\u3057\u3001<strong>\u7570\u306a\u308b\u898b\u901a\u3057<\/strong>\u304c\u3042\u308b\u5834\u5408\u306f\u3001\u767a\u884c\u4f53\u30fb\u30bb\u30af\u30bf\u30fc\u30fb\u5e02\u5834\u5168\u4f53\u306b\u3064\u3044\u3066\u73fe\u7269\u3084\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3067\u5b9f\u884c\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u306e\u30b9\u30c6\u30a3\u30fc\u30d7\u5316\uff1a\u77ed\u671f\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u4e88\u60f3\u304c\u4f4e\u304f\u6210\u9577\u4e88\u60f3\u304c\u9ad8\u3044<\/li>\n<li>\u30d5\u30e9\u30c3\u30c8\u5316\u30fb\u9006\u8ee2\uff1a\u30c7\u30d5\u30a9\u30eb\u30c8\u4e88\u60f3\u306e\u4e0a\u6607\u3001\u6210\u9577\u4e88\u60f3\u306e\u4f4e\u4e0b<\/li>\n<li>\u5b89\u5b9a\u3057\u305f\u30ab\u30fc\u30d6\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u8ffd\u52a0\u3001\u5e73\u5747\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u9ad8\u3081\u308b\uff08\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3\u3082\u5f97\u308b\uff09<\/li>\n<li>\u30b9\u30d7\u30ec\u30c3\u30c9\u62e1\u5927\u306e\u4e88\u60f3\uff1a\u4fe1\u7528\u5ea6\u3092\u4e0a\u3052\u308b\u3001\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u8cb7\u3044<\/li>\n<li>\u30b9\u30c6\u30a3\u30fc\u30d7\u30ca\u30fc\u30fb\u30d5\u30e9\u30c3\u30c8\u30ca\u30fc\u3092CDS\u3084\u73fe\u7269\u3067\u69cb\u7bc9<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u56fd\u969b\u30af\u30ec\u30b8\u30c3\u30c8\u5e02\u5834\u306e\u8003\u616e\u4e8b\u9805<\/h3>\n<p>\u56fd\u969b\u30af\u30ec\u30b8\u30c3\u30c8\u5e02\u5834\u3067\u306f<strong>\u5148\u9032\u56fd<\/strong>\u3068<strong>\u65b0\u8208\u56fd<\/strong>\u3092\u533a\u5225\u3057\u307e\u3059\u3002\u5148\u9032\u56fd\u306f\u5171\u901a\u306e\u30de\u30af\u30ed\u8981\u56e0\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3064\u3064\u3001\u666f\u6c17\u30fb\u4fe1\u7528\u30b5\u30a4\u30af\u30eb\u306e\u9055\u3044\u304c\u91d1\u5229\u30fb\u70ba\u66ff\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5dee\u306b\u306a\u308a\u307e\u3059\u3002\u65b0\u8208\u56fd\u306f\u6210\u9577\u7387\u304c\u9ad8\u3044\u4e00\u65b9\u3001<strong>\u30bd\u30d6\u30ea\u30f3\u30fb\u5730\u653f\u5b66\u30ea\u30b9\u30af<\/strong>\u3001\u901a\u8ca8\u898f\u5236\u3001\u8cc7\u672c\u898f\u5236\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5148\u9032\u56fd\uff1a\u666f\u6c17\u30fb\u4fe1\u7528\u30b5\u30a4\u30af\u30eb\u306e\u305a\u308c\u304c\u76f8\u5bfe\u4fa1\u5024\u306e\u6a5f\u4f1a<\/li>\n<li>\u65b0\u8208\u56fd\uff1a\u9ad8\u3044\u6210\u9577\u3001\u5546\u54c1\u4fa1\u683c\u3078\u306e\u4f9d\u5b58\u3001\u30bd\u30d6\u30ea\u30f3\u30fb\u5730\u653f\u5b66\u30ea\u30b9\u30af<\/li>\n<li>\u65b0\u8208\u56fd\uff1a\u5916\u8ca8\u5efa\u3066\u3068\u73fe\u5730\u901a\u8ca8\u5efa\u3066\u306e\u9055\u3044\u3001\u901a\u8ca8\u306e\u4ea4\u63db\u30fb\u9001\u91d1\u306e\u5236\u9650<\/li>\n<li>\u70ba\u66ff\u30ea\u30b9\u30af\uff1a\u30d8\u30c3\u30b8\u3059\u308b\u304b\u3069\u3046\u304b\u3001\u30d8\u30c3\u30b8\u30fb\u30b3\u30b9\u30c8<\/li>\n<li>\u6cd5\u5236\u5ea6\u30fb\u7834\u7523\u624b\u7d9a\u30fb\u4f1a\u8a08\u57fa\u6e96\u306e\u9055\u3044<\/li>\n<\/ul>\n<h3>LOS 10\uff1a\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u91d1\u878d\u5546\u54c1\u306e\u5229\u7528<\/h3>\n<p>\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u5546\u54c1\u306f\u3001\u793e\u50b5\u306e\u4ee3\u308f\u308a\u3068\u3057\u3066\u3001\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u50b5\u5238\u30d7\u30fc\u30eb\u3084<strong>\u4e0d\u52d5\u7523\u30fb\u6d88\u8cbb\u8005\u30ed\u30fc\u30f3<\/strong>\u7531\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3078\u306e\u30a2\u30af\u30bb\u30b9\u3092\u4e0e\u3048\u307e\u3059\u3002<strong>\u30c8\u30e9\u30f3\u30c1\u30f3\u30b0<\/strong>\u306b\u3088\u3063\u3066\u3001\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u7570\u306a\u308b\u90e8\u5206\u3092\u9078\u3079\u308b\u305f\u3081\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3084\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u8ca0\u50b5\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\uff09\u3092\u52a0\u3048\u3066\u30ea\u30bf\u30fc\u30f3\u3092\u9ad8\u3081\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>MBS\uff1a\u4f4f\u5b85\u30ed\u30fc\u30f3\u7531\u6765\u3001\u671f\u9650\u524d\u511f\u9084\u30ea\u30b9\u30af\uff08\u30cd\u30ac\u30c6\u30a3\u30d6\u30fb\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\uff09<\/li>\n<li>ABS\uff1a\u30aa\u30fc\u30c8\u30ed\u30fc\u30f3\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u306a\u3069\u6d88\u8cbb\u8005\u30ed\u30fc\u30f3\u7531\u6765<\/li>\n<li>CLO\uff1a\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30ed\u30fc\u30f3\u306e\u30d7\u30fc\u30eb\u3092\u30c8\u30e9\u30f3\u30c1\u30f3\u30b0\u3057\u305f\u3082\u306e<\/li>\n<li>\u30ab\u30d0\u30fc\u30c9\u30fb\u30dc\u30f3\u30c9\uff1a\u767a\u884c\u4f53\u306e\u4fe1\u7528\u3068\u62c5\u4fdd\u30d7\u30fc\u30eb\u306e\u4e8c\u91cd\u306e\u4fdd\u8b77<\/li>\n<li>\u52a3\u5f8c\u30c8\u30e9\u30f3\u30c1\u307b\u3069\u4fe1\u7528\u30ea\u30b9\u30af\u3068\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304c\u9ad8\u3044<\/li>\n<\/ul>\n<h3>LOS 11\uff1a\u5206\u6790\u30c4\u30fc\u30eb\u306e\u6d3b\u7528<\/h3>\n<p>\u50b5\u5238\u306e\u5206\u6790\u30c4\u30fc\u30eb\u306f\u3001\u4fdd\u6709\u9298\u67c4\u30fb\u5e02\u5834\u30c7\u30fc\u30bf\u30fb\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u3092<strong>\u30a4\u30f3\u30d7\u30c3\u30c8<\/strong>\u3068\u3057\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306a\u3069\u306e<strong>\u30a2\u30a6\u30c8\u30d7\u30c3\u30c8<\/strong>\u3092\u51fa\u3057\u307e\u3059\u3002\u91cd\u8981\u306a\u306e\u306f\u3001\u30a4\u30f3\u30d7\u30c3\u30c8\u3068\u524d\u63d0\u306e<strong>\u6b63\u78ba\u3055<\/strong>\u3068\u3001\u30a2\u30a6\u30c8\u30d7\u30c3\u30c8\u304c<strong>\u904b\u7528\u76ee\u7684\u3068\u6574\u5408<\/strong>\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30a4\u30f3\u30d7\u30c3\u30c8\uff1a\u4fdd\u6709\u9298\u67c4\u3068\u6761\u4ef6\u3001\u4fa1\u683c\u30fb\u5229\u56de\u308a\u3001\u91d1\u5229\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u524d\u63d0<\/li>\n<li>\u30a2\u30a6\u30c8\u30d7\u30c3\u30c8\uff1a\u30ea\u30b9\u30af\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3001\u30b7\u30ca\u30ea\u30aa\u5225\u306e\u640d\u76ca<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u3084\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u5546\u54c1\u306f\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u306b\u654f\u611f<\/li>\n<li>\u524d\u63d0\u306e\u8aa4\u308a\u306f\u30a2\u30a6\u30c8\u30d7\u30c3\u30c8\u3092\u5927\u304d\u304f\u6b6a\u3081\u308b<\/li>\n<li>\u30c4\u30fc\u30eb\u306e\u7d50\u679c\u3092\u904b\u7528\u8005\u306e\u76ee\u7684\u30fb\u5236\u7d04\u3068\u7167\u3089\u3057\u3066\u4f7f\u3046<\/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\/level3-mail\/\" target=\"_blank\" rel=\"noopener\">Level 3 \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-l3-pmp-lm5\/\">LM5 Yield Curve Strategies\uff08\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u6226\u7565\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm7\/\">LM7 Trade Strategy and Execution\uff08\u58f2\u8cb7\u6226\u7565\u3068\u57f7\u884c\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-pmp\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Portfolio Management Pathway\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Portfolio Management Pathway LM6\u300cFixed-Income Active Management: Credit Strategies\uff08\u50b5\u5238\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\u6226\u7565\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":11248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level3-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10902","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=10902"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10902\/revisions"}],"predecessor-version":[{"id":11389,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10902\/revisions\/11389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11248"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}