{"id":11416,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11416"},"modified":"2026-09-24T18:46:12","modified_gmt":"2026-09-24T09:46:12","slug":"cfa-l1-fi-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-fi-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Fixed Income \u7528\u8a9e\u96c6\u3011Fixed Income \u306e\u91cd\u8981\u7528\u8a9e161\u8a9e\uff5c\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<style> .cfagl-nav{background:#f6f7fb;border-radius:6px;padding:1em 1.2em;margin:1em 0;line-height:1.9;word-break:normal;overflow-wrap:anywhere} .cfagl-nav a{display:block;margin:.15em 0} .cfagl-lm{font-size:.9em;margin:.2em 0 1em} .cfagl-t{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.75em 1em;margin:0 0 .8em;background:#fff} .cfagl-t .en{display:block;font-weight:bold;color:#172152;line-height:1.5;word-break:normal;overflow-wrap:anywhere} .cfagl-t .ja{display:block;font-size:.9em;color:#555;margin:.15em 0 .4em;line-height:1.5} .cfagl-t .df{display:block;line-height:1.75} .cfafm-c{border:1px solid #d5d9e3;border-top:4px solid #172152;border-radius:4px;padding:.9em 1em;margin:0 0 1.2em;background:#fff} .cfafm-c .nm{display:block;font-weight:bold;color:#172152;line-height:1.5} .cfafm-c .ne{display:block;font-size:.85em;color:#667;margin-bottom:.5em;word-break:normal;overflow-wrap:anywhere} .cfafm-x{background:#f6f7fb;border-radius:4px;padding:.6em .8em;margin:.4em 0 .7em;overflow-x:auto;overflow-y:hidden;-webkit-overflow-scrolling:touch} .cfafm-x .katex-display{margin:.3em 0!important} .cfafm-lg{margin:.3em 0 .6em;padding:0;font-size:.92em} .cfafm-lg div{display:flex;gap:.8em;padding:.25em 0;border-bottom:1px dotted #d5d9e3;line-height:1.6} .cfafm-lg .s{flex:0 0 auto;min-width:4.5em;max-width:45%;overflow-x:auto} .cfafm-lg .d{flex:1 1 auto} .cfafm-u{display:block;line-height:1.75;font-size:.95em} .cfafm-u b{color:#172152} .cfahub-g{display:grid;grid-template-columns:repeat(auto-fill,minmax(250px,1fr));gap:.8em;margin:1em 0} .cfahub-g a{display:block;border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em;background:#fff;text-decoration:none;color:#172152;line-height:1.5} .cfahub-g a .n{display:block;font-weight:bold} .cfahub-g a .j{display:block;font-size:.88em;color:#555} .cfagl-t p:empty,.cfafm-c p:empty,.cfahub-g p:empty,.cfagl-nav p:empty{display:none} .cfagl-lsc{border:2px solid #c9a227;background:#fffbea;border-radius:6px;padding:.9em 1.1em;margin:1em 0 1.4em;line-height:1.75} .cfagl-lsc b{display:block;color:#8a6d1d;margin-bottom:.3em} .cfagl-lsc a{display:inline-block;margin-top:.4em;font-weight:bold} .cfahub-g a .c{display:block;font-size:.82em;color:#8a6d1d;margin-top:.3em} <\/style>\n<div class=\"box05\">CFA\u00ae\ufe0e Level 1\u300cFixed Income\uff08\u50b5\u5238\uff09\u300d\u3067\u4f7f\u308f\u308c\u308b\u91cd\u8981\u7528\u8a9e\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b<strong>\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473<\/strong>\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u516819\u5358\u5143\u30fb161\u8a9e\u3092\u53ce\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u82f1\u8a9e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u3092\u8aad\u3080\u3068\u304d\u306e\u8f9e\u66f8\u4ee3\u308f\u308a\u306b\u304a\u4f7f\u3044\u304f\u3060\u3055\u3044\u3002<\/div>\n<div class=\"cfagl-lsc\"><b>Leveraged Support Course \u3092\u3054\u5229\u7528\u306e\u65b9\u3078<\/b>FA-Academy \u306e Leveraged Support Course\uff08LSC\uff09\u3092\u3054\u5229\u7528\u306e\u65b9\u306b\u306f\u3001\u3053\u306e\u7528\u8a9e\u96c6\u3068\u516c\u5f0f\u96c6\u3092\u30ec\u30d9\u30eb\u5225\u306b\u6574\u7406\u3057\u305f\u8cc7\u6599\uff08PDF\uff09\u3092\u304a\u6e21\u3057\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306e\u78ba\u8a8d\u3084\u8a66\u9a13\u76f4\u524d\u306e\u898b\u76f4\u3057\u306b\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\">Level 1 Leveraged Support Course \u306e\u8a73\u7d30\u3092\u898b\u308b<\/a><\/div>\n<h2>\u5358\u5143\uff08LM\uff09\u4e00\u89a7<\/h2>\n<div class=\"cfagl-nav\"><a href=\"#l1-fi-g-lm1\">LM1 \u50b5\u5238\u306e\u5546\u54c1\u6027<\/a><a href=\"#l1-fi-g-lm2\">LM2 \u50b5\u5238\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u7a2e\u985e<\/a><a href=\"#l1-fi-g-lm3\">LM3 \u50b5\u5238\u306e\u767a\u884c\u3068\u53d6\u5f15<\/a><a href=\"#l1-fi-g-lm4\">LM4 \u4e8b\u696d\u4f1a\u793e\u306e\u50b5\u5238\u5e02\u5834<\/a><a href=\"#l1-fi-g-lm5\">LM5 \u653f\u5e9c\u767a\u884c\u4f53\u306e\u50b5\u5238\u5e02\u5834<\/a><a href=\"#l1-fi-g-lm6\">LM6 \u50b5\u5238\u306e\u8a55\u4fa1\uff1a\u4fa1\u683c\u3068\u5229\u56de\u308a<\/a><a href=\"#l1-fi-g-lm7\">LM7 \u56fa\u5b9a\u5229\u4ed8\u50b5\u306e\u5229\u56de\u308a\u3068\u30b9\u30d7\u30ec\u30c3\u30c9<\/a><a href=\"#l1-fi-g-lm8\">LM8 \u5909\u52d5\u5229\u4ed8\u5546\u54c1\u306e\u5229\u56de\u308a\u3068\u30b9\u30d7\u30ec\u30c3\u30c9<\/a><a href=\"#l1-fi-g-lm9\">LM9 \u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\uff1a\u30b9\u30dd\u30c3\u30c8\u30fb\u30d1\u30fc\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9<\/a><a href=\"#l1-fi-g-lm10\">LM10 \u91d1\u5229\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3<\/a><a href=\"#l1-fi-g-lm11\">LM11 \u5229\u56de\u308a\u30d9\u30fc\u30b9\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/a><a href=\"#l1-fi-g-lm12\">LM12 \u5229\u56de\u308a\u30d9\u30fc\u30b9\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7279\u6027<\/a><a href=\"#l1-fi-g-lm13\">LM13 \u30ab\u30fc\u30d6\u30fb\u30d9\u30fc\u30b9\u3068\u5b9f\u8a3c\u7684\u306a\u30ea\u30b9\u30af\u6307\u6a19<\/a><a href=\"#l1-fi-g-lm14\">LM14 \u4fe1\u7528\u30ea\u30b9\u30af<\/a><a href=\"#l1-fi-g-lm15\">LM15 \u653f\u5e9c\u767a\u884c\u4f53\u306e\u4fe1\u7528\u5206\u6790<\/a><a href=\"#l1-fi-g-lm16\">LM16 \u4e8b\u696d\u4f1a\u793e\u306e\u4fe1\u7528\u5206\u6790<\/a><a href=\"#l1-fi-g-lm17\">LM17 \u8a3c\u5238\u5316<\/a><a href=\"#l1-fi-g-lm18\">LM18 \u8cc7\u7523\u62c5\u4fdd\u8a3c\u5238\uff08ABS\uff09<\/a><a href=\"#l1-fi-g-lm19\">LM19 \u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08MBS\uff09<\/a><\/div>\n<h2>Fixed Income \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l1-fi-g-lm1\">LM1 Fixed-Income Instrument Features\uff08\u50b5\u5238\u306e\u5546\u54c1\u6027\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm1\/\">LM1 \u50b5\u5238\u306e\u5546\u54c1\u6027<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Fixed-Income Instrument<\/div>\n<div class=\"ja\">\u78ba\u5b9a\u5229\u4ed8\u5546\u54c1<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u304c\u6295\u8cc7\u5bb6\u304b\u3089\u8cc7\u91d1\u3092\u501f\u308a\u5165\u308c\u3001\u3042\u3089\u304b\u3058\u3081\u5b9a\u3081\u305f\u5229\u606f\u306e\u652f\u6255\u3044\u3068\u5143\u672c\u306e\u8fd4\u6e08\u3092\u7d04\u675f\u3059\u308b\u5951\u7d04\u3002\u30ed\u30fc\u30f3\u3084\u50b5\u5238\u304c\u4ee3\u8868\u4f8b\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Issuer<\/div>\n<div class=\"ja\">\u767a\u884c\u4f53<\/div>\n<div class=\"df\">\u50b5\u5238\u3092\u767a\u884c\u3057\u3066\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u4e3b\u4f53\u3002\u30bd\u30d6\u30ea\u30f3\uff08\u56fd\uff09\u3001\u5730\u65b9\u653f\u5e9c\u3001\u653f\u5e9c\u7cfb\u6a5f\u95a2\u3001\u56fd\u969b\u6a5f\u95a2\u3001\u4e8b\u696d\u4f1a\u793e\u306a\u3069\u306b\u5206\u985e\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Maturity<\/div>\n<div class=\"ja\">\u6e80\u671f\uff08\u511f\u9084\u671f\u9650\uff09<\/div>\n<div class=\"df\">\u5143\u672c\u304c\u8fd4\u6e08\u3055\u308c\u50b5\u52d9\u304c\u6d88\u6ec5\u3059\u308b\u65e5\u3002\u767a\u884c\u6642\u306e\u6e80\u671f\u304c1\u5e74\u4ee5\u5185\u306e\u3082\u306e\u306f\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30011\u5e74\u8d85\u306e\u3082\u306e\u306f\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u5546\u54c1\u306b\u533a\u5206\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Par Value<\/div>\n<div class=\"ja\">\u984d\u9762\uff08\u5143\u672c\uff09<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u304c\u6e80\u671f\u306b\u8fd4\u6e08\u3092\u7d04\u675f\u3059\u308b\u91d1\u984d\u3002\u30af\u30fc\u30dd\u30f3\u652f\u6255\u984d\u306e\u8a08\u7b97\u57fa\u6e96\u3068\u306a\u308a\u3001\u50b5\u5238\u4fa1\u683c\u306f\u984d\u9762\u306b\u5bfe\u3059\u308b\u767e\u5206\u7387\u3067\u8868\u793a\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Coupon Rate<\/div>\n<div class=\"ja\">\u30af\u30fc\u30dd\u30f3\u30fb\u30ec\u30fc\u30c8\uff08\u8868\u9762\u5229\u7387\uff09<\/div>\n<div class=\"df\">\u984d\u9762\u306b\u5bfe\u3057\u30661\u5e74\u9593\u306b\u652f\u6255\u308f\u308c\u308b\u5229\u606f\u306e\u5272\u5408\u3002\u30af\u30fc\u30dd\u30f3\u30fb\u30ec\u30fc\u30c8\u00d7\u984d\u9762\u304c\u5e74\u9593\u306e\u30af\u30fc\u30dd\u30f3\u984d\u3068\u306a\u308a\u3001\u5e741\u56de\u3084\u534a\u5e74\u3054\u3068\u306a\u3069\u306e\u983b\u5ea6\u3067\u652f\u6255\u308f\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Seniority<\/div>\n<div class=\"ja\">\u512a\u5148\u9806\u4f4d\uff08\u30b7\u30cb\u30a2\uff0f\u52a3\u5f8c\uff09<\/div>\n<div class=\"df\">\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u306b\u767a\u884c\u4f53\u306e\u8cc7\u7523\u304b\u3089\u5f01\u6e08\u3092\u53d7\u3051\u308b\u9806\u756a\u3002\u30b7\u30cb\u30a2\u50b5\u306f\u52a3\u5f8c\u50b5\u3088\u308a\u5148\u306b\u5f01\u6e08\u3055\u308c\u308b\u305f\u3081\u3001\u56de\u53ce\u306e\u898b\u8fbc\u307f\u304c\u76f8\u5bfe\u7684\u306b\u9ad8\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Indenture<\/div>\n<div class=\"ja\">\u50b5\u5238\u5951\u7d04\u66f8\uff08\u30a4\u30f3\u30c7\u30f3\u30c1\u30e3\u30fc\uff09<\/div>\n<div class=\"df\">\u50b5\u5238\u306e\u6761\u4ef6\u3068\u767a\u884c\u4f53\u306e\u7fa9\u52d9\u3092\u5b9a\u3081\u305f\u6cd5\u7684\u5951\u7d04\u66f8\u3002\u5143\u672c\u3001\u30af\u30fc\u30dd\u30f3\u3001\u6e80\u671f\u3001\u8fd4\u6e08\u539f\u8cc7\u3001\u62c5\u4fdd\u30fb\u4fe1\u7528\u88dc\u5b8c\u3001\u30b3\u30d9\u30ca\u30f3\u30c4\u306a\u3069\u304c\u8a18\u8f09\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Affirmative Covenant<\/div>\n<div class=\"ja\">\u30a2\u30d5\u30a1\u30fc\u30de\u30c6\u30a3\u30d6\u30fb\u30b3\u30d9\u30ca\u30f3\u30c4\uff08\u7a4d\u6975\u7684\u6761\u9805\uff09<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u306b\u4e00\u5b9a\u306e\u884c\u70ba\u3092\u7fa9\u52d9\u3065\u3051\u308b\u6761\u9805\u3002\u5143\u5229\u91d1\u306e\u652f\u6255\u3044\u3001\u6cd5\u4ee4\u9075\u5b88\u3001\u8cc7\u7523\u306e\u7dad\u6301\u3001\u4fdd\u967a\u306e\u4ed8\u4fdd\u3001\u7d0d\u7a0e\u306a\u3069\u300c\u3059\u3079\u304d\u3053\u3068\u300d\u3092\u5b9a\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Negative Covenant<\/div>\n<div class=\"ja\">\u30cd\u30ac\u30c6\u30a3\u30d6\u30fb\u30b3\u30d9\u30ca\u30f3\u30c4\uff08\u6d88\u6975\u7684\u6761\u9805\uff09<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u306b\u4e00\u5b9a\u306e\u884c\u70ba\u3092\u7981\u6b62\u30fb\u5236\u9650\u3059\u308b\u6761\u9805\u3002\u8ffd\u52a0\u501f\u5165\u3001\u62c5\u4fdd\u63d0\u4f9b\uff08\u30cd\u30ac\u30c6\u30a3\u30d6\u30fb\u30d7\u30ec\u30c3\u30b8\uff09\u3001\u8cc7\u7523\u58f2\u5374\u3001\u682a\u4e3b\u3078\u306e\u5206\u914d\u306a\u3069\u3092\u5236\u9650\u3057\u3001\u50b5\u6a29\u8005\u3092\u4fdd\u8b77\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cross-Default Clause<\/div>\n<div class=\"ja\">\u30af\u30ed\u30b9\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u6761\u9805<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u304c\u4ed6\u306e\u50b5\u52d9\u3067\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u305f\u5834\u5408\u306b\u3001\u5f53\u8a72\u50b5\u5238\u306b\u3064\u3044\u3066\u3082\u30c7\u30d5\u30a9\u30eb\u30c8\u3068\u307f\u306a\u3059\u6761\u9805\u3002\u30a2\u30d5\u30a1\u30fc\u30de\u30c6\u30a3\u30d6\u30fb\u30b3\u30d9\u30ca\u30f3\u30c4\u306e\u4e00\u7a2e\u306b\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm2\">LM2 Fixed-Income Cash Flows and Types\uff08\u50b5\u5238\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u7a2e\u985e\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm2\/\">LM2 \u50b5\u5238\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u7a2e\u985e<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Bullet Bond<\/div>\n<div class=\"ja\">\u30d6\u30ec\u30c3\u30c8\u50b5\uff08\u6e80\u671f\u4e00\u62ec\u511f\u9084\u50b5\uff09<\/div>\n<div class=\"df\">\u6e80\u671f\u307e\u3067\u306f\u5229\u606f\u306e\u307f\u3092\u652f\u6255\u3044\u3001\u5143\u672c\u306e\u5168\u984d\u3092\u6e80\u671f\u65e5\u306b\u4e00\u62ec\u3057\u3066\u8fd4\u6e08\u3059\u308b\u50b5\u5238\u3002\u511f\u5374\u50b5\u3068\u5bfe\u6bd4\u3055\u308c\u308b\u6700\u3082\u57fa\u672c\u7684\u306a\u8fd4\u6e08\u69cb\u9020\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Amortizing Bond<\/div>\n<div class=\"ja\">\u511f\u5374\u50b5<\/div>\n<div class=\"df\">\u6e80\u671f\u524d\u304b\u3089\u5143\u672c\u3092\u6bb5\u968e\u7684\u306b\u8fd4\u6e08\u3057\u3066\u3044\u304f\u50b5\u5238\u3002\u6e80\u671f\u307e\u3067\u306b\u5168\u984d\u3092\u8fd4\u3059\u5b8c\u5168\u511f\u5374\u578b\u3068\u3001\u6e80\u671f\u306b\u6b8b\u984d\u3092\u307e\u3068\u3081\u3066\u8fd4\u3059\u30d0\u30eb\u30fc\u30f3\u8fd4\u6e08\u3092\u4f34\u3046\u90e8\u5206\u511f\u5374\u578b\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sinking Fund Provision<\/div>\n<div class=\"ja\">\u6e1b\u50b5\u57fa\u91d1\u6761\u9805<\/div>\n<div class=\"df\">\u767a\u884c\u671f\u9593\u4e2d\u306b\u5143\u672c\u306e\u4e00\u90e8\u3092\u8a08\u753b\u7684\u306b\u511f\u9084\u3059\u308b\u3053\u3068\u3092\u767a\u884c\u4f53\u306b\u6c42\u3081\u308b\u6761\u9805\u3002\u6e80\u671f\u6642\u306e\u8fd4\u6e08\u8ca0\u62c5\u3092\u5e73\u6e96\u5316\u3057\u3001\u6295\u8cc7\u5bb6\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u4f4e\u6e1b\u3055\u305b\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Floating-Rate Note (FRN)<\/div>\n<div class=\"ja\">\u5909\u52d5\u5229\u4ed8\u50b5\uff08FRN\uff09<\/div>\n<div class=\"df\">\u5e02\u5834\u53c2\u7167\u91d1\u5229\u306b\u30af\u30a9\u30fc\u30c6\u30c3\u30c9\u30fb\u30de\u30fc\u30b8\u30f3\u3092\u52a0\u3048\u305f\u6c34\u6e96\u3067\u3001\u30af\u30fc\u30dd\u30f3\u304c\u5b9a\u671f\u7684\u306b\u898b\u76f4\u3055\u308c\u308b\u50b5\u5238\u3002\u4e0a\u9650\uff08\u30ad\u30e3\u30c3\u30d7\uff09\u3084\u4e0b\u9650\uff08\u30d5\u30ed\u30a2\uff09\u304c\u4ed8\u304f\u3082\u306e\u3082\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Zero-Coupon Bond<\/div>\n<div class=\"ja\">\u30bc\u30ed\u30fb\u30af\u30fc\u30dd\u30f3\u50b5\uff08\u5272\u5f15\u50b5\uff09<\/div>\n<div class=\"df\">\u671f\u4e2d\u306b\u30af\u30fc\u30dd\u30f3\u3092\u652f\u6255\u308f\u305a\u3001\u984d\u9762\u3088\u308a\u4f4e\u3044\u4fa1\u683c\u3067\u767a\u884c\u3055\u308c\u3066\u6e80\u671f\u306b\u984d\u9762\u3067\u511f\u9084\u3055\u308c\u308b\u50b5\u5238\u3002\u767a\u884c\u4fa1\u683c\u3068\u984d\u9762\u306e\u5dee\u304c\u6295\u8cc7\u5bb6\u306e\u53ce\u76ca\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Inflation-Linked Bond<\/div>\n<div class=\"ja\">\u30a4\u30f3\u30d5\u30ec\u9023\u52d5\u50b5<\/div>\n<div class=\"df\">\u5143\u672c\u3084\u30af\u30fc\u30dd\u30f3\u304c\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\u306a\u3069\u306e\u7269\u4fa1\u6307\u6570\u306e\u5909\u5316\u306b\u5fdc\u3058\u3066\u8abf\u6574\u3055\u308c\u308b\u50b5\u5238\u3002\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u9023\u52d5\u50b5\u306e\u4ee3\u8868\u4f8b\u3067\u3001\u5b9f\u8cea\u8cfc\u8cb7\u529b\u306e\u4fdd\u5168\u3092\u56f3\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Callable Bond<\/div>\n<div class=\"ja\">\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\uff08\u30b3\u30fc\u30eb\u6761\u9805\u4ed8\u304d\u50b5\uff09<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u304c\u6e80\u671f\u524d\u306b\u6240\u5b9a\u306e\u4fa1\u683c\u3067\u511f\u9084\u3067\u304d\u308b\u6a29\u5229\u3092\u6301\u3064\u50b5\u5238\u3002\u91d1\u5229\u4f4e\u4e0b\u6642\u306e\u501f\u308a\u63db\u3048\u306b\u4f7f\u3048\u308b\u767a\u884c\u4f53\u6709\u5229\u306e\u6761\u9805\u306e\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u306f\u3088\u308a\u9ad8\u3044\u5229\u56de\u308a\u3092\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Putable Bond<\/div>\n<div class=\"ja\">\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\uff08\u30d7\u30c3\u30c8\u6761\u9805\u4ed8\u304d\u50b5\uff09<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bb6\u304c\u6e80\u671f\u524d\u306b\u6240\u5b9a\u306e\u4fa1\u683c\u3067\u767a\u884c\u4f53\u3078\u58f2\u308a\u623b\u305b\u308b\u6a29\u5229\u3092\u6301\u3064\u50b5\u5238\u3002\u6295\u8cc7\u5bb6\u306b\u6709\u5229\u306a\u6761\u9805\u306e\u305f\u3081\u3001\u540c\u6761\u4ef6\u306e\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u3088\u308a\u5229\u56de\u308a\u306f\u4f4e\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Convertible Bond<\/div>\n<div class=\"ja\">\u8ee2\u63db\u793e\u50b5<\/div>\n<div class=\"df\">\u3042\u3089\u304b\u3058\u3081\u5b9a\u3081\u305f\u8ee2\u63db\u4fa1\u683c\u3067\u767a\u884c\u4f53\u306e\u666e\u901a\u682a\u5f0f\u306b\u8ee2\u63db\u3067\u304d\u308b\u6a29\u5229\u3092\u6295\u8cc7\u5bb6\u306b\u4e0e\u3048\u308b\u50b5\u5238\u3002\u682a\u4fa1\u4e0a\u6607\u306e\u6069\u6075\u3092\u53d7\u3051\u3089\u308c\u308b\u5206\u3001\u30af\u30fc\u30dd\u30f3\u306f\u4f4e\u3081\u306b\u8a2d\u5b9a\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Eurobond<\/div>\n<div class=\"ja\">\u30e6\u30fc\u30ed\u50b5<\/div>\n<div class=\"df\">\u767a\u884c\u5730\u306e\u56fd\u5185\u901a\u8ca8\u3068\u306f\u7570\u306a\u308b\u901a\u8ca8\u5efa\u3066\u3067\u56fd\u969b\u7684\u306b\u767a\u884c\u3055\u308c\u308b\u50b5\u5238\u3002\u81ea\u56fd\u5916\u306e\u767a\u884c\u4f53\u304c\u73fe\u5730\u5e02\u5834\u30fb\u73fe\u5730\u901a\u8ca8\u3067\u767a\u884c\u3059\u308b\u5916\u50b5\u3068\u7570\u306a\u308a\u3001\u898f\u5236\u3084\u958b\u793a\u8981\u4ef6\u304c\u6bd4\u8f03\u7684\u5c11\u306a\u3044\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm3\">LM3 Fixed-Income Issuance and Trading\uff08\u50b5\u5238\u306e\u767a\u884c\u3068\u53d6\u5f15\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm3\/\">LM3 \u50b5\u5238\u306e\u767a\u884c\u3068\u53d6\u5f15<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Investment Grade<\/div>\n<div class=\"ja\">\u6295\u8cc7\u9069\u683c<\/div>\n<div class=\"df\">\u4fe1\u7528\u683c\u4ed8\u304c\u30e0\u30fc\u30c7\u30a3\u30fc\u30ba\u3067Baa3\u4ee5\u4e0a\u3001S&amp;P\u30fb\u30d5\u30a3\u30c3\u30c1\u3067BBB\u2212\u4ee5\u4e0a\u306e\u50b5\u5238\u3084\u767a\u884c\u4f53\u306e\u533a\u5206\u3002\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30ea\u30b9\u30af\u304c\u76f8\u5bfe\u7684\u306b\u4f4e\u3044\u3068\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">High-Yield Bond<\/div>\n<div class=\"ja\">\u30cf\u30a4\u30fb\u30a4\u30fc\u30eb\u30c9\u50b5\uff08\u6295\u6a5f\u7684\u683c\u4ed8\u50b5\uff09<\/div>\n<div class=\"df\">\u4fe1\u7528\u683c\u4ed8\u304c\u6295\u8cc7\u9069\u683c\u3092\u4e0b\u56de\u308b\u50b5\u5238\u3002\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u5206\u3001\u6295\u8cc7\u5bb6\u306f\u9ad8\u3044\u5229\u56de\u308a\u3092\u8981\u6c42\u3059\u308b\u3002\u975e\u6295\u8cc7\u9069\u683c\u50b5\u3084\u30b8\u30e3\u30f3\u30af\u50b5\u3068\u3082\u547c\u3070\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Aggregate Bond Index<\/div>\n<div class=\"ja\">\u7dcf\u5408\u50b5\u5238\u30a4\u30f3\u30c7\u30c3\u30af\u30b9<\/div>\n<div class=\"df\">\u56fd\u50b5\u30fb\u793e\u50b5\u30fb\u8a3c\u5238\u5316\u5546\u54c1\u306a\u3069\u5e45\u5e83\u3044\u50b5\u5238\u3092\u63a1\u7528\u57fa\u6e96\u306b\u57fa\u3065\u3044\u3066\u7d44\u307f\u5165\u308c\u305f\u3001\u69cb\u6210\u9298\u67c4\u6570\u306e\u975e\u5e38\u306b\u591a\u3044\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3002\u30bb\u30af\u30bf\u30fc\u3084\u683c\u4ed8\u306b\u7d5e\u3063\u305f\u72ed\u3044\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3068\u5bfe\u6bd4\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Primary Market<\/div>\n<div class=\"ja\">\u767a\u884c\u5e02\u5834\uff08\u30d7\u30e9\u30a4\u30de\u30ea\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\uff09<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u304c\u65b0\u305f\u306b\u767a\u884c\u3059\u308b\u50b5\u5238\u3092\u6295\u8cc7\u5bb6\u306b\u8ca9\u58f2\u3057\u3001\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u5e02\u5834\u3002\u767a\u884c\u65b9\u6cd5\u306b\u306f\u3001\u5f15\u53d7\u3084\u30d9\u30b9\u30c8\u30a8\u30d5\u30a9\u30fc\u30c8\u3001\u5165\u672d\u306b\u3088\u308b\u516c\u52df\u3068\u3001\u7279\u5b9a\u306e\u6295\u8cc7\u5bb6\u306b\u8ca9\u58f2\u3059\u308b\u79c1\u52df\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Secondary Market<\/div>\n<div class=\"ja\">\u6d41\u901a\u5e02\u5834\uff08\u30bb\u30ab\u30f3\u30c0\u30ea\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\uff09<\/div>\n<div class=\"df\">\u65e2\u306b\u767a\u884c\u3055\u308c\u305f\u50b5\u5238\u304c\u6295\u8cc7\u5bb6\u306e\u9593\u3067\u58f2\u8cb7\u3055\u308c\u308b\u5e02\u5834\u3002\u50b5\u5238\u306e\u5834\u5408\u306f\u4e3b\u306b\u30c7\u30a3\u30fc\u30e9\u30fc\u3092\u4ecb\u3057\u305f\u5e97\u982d\u53d6\u5f15\u3067\u884c\u308f\u308c\u3001\u591a\u304f\u306e\u9298\u67c4\u306f\u53d6\u5f15\u983b\u5ea6\u304c\u4f4e\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Underwritten Offering<\/div>\n<div class=\"ja\">\u5f15\u53d7\u767a\u884c\uff08\u8cb7\u53d6\u5f15\u53d7\uff09<\/div>\n<div class=\"df\">\u6295\u8cc7\u9280\u884c\u304c\u767a\u884c\u50b5\u5238\u306e\u5168\u984d\u3092\u767a\u884c\u4f53\u304b\u3089\u8cb7\u3044\u53d6\u308a\u3001\u6295\u8cc7\u5bb6\u306b\u8ee2\u58f2\u3059\u308b\u767a\u884c\u65b9\u6cd5\u3002\u58f2\u308c\u6b8b\u308a\u306e\u30ea\u30b9\u30af\u306f\u5f15\u53d7\u696d\u8005\u304c\u8ca0\u3046\u70b9\u3067\u3001\u30d9\u30b9\u30c8\u30a8\u30d5\u30a9\u30fc\u30c8\u65b9\u5f0f\u3068\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Private Placement<\/div>\n<div class=\"ja\">\u79c1\u52df<\/div>\n<div class=\"df\">\u9650\u3089\u308c\u305f\u9069\u683c\u6295\u8cc7\u5bb6\u306b\u5bfe\u3057\u3066\u76f4\u63a5\u50b5\u5238\u3092\u8ca9\u58f2\u3059\u308b\u767a\u884c\u65b9\u6cd5\u3002\u516c\u52df\u306b\u6bd4\u3079\u3066\u767b\u9332\u30fb\u958b\u793a\u306e\u8ca0\u62c5\u304c\u8efd\u3044\u4e00\u65b9\u3001\u6d41\u901a\u5e02\u5834\u3067\u306e\u8ee2\u58f2\u306f\u5236\u9650\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Shelf Registration<\/div>\n<div class=\"ja\">\u30b7\u30a7\u30eb\u30d5\u767b\u9332<\/div>\n<div class=\"df\">\u4e00\u5ea6\u306e\u767b\u9332\u624b\u7d9a\u304d\u3067\u3001\u4e00\u5b9a\u671f\u9593\u5185\u306b\u8907\u6570\u56de\u306b\u5206\u3051\u3066\u50b5\u5238\u3092\u767a\u884c\u3067\u304d\u308b\u4ed5\u7d44\u307f\u3002\u767a\u884c\u306e\u305f\u3073\u306b\u958b\u793a\u66f8\u985e\u3092\u4f5c\u6210\u3057\u76f4\u3059\u8ca0\u62c5\u3092\u8efd\u6e1b\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Over-the-Counter (OTC) Market<\/div>\n<div class=\"ja\">\u5e97\u982d\u5e02\u5834\uff08OTC\u5e02\u5834\uff09<\/div>\n<div class=\"df\">\u53d6\u5f15\u6240\u3092\u4ecb\u3055\u305a\u3001\u30c7\u30a3\u30fc\u30e9\u30fc\u304c\u76f8\u624b\u65b9\u3068\u306a\u3063\u3066\u76f8\u5bfe\u3067\u58f2\u8cb7\u304c\u6210\u7acb\u3059\u308b\u5e02\u5834\u3002\u50b5\u5238\u306e\u6d41\u901a\u53d6\u5f15\u306e\u5927\u90e8\u5206\u306f\u3053\u306e\u5f62\u3067\u884c\u308f\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Bid\u2013Ask Spread<\/div>\n<div class=\"ja\">\u30d3\u30c3\u30c9\u30fb\u30a2\u30b9\u30af\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9<\/div>\n<div class=\"df\">\u30c7\u30a3\u30fc\u30e9\u30fc\u304c\u63d0\u793a\u3059\u308b\u8cb7\u5024\uff08\u30d3\u30c3\u30c9\uff09\u3068\u58f2\u5024\uff08\u30a2\u30b9\u30af\uff09\u306e\u5dee\u3002\u53d6\u5f15\u30b3\u30b9\u30c8\u3092\u8868\u3057\u3001\u5dee\u304c\u5c0f\u3055\u3044\u307b\u3069\u6d41\u52d5\u6027\u304c\u9ad8\u3044\u3053\u3068\u3092\u793a\u3059\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm4\">LM4 Fixed-Income Markets for Corporate Issuers\uff08\u4e8b\u696d\u4f1a\u793e\u306e\u50b5\u5238\u5e02\u5834\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm4\/\">LM4 \u4e8b\u696d\u4f1a\u793e\u306e\u50b5\u5238\u5e02\u5834<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Commercial Paper (CP)<\/div>\n<div class=\"ja\">\u30b3\u30de\u30fc\u30b7\u30e3\u30eb\u30fb\u30da\u30fc\u30d1\u30fc\uff08CP\uff09<\/div>\n<div class=\"df\">\u4e8b\u696d\u4f1a\u793e\u3084\u91d1\u878d\u6a5f\u95a2\u304c\u77ed\u671f\u8cc7\u91d1\u306e\u8abf\u9054\u306e\u305f\u3081\u306b\u767a\u884c\u3059\u308b\u7121\u62c5\u4fdd\u306e\u7d04\u675f\u624b\u5f62\u3002\u4fe1\u7528\u529b\u306e\u9ad8\u3044\u767a\u884c\u4f53\u304c\u3001\u9280\u884c\u501f\u5165\u3088\u308a\u4f4e\u3044\u30b3\u30b9\u30c8\u3067\u8cc7\u91d1\u3092\u5f97\u308b\u624b\u6bb5\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Backup Line of Credit<\/div>\n<div class=\"ja\">\u30d0\u30c3\u30af\u30a2\u30c3\u30d7\u30fb\u30e9\u30a4\u30f3<\/div>\n<div class=\"df\">CP\u3092\u501f\u308a\u63db\u3048\u3089\u308c\u306a\u3044\u4e8b\u614b\u306b\u5099\u3048\u3066\u3001\u767a\u884c\u4f53\u304c\u9280\u884c\u3068\u8a2d\u5b9a\u3057\u3066\u304a\u304f\u4e0e\u4fe1\u67a0\u3002CP\u306e\u6295\u8cc7\u5bb6\u306b\u5bfe\u3059\u308b\u6d41\u52d5\u6027\u9762\u306e\u652f\u3048\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Rollover Risk<\/div>\n<div class=\"ja\">\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u30fb\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u6e80\u671f\u3092\u8fce\u3048\u305f\u77ed\u671f\u50b5\u52d9\u3092\u65b0\u305f\u306a\u767a\u884c\u3067\u501f\u308a\u63db\u3048\u3089\u308c\u306a\u304f\u306a\u308b\u30ea\u30b9\u30af\u3002\u5e02\u5834\u306e\u6df7\u4e71\u3084\u767a\u884c\u4f53\u306e\u4fe1\u7528\u529b\u4f4e\u4e0b\u306e\u5c40\u9762\u3067\u9855\u5728\u5316\u3057\u3084\u3059\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Factoring<\/div>\n<div class=\"ja\">\u30d5\u30a1\u30af\u30bf\u30ea\u30f3\u30b0<\/div>\n<div class=\"df\">\u4f01\u696d\u304c\u58f2\u639b\u50b5\u6a29\u3092\u91d1\u878d\u6a5f\u95a2\u306a\u3069\u306b\u58f2\u5374\u3057\u3001\u56de\u53ce\u524d\u306b\u8cc7\u91d1\u5316\u3059\u308b\u8cc7\u7523\u30d9\u30fc\u30b9\u306e\u8cc7\u91d1\u8abf\u9054\u3002\u58f2\u639b\u50b5\u6a29\u306e\u56de\u53ce\u30ea\u30b9\u30af\u3082\u79fb\u8ee2\u3059\u308b\u5834\u5408\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Certificate of Deposit (CD)<\/div>\n<div class=\"ja\">\u8b72\u6e21\u6027\u9810\u91d1\uff08CD\uff09<\/div>\n<div class=\"df\">\u9280\u884c\u304c\u4e00\u5b9a\u671f\u9593\u306e\u9810\u5165\u3068\u6240\u5b9a\u306e\u5229\u606f\u306e\u652f\u6255\u3044\u3092\u7d04\u675f\u3057\u3066\u767a\u884c\u3059\u308b\u9810\u91d1\u8a3c\u66f8\u3002\u8b72\u6e21\u53ef\u80fd\u306a\u3082\u306e\u306f\u6d41\u901a\u5e02\u5834\u3067\u58f2\u8cb7\u3067\u304d\u3001\u91d1\u878d\u6a5f\u95a2\u306e\u77ed\u671f\u8abf\u9054\u624b\u6bb5\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Interbank Market<\/div>\n<div class=\"ja\">\u30a4\u30f3\u30bf\u30fc\u30d0\u30f3\u30af\u5e02\u5834<\/div>\n<div class=\"df\">\u9280\u884c\u306a\u3069\u306e\u91d1\u878d\u6a5f\u95a2\u304c\u3001\u4e3b\u306b\u7121\u62c5\u4fdd\u3067\u77ed\u671f\u8cc7\u91d1\u3092\u8cb8\u3057\u501f\u308a\u3059\u308b\u5e02\u5834\u3002\u671f\u9593\u306f\u7fcc\u65e5\u7269\u304b\u30891\u5e74\u7a0b\u5ea6\u307e\u3067\u304c\u4e2d\u5fc3\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Repurchase Agreement (Repo)<\/div>\n<div class=\"ja\">\u30ec\u30dd\u53d6\u5f15\uff08\u73fe\u5148\u53d6\u5f15\uff09<\/div>\n<div class=\"df\">\u8a3c\u5238\u3092\u58f2\u5374\u3059\u308b\u3068\u540c\u6642\u306b\u3001\u3042\u3089\u304b\u3058\u3081\u5b9a\u3081\u305f\u4fa1\u683c\u3067\u5c06\u6765\u8cb7\u3044\u623b\u3059\u3053\u3068\u3092\u7d04\u675f\u3059\u308b\u53d6\u5f15\u3002\u7d4c\u6e08\u7684\u306b\u306f\u8a3c\u5238\u3092\u62c5\u4fdd\u306b\u3057\u305f\u77ed\u671f\u306e\u8cc7\u91d1\u501f\u5165\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Repo Rate<\/div>\n<div class=\"ja\">\u30ec\u30dd\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u30ec\u30dd\u53d6\u5f15\u306b\u304a\u3051\u308b\u501f\u5165\u91d1\u5229\u3002\u8cb7\u623b\u4fa1\u683c\u3068\u5f53\u521d\u306e\u58f2\u5374\u4fa1\u683c\u306e\u5dee\u304b\u3089\u5e74\u7387\u3067\u7b97\u51fa\u3055\u308c\u3001\u62c5\u4fdd\u4ed8\u306e\u305f\u3081\u4e00\u822c\u306b\u7121\u62c5\u4fdd\u91d1\u5229\u3088\u308a\u4f4e\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Haircut<\/div>\n<div class=\"ja\">\u30d8\u30a2\u30ab\u30c3\u30c8<\/div>\n<div class=\"df\">\u30ec\u30dd\u53d6\u5f15\u306a\u3069\u3067\u62c5\u4fdd\u306e\u6642\u4fa1\u306b\u5bfe\u3057\u3066\u8cb8\u4ed8\u984d\u3092\u5c0f\u3055\u304f\u3059\u308b\u5272\u5408\uff08\u521d\u671f\u8a3c\u62e0\u91d1\uff09\u3002\u62c5\u4fdd\u4fa1\u5024\u306e\u4e0b\u843d\u304b\u3089\u8cc7\u91d1\u306e\u8cb8\u3057\u624b\u3092\u5b88\u308b\u5f79\u5272\u3092\u6301\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Reverse Repo<\/div>\n<div class=\"ja\">\u30ea\u30d0\u30fc\u30b9\u30fb\u30ec\u30dd<\/div>\n<div class=\"df\">\u8cc7\u91d1\u306e\u8cb8\u3057\u624b\uff08\u8a3c\u5238\u306e\u8cb7\u3044\u624b\uff09\u306e\u5074\u304b\u3089\u898b\u305f\u30ec\u30dd\u53d6\u5f15\u3002\u8a3c\u5238\u3092\u8cfc\u5165\u3057\u3001\u5c06\u6765\u3042\u3089\u304b\u3058\u3081\u5b9a\u3081\u305f\u4fa1\u683c\u3067\u58f2\u308a\u623b\u3059\u7d04\u675f\u3092\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm5\">LM5 Fixed-Income Markets for Government Issuers\uff08\u653f\u5e9c\u767a\u884c\u4f53\u306e\u50b5\u5238\u5e02\u5834\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm5\/\">LM5 \u653f\u5e9c\u767a\u884c\u4f53\u306e\u50b5\u5238\u5e02\u5834<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sovereign Bond<\/div>\n<div class=\"ja\">\u30bd\u30d6\u30ea\u30f3\u50b5\uff08\u56fd\u50b5\uff09<\/div>\n<div class=\"df\">\u56fd\u306e\u653f\u5e9c\u304c\u767a\u884c\u3059\u308b\u50b5\u5238\u3002\u8ab2\u7a0e\u6a29\u3092\u80cc\u666f\u306b\u56fd\u5185\u3067\u6700\u3082\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u4f4e\u3044\u767a\u884c\u4f53\u3068\u306a\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u77ed\u671f\u8a3c\u5238\u304b\u3089\u9577\u671f\u50b5\u307e\u3067\u5e45\u5e83\u3044\u6e80\u671f\u3067\u767a\u884c\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">General Obligation (GO) Bond<\/div>\n<div class=\"ja\">\u4e00\u822c\u8ca1\u6e90\u50b5\uff08GO\u50b5\uff09<\/div>\n<div class=\"df\">\u5730\u65b9\u653f\u5e9c\u306a\u3069\u304c\u767a\u884c\u3057\u3001\u767a\u884c\u4f53\u306e\u8ab2\u7a0e\u6a29\u3068\u4e00\u822c\u8ca1\u6e90\u3092\u8fd4\u6e08\u306e\u88cf\u4ed8\u3051\u3068\u3059\u308b\u50b5\u5238\u3002\u7279\u5b9a\u4e8b\u696d\u306e\u53ce\u5165\u306b\u4f9d\u5b58\u3059\u308b\u30ec\u30d9\u30cb\u30e5\u30fc\u50b5\u3068\u5bfe\u6bd4\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Revenue Bond<\/div>\n<div class=\"ja\">\u30ec\u30d9\u30cb\u30e5\u30fc\u50b5<\/div>\n<div class=\"df\">\u6709\u6599\u9053\u8def\u3084\u7a7a\u6e2f\u306a\u3069\u7279\u5b9a\u306e\u4e8b\u696d\u304b\u3089\u5f97\u3089\u308c\u308b\u53ce\u5165\u3092\u8fd4\u6e08\u539f\u8cc7\u3068\u3059\u308b\u5730\u65b9\u50b5\u3002\u8fd4\u6e08\u80fd\u529b\u306f\u5bfe\u8c61\u4e8b\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u5de6\u53f3\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Agency Bond<\/div>\n<div class=\"ja\">\u653f\u5e9c\u7cfb\u6a5f\u95a2\u50b5<\/div>\n<div class=\"df\">\u6cd5\u5f8b\u306b\u57fa\u3065\u304d\u7279\u5b9a\u306e\u516c\u5171\u30b5\u30fc\u30d3\u30b9\u3092\u62c5\u3046\u6e96\u653f\u5e9c\u6a5f\u95a2\u304c\u767a\u884c\u3059\u308b\u50b5\u5238\u3002\u653f\u5e9c\u306b\u3088\u308b\u660e\u793a\u7684\u307e\u305f\u306f\u6697\u9ed9\u306e\u4fdd\u8a3c\u3092\u6301\u3064\u3053\u3068\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Supranational Bond<\/div>\n<div class=\"ja\">\u56fd\u969b\u6a5f\u95a2\u50b5<\/div>\n<div class=\"df\">\u4e16\u754c\u9280\u884c\u306a\u3069\u3001\u8907\u6570\u306e\u56fd\u306e\u653f\u5e9c\u304c\u5171\u901a\u306e\u76ee\u7684\u306e\u305f\u3081\u306b\u8a2d\u7acb\u3057\u305f\u56fd\u969b\u6a5f\u95a2\u304c\u767a\u884c\u3059\u308b\u50b5\u5238\u3002\u52a0\u76df\u56fd\u306e\u652f\u63f4\u3092\u80cc\u666f\u306b\u9ad8\u3044\u4fe1\u7528\u529b\u3092\u6301\u3064\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Primary Dealer<\/div>\n<div class=\"ja\">\u30d7\u30e9\u30a4\u30de\u30ea\u30fc\u30fb\u30c7\u30a3\u30fc\u30e9\u30fc<\/div>\n<div class=\"df\">\u653f\u5e9c\u304b\u3089\u6307\u5b9a\u3092\u53d7\u3051\u3001\u56fd\u50b5\u306e\u5165\u672d\u306b\u7af6\u4e89\u7684\u306a\u4fa1\u683c\u3067\u53c2\u52a0\u3059\u308b\u7fa9\u52d9\u3092\u8ca0\u3046\u91d1\u878d\u6a5f\u95a2\u3002\u56fd\u50b5\u306e\u5186\u6ed1\u306a\u6d88\u5316\u3068\u6d41\u901a\u5e02\u5834\u306e\u539a\u307f\u3092\u652f\u3048\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Competitive Bid<\/div>\n<div class=\"ja\">\u7af6\u4e89\u5165\u672d<\/div>\n<div class=\"df\">\u56fd\u50b5\u306e\u5165\u672d\u3067\u3001\u53c2\u52a0\u8005\u304c\u5e0c\u671b\u3059\u308b\u5229\u56de\u308a\u3084\u4fa1\u683c\u3092\u6307\u5b9a\u3057\u3066\u5fdc\u672d\u3059\u308b\u65b9\u5f0f\u3002\u6307\u5b9a\u6761\u4ef6\u304c\u843d\u672d\u6c34\u6e96\u306b\u5408\u308f\u306a\u3051\u308c\u3070\u5272\u5f53\u3092\u53d7\u3051\u3089\u308c\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Noncompetitive Bid<\/div>\n<div class=\"ja\">\u975e\u7af6\u4e89\u5165\u672d<\/div>\n<div class=\"df\">\u5165\u672d\u3067\u6c7a\u307e\u3063\u305f\u5229\u56de\u308a\u3084\u4fa1\u683c\u3092\u305d\u306e\u307e\u307e\u53d7\u3051\u5165\u308c\u3001\u5e0c\u671b\u984d\u306e\u5272\u5f53\u3092\u53d7\u3051\u308b\u5fdc\u672d\u65b9\u5f0f\u3002\u4e3b\u306b\u5c0f\u53e3\u306e\u6295\u8cc7\u5bb6\u304c\u5229\u7528\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Single-Price Auction<\/div>\n<div class=\"ja\">\u5358\u4e00\u4fa1\u683c\u65b9\u5f0f\u5165\u672d\uff08\u30c0\u30c3\u30c1\u65b9\u5f0f\uff09<\/div>\n<div class=\"df\">\u843d\u672d\u8005\u5168\u54e1\u306b\u540c\u3058\u5229\u56de\u308a\u30fb\u4fa1\u683c\u3092\u9069\u7528\u3059\u308b\u5165\u672d\u65b9\u5f0f\u3002\u5404\u843d\u672d\u8005\u304c\u81ea\u3089\u306e\u5fdc\u672d\u6761\u4ef6\u3067\u8cfc\u5165\u3059\u308b\u8907\u6570\u4fa1\u683c\u65b9\u5f0f\u3068\u5bfe\u6bd4\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">On-the-Run Security<\/div>\n<div class=\"ja\">\u30aa\u30f3\u30fb\u30b6\u30fb\u30e9\u30f3\u9298\u67c4<\/div>\n<div class=\"df\">\u540c\u3058\u6e80\u671f\u533a\u5206\u3067\u76f4\u8fd1\u306b\u767a\u884c\u3055\u308c\u305f\u56fd\u50b5\u3002\u30aa\u30d5\u30fb\u30b6\u30fb\u30e9\u30f3\uff08\u65e2\u767a\uff09\u9298\u67c4\u3088\u308a\u53d6\u5f15\u304c\u6d3b\u767a\u3067\u6d41\u52d5\u6027\u304c\u9ad8\u304f\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u91d1\u5229\u3068\u3057\u3066\u4f7f\u308f\u308c\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm6\">LM6 Fixed-Income Bond Valuation: Prices and Yields\uff08\u50b5\u5238\u306e\u8a55\u4fa1\uff1a\u4fa1\u683c\u3068\u5229\u56de\u308a\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm6\/\">LM6 \u50b5\u5238\u306e\u8a55\u4fa1\uff1a\u4fa1\u683c\u3068\u5229\u56de\u308a<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Yield-to-Maturity (YTM)<\/div>\n<div class=\"ja\">\u6700\u7d42\u5229\u56de\u308a\uff08YTM\uff09<\/div>\n<div class=\"df\">\u50b5\u5238\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4\u3055\u305b\u308b\u5358\u4e00\u306e\u5272\u5f15\u7387\u3002\u6e80\u671f\u4fdd\u6709\u30fb\u5168\u984d\u53d7\u53d6\u308a\u30fb\u540c\u7387\u3067\u306e\u518d\u6295\u8cc7\u3092\u524d\u63d0\u3068\u3057\u305f\u5185\u90e8\u53ce\u76ca\u7387\u306b\u3042\u305f\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Premium Bond<\/div>\n<div class=\"ja\">\u30d7\u30ec\u30df\u30a2\u30e0\u50b5\uff08\u30aa\u30fc\u30d0\u30fc\u30d1\u30fc\u50b5\uff09<\/div>\n<div class=\"df\">\u984d\u9762\u3092\u4e0a\u56de\u308b\u4fa1\u683c\u3067\u53d6\u5f15\u3055\u308c\u308b\u50b5\u5238\u3002\u30af\u30fc\u30dd\u30f3\u30fb\u30ec\u30fc\u30c8\u304c\u5e02\u5834\u306e\u8981\u6c42\u5229\u56de\u308a\uff08YTM\uff09\u3088\u308a\u9ad8\u3044\u3068\u304d\u306b\u751f\u3058\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Discount Bond<\/div>\n<div class=\"ja\">\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u50b5\uff08\u30a2\u30f3\u30c0\u30fc\u30d1\u30fc\u50b5\uff09<\/div>\n<div class=\"df\">\u984d\u9762\u3092\u4e0b\u56de\u308b\u4fa1\u683c\u3067\u53d6\u5f15\u3055\u308c\u308b\u50b5\u5238\u3002\u30af\u30fc\u30dd\u30f3\u30fb\u30ec\u30fc\u30c8\u304c\u5e02\u5834\u306e\u8981\u6c42\u5229\u56de\u308a\uff08YTM\uff09\u3088\u308a\u4f4e\u3044\u3068\u304d\u306b\u751f\u3058\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Full Price (Dirty Price)<\/div>\n<div class=\"ja\">\u30d5\u30eb\u30fb\u30d7\u30e9\u30a4\u30b9\uff08\u30c0\u30fc\u30c6\u30a3\u30fb\u30d7\u30e9\u30a4\u30b9\uff09<\/div>\n<div class=\"df\">\u7d4c\u904e\u5229\u5b50\u3092\u542b\u3080\u50b5\u5238\u306e\u53d7\u6e21\u4fa1\u683c\u3067\u3001\u8cb7\u3044\u624b\u304c\u5b9f\u969b\u306b\u652f\u6255\u3046\u91d1\u984d\u3002\u30d5\u30e9\u30c3\u30c8\u30fb\u30d7\u30e9\u30a4\u30b9\u306b\u7d4c\u904e\u5229\u5b50\u3092\u52a0\u3048\u305f\u3082\u306e\u306b\u7b49\u3057\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Flat Price (Clean Price)<\/div>\n<div class=\"ja\">\u30d5\u30e9\u30c3\u30c8\u30fb\u30d7\u30e9\u30a4\u30b9\uff08\u30af\u30ea\u30fc\u30f3\u30fb\u30d7\u30e9\u30a4\u30b9\uff09<\/div>\n<div class=\"df\">\u30d5\u30eb\u30fb\u30d7\u30e9\u30a4\u30b9\u304b\u3089\u7d4c\u904e\u5229\u5b50\u3092\u5dee\u3057\u5f15\u3044\u305f\u4fa1\u683c\u3002\u5229\u6255\u65e5\u3092\u307e\u305f\u3044\u3067\u3082\u7d4c\u904e\u5229\u5b50\u306b\u3088\u308b\u4fa1\u683c\u306e\u4e0a\u4e0b\u304c\u751f\u3058\u306a\u3044\u305f\u3081\u3001\u5e02\u5834\u306e\u6c17\u914d\u5024\u3068\u3057\u3066\u4f7f\u308f\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Accrued Interest<\/div>\n<div class=\"ja\">\u7d4c\u904e\u5229\u5b50<\/div>\n<div class=\"df\">\u524d\u56de\u5229\u6255\u65e5\u304b\u3089\u6c7a\u6e08\u65e5\u307e\u3067\u306e\u671f\u9593\u306b\u767a\u751f\u3057\u305f\u30af\u30fc\u30dd\u30f3\u306e\u6301\u5206\u3002\u30af\u30fc\u30dd\u30f3\u984d\u00d7\uff08\u7d4c\u904e\u65e5\u6570\u00f7\u5229\u6255\u671f\u9593\u306e\u65e5\u6570\uff09\u3067\u6c42\u3081\u3001\u8cb7\u3044\u624b\u304c\u58f2\u308a\u624b\u306b\u652f\u6255\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Day Count Convention<\/div>\n<div class=\"ja\">\u65e5\u6570\u8a08\u7b97\u306e\u6163\u884c\uff08\u30c7\u30a4\u30ab\u30a6\u30f3\u30c8\uff09<\/div>\n<div class=\"df\">\u7d4c\u904e\u5229\u5b50\u306a\u3069\u3092\u8a08\u7b97\u3059\u308b\u969b\u306e\u65e5\u6570\u306e\u6570\u3048\u65b9\u306e\u53d6\u308a\u6c7a\u3081\u3002\u5b9f\u65e5\u6570\u3092\u4f7f\u3046actual\/actual\u306f\u56fd\u50b5\u306b\u30011\u30ab\u670830\u65e5\u30fb1\u5e74360\u65e5\u3068\u307f\u306a\u305930\/360\u306f\u793e\u50b5\u306b\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Pull to Par<\/div>\n<div class=\"ja\">\u30d7\u30eb\u30fb\u30c8\u30a5\u30fb\u30d1\u30fc<\/div>\n<div class=\"df\">\u5229\u56de\u308a\u304c\u5909\u308f\u3089\u306a\u3044\u5834\u5408\u3001\u50b5\u5238\u4fa1\u683c\u304c\u6642\u9593\u306e\u7d4c\u904e\u3068\u3068\u3082\u306b\u984d\u9762\u306b\u8fd1\u3065\u3044\u3066\u3044\u304f\u6027\u8cea\u3002\u30d7\u30ec\u30df\u30a2\u30e0\u50b5\u306f\u5024\u4e0b\u304c\u308a\u3057\u3001\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u50b5\u306f\u5024\u4e0a\u304c\u308a\u3057\u3066\u6e80\u671f\u306b\u984d\u9762\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Matrix Pricing<\/div>\n<div class=\"ja\">\u30de\u30c8\u30ea\u30c3\u30af\u30b9\u30fb\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0<\/div>\n<div class=\"df\">\u53d6\u5f15\u306e\u5c11\u306a\u3044\u50b5\u5238\u3084\u65b0\u767a\u50b5\u306e\u4fa1\u683c\u3092\u3001\u6e80\u671f\u30fb\u30af\u30fc\u30dd\u30f3\u30fb\u4fe1\u7528\u529b\u304c\u985e\u4f3c\u3057\u305f\u50b5\u5238\u306e\u5229\u56de\u308a\u3092\u6e80\u671f\u3067\u88dc\u9593\u3057\u3066\u63a8\u5b9a\u3059\u308b\u8a55\u4fa1\u624b\u6cd5\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm7\">LM7 Yield and Yield Spread Measures for Fixed-Rate Bonds\uff08\u56fa\u5b9a\u5229\u4ed8\u50b5\u306e\u5229\u56de\u308a\u3068\u30b9\u30d7\u30ec\u30c3\u30c9\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm7\/\">LM7 \u56fa\u5b9a\u5229\u4ed8\u50b5\u306e\u5229\u56de\u308a\u3068\u30b9\u30d7\u30ec\u30c3\u30c9<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Periodicity<\/div>\n<div class=\"ja\">\u5468\u671f\uff08\u8907\u5229\u983b\u5ea6\uff09<\/div>\n<div class=\"df\">1\u5e74\u9593\u306b\u60f3\u5b9a\u3055\u308c\u308b\u8907\u5229\u8a08\u7b97\u306e\u56de\u6570\u3002\u5e74\u7387\u8868\u793a\u306e\u5229\u56de\u308a\u306f\u5468\u671f\u306b\u3088\u3063\u3066\u5b9f\u8cea\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u6bd4\u8f03\u306b\u306f\u5468\u671f\u3092\u305d\u308d\u3048\u308b\u63db\u7b97\u304c\u5fc5\u8981\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Effective Annual Rate (EAR)<\/div>\n<div class=\"ja\">\u5b9f\u52b9\u5e74\u5229\u56de\u308a\uff08EAR\uff09<\/div>\n<div class=\"df\">\u5468\u671f\u304c1\u3001\u3059\u306a\u308f\u3061\u5e741\u56de\u8907\u5229\u3067\u8868\u3057\u305f\u5e74\u7387\u5229\u56de\u308a\u3002\u8907\u5229\u983b\u5ea6\u306e\u7570\u306a\u308b\u5229\u56de\u308a\u3092\u5171\u901a\u306e\u57fa\u6e96\u3067\u6bd4\u8f03\u3059\u308b\u3068\u304d\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Semiannual Bond Basis Yield<\/div>\n<div class=\"ja\">\u534a\u5e74\u8907\u5229\u30d9\u30fc\u30b9\u5229\u56de\u308a<\/div>\n<div class=\"df\">\u534a\u5e74\u3054\u3068\u306e\u5468\u671f\u5229\u56de\u308a\u30922\u500d\u3057\u3066\u5e74\u7387\u8868\u793a\u3057\u305f\u5229\u56de\u308a\u3002\u534a\u5e74\u6255\u3044\u306e\u50b5\u5238\u306e\u5229\u56de\u308a\u3092\u8868\u793a\u3059\u308b\u6163\u884c\u3067\u3001\u5e74\u8907\u5229\u306b\u63db\u7b97\u3059\u308b\u3068\u3084\u3084\u9ad8\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Current Yield<\/div>\n<div class=\"ja\">\u30ab\u30ec\u30f3\u30c8\u30fb\u30a4\u30fc\u30eb\u30c9\uff08\u76f4\u5229\uff09<\/div>\n<div class=\"df\">\u5e74\u9593\u30af\u30fc\u30dd\u30f3\u984d\u3092\u30d5\u30e9\u30c3\u30c8\u30fb\u30d7\u30e9\u30a4\u30b9\u3067\u5272\u3063\u305f\u7c21\u6613\u306a\u5229\u56de\u308a\u6307\u6a19\u3002\u518d\u6295\u8cc7\u53ce\u76ca\u3084\u6e80\u671f\u307e\u3067\u306e\u5024\u4e0a\u304c\u308a\u30fb\u5024\u4e0b\u304c\u308a\u3092\u8003\u616e\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Yield-to-Worst<\/div>\n<div class=\"ja\">\u30a4\u30fc\u30eb\u30c9\u30fb\u30c8\u30a5\u30fb\u30ef\u30fc\u30b9\u30c8<\/div>\n<div class=\"df\">\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306b\u3064\u3044\u3066\u3001\u5404\u30b3\u30fc\u30eb\u65e5\u3092\u511f\u9084\u65e5\u3068\u307f\u306a\u3057\u305f\u30a4\u30fc\u30eb\u30c9\u30fb\u30c8\u30a5\u30fb\u30b3\u30fc\u30eb\u3068\u6700\u7d42\u5229\u56de\u308a\u306e\u3046\u3061\u3001\u6700\u3082\u4f4e\u3044\u3082\u306e\u3002\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6700\u3082\u4e0d\u5229\u306a\u511f\u9084\u30b7\u30ca\u30ea\u30aa\u306e\u5229\u56de\u308a\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">G-Spread<\/div>\n<div class=\"ja\">G\u30b9\u30d7\u30ec\u30c3\u30c9<\/div>\n<div class=\"df\">\u50b5\u5238\u306e\u5229\u56de\u308a\u3068\u3001\u6e80\u671f\u306e\u7b49\u3057\u3044\u56fd\u50b5\u5229\u56de\u308a\u3068\u306e\u5dee\u3002\u56fd\u50b5\u5229\u56de\u308a\u3092\u57fa\u6e96\u3068\u3059\u308b\u305f\u3081\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u3084\u6d41\u52d5\u6027\u306a\u3069\u306e\u767a\u884c\u4f53\u56fa\u6709\u306e\u8981\u56e0\u3092\u53cd\u6620\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">I-Spread<\/div>\n<div class=\"ja\">I\u30b9\u30d7\u30ec\u30c3\u30c9<\/div>\n<div class=\"df\">\u50b5\u5238\u306e\u5229\u56de\u308a\u3068\u3001\u540c\u3058\u901a\u8ca8\u30fb\u540c\u3058\u6e80\u671f\u306e\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u3068\u306e\u5dee\u3002\u56fd\u50b5\u3067\u306f\u306a\u304f\u9280\u884c\u9593\u306e\u91d1\u5229\u6c34\u6e96\u3092\u57fa\u6e96\u3068\u3059\u308b\u70b9\u304cG\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Z-Spread<\/div>\n<div class=\"ja\">Z\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u30bc\u30ed\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\uff09<\/div>\n<div class=\"df\">\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u306e\u5404\u671f\u306e\u30ec\u30fc\u30c8\u306b\u4e00\u5f8b\u306b\u4e0a\u4e57\u305b\u3057\u3066\u3001\u5272\u5f15\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3092\u50b5\u5238\u4fa1\u683c\u306b\u4e00\u81f4\u3055\u305b\u308b\u30b9\u30d7\u30ec\u30c3\u30c9\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Option-Adjusted Spread (OAS)<\/div>\n<div class=\"ja\">\u30aa\u30d7\u30b7\u30e7\u30f3\u8abf\u6574\u5f8c\u30b9\u30d7\u30ec\u30c3\u30c9\uff08OAS\uff09<\/div>\n<div class=\"df\">Z\u30b9\u30d7\u30ec\u30c3\u30c9\u304b\u3089\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u30b9\u30d7\u30ec\u30c3\u30c9\u63db\u7b97\u3067\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3002\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u3067\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u5206\u3060\u3051Z\u30b9\u30d7\u30ec\u30c3\u30c9\u3088\u308a\u5c0f\u3055\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Term Structure of Credit Spreads<\/div>\n<div class=\"ja\">\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u671f\u9593\u69cb\u9020<\/div>\n<div class=\"df\">\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u5bfe\u3059\u308b\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u6e80\u671f\u3054\u3068\u306b\u4e26\u3079\u305f\u3082\u306e\u3002\u767a\u884c\u4f53\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u304c\u6642\u9593\u8ef8\u3067\u3069\u3046\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm8\">LM8 Yield and Yield Spread Measures for Floating-Rate Instruments\uff08\u5909\u52d5\u5229\u4ed8\u5546\u54c1\u306e\u5229\u56de\u308a\u3068\u30b9\u30d7\u30ec\u30c3\u30c9\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm8\/\">LM8 \u5909\u52d5\u5229\u4ed8\u5546\u54c1\u306e\u5229\u56de\u308a\u3068\u30b9\u30d7\u30ec\u30c3\u30c9<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Market Reference Rate (MRR)<\/div>\n<div class=\"ja\">\u5e02\u5834\u53c2\u7167\u91d1\u5229\uff08MRR\uff09<\/div>\n<div class=\"df\">\u5909\u52d5\u5229\u4ed8\u5546\u54c1\u306e\u30af\u30fc\u30dd\u30f3\u3092\u6c7a\u3081\u308b\u57fa\u6e96\u3068\u306a\u308b\u77ed\u671f\u91d1\u5229\u3002SOFR\u306a\u3069\u304c\u7528\u3044\u3089\u308c\u3001\u5b9a\u3081\u3089\u308c\u305f\u898b\u76f4\u3057\u65e5\u3054\u3068\u306b\u6700\u65b0\u306e\u6c34\u6e96\u304c\u53cd\u6620\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Quoted Margin<\/div>\n<div class=\"ja\">\u30af\u30a9\u30fc\u30c6\u30c3\u30c9\u30fb\u30de\u30fc\u30b8\u30f3<\/div>\n<div class=\"df\">\u5909\u52d5\u5229\u4ed8\u50b5\u306e\u767a\u884c\u6642\u306b\u5b9a\u3081\u3089\u308c\u308b\u3001\u5e02\u5834\u53c2\u7167\u91d1\u5229\u3078\u306e\u4e0a\u4e57\u305b\uff08\u307e\u305f\u306f\u5dee\u3057\u5f15\u304d\uff09\u5e45\u3002\u767a\u884c\u4f53\u306e\u5f53\u521d\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3057\u3001\u539f\u5247\u3068\u3057\u3066\u6e80\u671f\u307e\u3067\u56fa\u5b9a\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Discount Margin (Required Margin)<\/div>\n<div class=\"ja\">\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30de\u30fc\u30b8\u30f3\uff08\u8981\u6c42\u30de\u30fc\u30b8\u30f3\uff09<\/div>\n<div class=\"df\">\u5909\u52d5\u5229\u4ed8\u50b5\u306e\u6295\u8cc7\u5bb6\u304c\u73fe\u6642\u70b9\u3067\u5e02\u5834\u53c2\u7167\u91d1\u5229\u306b\u5bfe\u3057\u3066\u6c42\u3081\u308b\u4e0a\u4e57\u305b\u5e45\u3002\u30af\u30a9\u30fc\u30c6\u30c3\u30c9\u30fb\u30de\u30fc\u30b8\u30f3\u3088\u308a\u5927\u304d\u3051\u308c\u3070\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3001\u5c0f\u3055\u3051\u308c\u3070\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u53d6\u5f15\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Discount Rate (Money Market)<\/div>\n<div class=\"ja\">\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ec\u30fc\u30c8\uff08\u5272\u5f15\u7387\u65b9\u5f0f\uff09<\/div>\n<div class=\"df\">\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u5546\u54c1\u306e\u5229\u606f\u984d\u3092\u984d\u9762\uff08\u6e80\u671f\u4fa1\u5024\uff09\u3067\u5272\u3063\u3066\u5e74\u7387\u5316\u3057\u305f\u8868\u793a\u65b9\u5f0f\u3002\u8cfc\u5165\u4fa1\u683c\u3067\u306f\u306a\u304f\u984d\u9762\u3092\u5206\u6bcd\u3068\u3059\u308b\u305f\u3081\u3001\u5b9f\u969b\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u904e\u5c0f\u306b\u793a\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Add-On Rate<\/div>\n<div class=\"ja\">\u30a2\u30c9\u30aa\u30f3\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u6295\u8cc7\u5143\u672c\u306b\u5229\u606f\u3092\u4e0a\u4e57\u305b\u3057\u3066\u6e80\u671f\u306b\u652f\u6255\u3046\u5f62\u3067\u8868\u793a\u3055\u308c\u308b\u5229\u7387\u3002\u5229\u606f\u3092\u6295\u8cc7\u984d\uff08\u8cfc\u5165\u4fa1\u683c\uff09\u3067\u5272\u3063\u3066\u5e74\u7387\u5316\u3057\u305f\u3082\u306e\u3067\u3001CD\u3084\u30ec\u30dd\u53d6\u5f15\u306a\u3069\u306b\u4f7f\u308f\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Bond Equivalent Yield (Money Market)<\/div>\n<div class=\"ja\">\u50b5\u5238\u7b49\u4fa1\u5229\u56de\u308a\uff08\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\uff09<\/div>\n<div class=\"df\">\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u5546\u54c1\u306e\u5229\u56de\u308a\u3092\u30011\u5e74365\u65e5\u30d9\u30fc\u30b9\u306e\u30a2\u30c9\u30aa\u30f3\u30fb\u30ec\u30fc\u30c8\u306b\u63db\u7b97\u3057\u305f\u3082\u306e\u3002\u8868\u793a\u65b9\u5f0f\u3084\u65e5\u6570\u6163\u884c\u306e\u7570\u306a\u308b\u5546\u54c1\u3092\u6bd4\u8f03\u3059\u308b\u305f\u3081\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm9\">LM9 The Term Structure of Interest Rates: Spot, Par, and Forward Curves\uff08\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\uff1a\u30b9\u30dd\u30c3\u30c8\u30fb\u30d1\u30fc\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm9\/\">LM9 \u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\uff1a\u30b9\u30dd\u30c3\u30c8\u30fb\u30d1\u30fc\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Spot Rate (Zero Rate)<\/div>\n<div class=\"ja\">\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\uff08\u30bc\u30ed\u30fb\u30ec\u30fc\u30c8\uff09<\/div>\n<div class=\"df\">\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30ea\u30b9\u30af\u306e\u306a\u3044\u30bc\u30ed\u30fb\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u5229\u56de\u308a\u3002\u5404\u6642\u70b9\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u3001\u305d\u306e\u6642\u70b9\u306b\u5bfe\u5fdc\u3059\u308b\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u3044\u3066\u4fa1\u683c\u3092\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Spot Curve<\/div>\n<div class=\"ja\">\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\uff08\u30bc\u30ed\u30fb\u30ab\u30fc\u30d6\uff09<\/div>\n<div class=\"df\">\u6e80\u671f\u3054\u3068\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3092\u7d50\u3093\u3060\u66f2\u7dda\u3002\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u3092\u6700\u3082\u57fa\u672c\u7684\u306a\u5f62\u3067\u8868\u3057\u3001\u30d1\u30fc\u30fb\u30ab\u30fc\u30d6\u3084\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ab\u30fc\u30d6\u306e\u5c0e\u51fa\u306e\u57fa\u790e\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Arbitrage-Free Value<\/div>\n<div class=\"ja\">\u88c1\u5b9a\u306e\u306a\u3044\u4fa1\u683c<\/div>\n<div class=\"df\">\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5bfe\u5fdc\u3059\u308b\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u3044\u3066\u6c42\u3081\u305f\u50b5\u5238\u4fa1\u683c\u3002\u3053\u306e\u4fa1\u683c\u304b\u3089\u4e56\u96e2\u3059\u308b\u3068\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7d44\u307f\u66ff\u3048\u306b\u3088\u308b\u88c1\u5b9a\u53d6\u5f15\u304c\u53ef\u80fd\u306b\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Par Rate<\/div>\n<div class=\"ja\">\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u3044\u305f\u3068\u304d\u306b\u50b5\u5238\u4fa1\u683c\u304c\u3061\u3087\u3046\u3069\u984d\u9762\u3068\u306a\u308b\u30af\u30fc\u30dd\u30f3\u30fb\u30ec\u30fc\u30c8\u3002\u305d\u306e\u6e80\u671f\u307e\u3067\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u5c0e\u304b\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Par Curve<\/div>\n<div class=\"ja\">\u30d1\u30fc\u30fb\u30ab\u30fc\u30d6<\/div>\n<div class=\"df\">\u6e80\u671f\u3054\u3068\u306e\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u3092\u7d50\u3093\u3060\u66f2\u7dda\u3002\u5229\u4ed8\u50b5\u306e\u5229\u56de\u308a\u3092\u8868\u3059\u305f\u3081\u3001\u30af\u30fc\u30dd\u30f3\u306e\u5f71\u97ff\u306b\u3088\u308a\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u3088\u308a\u50be\u304d\u304c\u7de9\u3084\u304b\u306b\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Implied Forward Rate<\/div>\n<div class=\"ja\">\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u9006\u7b97\u3055\u308c\u308b\u3001\u5c06\u6765\u306e\u4e00\u5b9a\u6642\u70b9\u306b\u59cb\u307e\u308b\u671f\u9593\u306e\u91d1\u5229\u3002\u6e80\u671f\u3092\u5ef6\u3070\u3059\u3053\u3068\u306b\u3088\u308b\u9650\u754c\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u3067\u3042\u308a\u3001\u640d\u76ca\u5206\u5c90\u3068\u306a\u308b\u518d\u6295\u8cc7\u30ec\u30fc\u30c8\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Forward Curve<\/div>\n<div class=\"ja\">\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ab\u30fc\u30d6<\/div>\n<div class=\"df\">\u540c\u3058\u9577\u3055\u306e\u671f\u9593\u306b\u5bfe\u3059\u308b\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3092\u958b\u59cb\u6642\u70b9\u3054\u3068\u306b\u4e26\u3079\u305f\u66f2\u7dda\u3002\u53f3\u4e0a\u304c\u308a\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u3067\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ab\u30fc\u30d6\u3088\u308a\u4e0a\u306b\u4f4d\u7f6e\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm10\">LM10 Interest Rate Risk and Return\uff08\u91d1\u5229\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm10\/\">LM10 \u91d1\u5229\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Horizon Yield<\/div>\n<div class=\"ja\">\u30db\u30e9\u30a4\u30ba\u30f3\u30fb\u30a4\u30fc\u30eb\u30c9\uff08\u5b9f\u73fe\u5229\u56de\u308a\uff09<\/div>\n<div class=\"df\">\u6295\u8cc7\u671f\u9593\u306e\u7d42\u4e86\u6642\u70b9\u306e\u7dcf\u984d\uff08\u30af\u30fc\u30dd\u30f3\u306e\u518d\u6295\u8cc7\u5f8c\u306e\u5c06\u6765\u4fa1\u5024\u3068\u58f2\u5374\u4fa1\u683c\u306e\u5408\u8a08\uff09\u3068\u8cfc\u5165\u4fa1\u683c\u304b\u3089\u6c42\u3081\u308b\u3001\u5e74\u7387\u306e\u8907\u5229\u30ea\u30bf\u30fc\u30f3\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Reinvestment Risk<\/div>\n<div class=\"ja\">\u518d\u6295\u8cc7\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u53d7\u3051\u53d6\u3063\u305f\u30af\u30fc\u30dd\u30f3\u3084\u5143\u672c\u3092\u3001\u5f53\u521d\u60f3\u5b9a\u3088\u308a\u4f4e\u3044\u91d1\u5229\u3067\u3057\u304b\u518d\u6295\u8cc7\u3067\u304d\u306a\u3044\u30ea\u30b9\u30af\u3002\u91d1\u5229\u4f4e\u4e0b\u5c40\u9762\u3067\u9855\u5728\u5316\u3057\u3001\u6295\u8cc7\u671f\u9593\u304c\u9577\u3044\u307b\u3069\u5f71\u97ff\u304c\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Market Price Risk<\/div>\n<div class=\"ja\">\u4fa1\u683c\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u91d1\u5229\u4e0a\u6607\u306b\u3088\u308a\u6e80\u671f\u524d\u306e\u58f2\u5374\u4fa1\u683c\u304c\u4e0b\u843d\u3059\u308b\u30ea\u30b9\u30af\u3002\u518d\u6295\u8cc7\u30ea\u30b9\u30af\u3068\u306f\u9006\u65b9\u5411\u306b\u50cd\u304d\u3001\u6295\u8cc7\u671f\u9593\u304c\u77ed\u3044\u307b\u3069\u5f71\u97ff\u304c\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Investment Horizon<\/div>\n<div class=\"ja\">\u6295\u8cc7\u671f\u9593<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bb6\u304c\u50b5\u5238\u3092\u4fdd\u6709\u3059\u308b\u4e88\u5b9a\u306e\u671f\u9593\u3002\u6295\u8cc7\u671f\u9593\u3068\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u95a2\u4fc2\u306b\u3088\u3063\u3066\u3001\u518d\u6295\u8cc7\u30ea\u30b9\u30af\u3068\u4fa1\u683c\u30ea\u30b9\u30af\u306e\u3069\u3061\u3089\u304c\u512a\u4f4d\u304b\u304c\u6c7a\u307e\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Carrying Value<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30ea\u30f3\u30b0\u30fb\u30d0\u30ea\u30e5\u30fc\uff08\u7c3f\u4fa1\uff09<\/div>\n<div class=\"df\">\u8cfc\u5165\u6642\u306e\u5229\u56de\u308a\u306b\u57fa\u3065\u3044\u3066\u3001\u8cfc\u5165\u4fa1\u683c\u3092\u984d\u9762\u306b\u5411\u3051\u3066\u511f\u5374\u3057\u305f\u5f8c\u306e\u50b5\u5238\u306e\u5e33\u7c3f\u4fa1\u984d\u3002\u58f2\u5374\u640d\u76ca\u306f\u3053\u306e\u5024\u3068\u58f2\u5374\u4fa1\u683c\u306e\u5dee\u3067\u6e2c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Macaulay Duration<\/div>\n<div class=\"ja\">\u30de\u30b3\u30fc\u30ec\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u53d7\u53d6\u6642\u70b9\u3092\u3001\u305d\u306e\u73fe\u5728\u4fa1\u5024\u304c\u30d5\u30eb\u30fb\u30d7\u30e9\u30a4\u30b9\u306b\u5360\u3081\u308b\u5272\u5408\u3067\u52a0\u91cd\u5e73\u5747\u3057\u305f\u5024\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u56de\u53ce\u307e\u3067\u306e\u5e73\u5747\u7684\u306a\u671f\u9593\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Duration Gap<\/div>\n<div class=\"ja\">\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30ae\u30e3\u30c3\u30d7<\/div>\n<div class=\"df\">\u30de\u30b3\u30fc\u30ec\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304b\u3089\u6295\u8cc7\u671f\u9593\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3002\u6b63\u306a\u3089\u4fa1\u683c\u30ea\u30b9\u30af\u3001\u8ca0\u306a\u3089\u518d\u6295\u8cc7\u30ea\u30b9\u30af\u304c\u512a\u4f4d\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Immunization<\/div>\n<div class=\"ja\">\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\uff08\u514d\u75ab\u5316\uff09<\/div>\n<div class=\"df\">\u6295\u8cc7\u671f\u9593\u3068\u30de\u30b3\u30fc\u30ec\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u4e00\u81f4\u3055\u305b\u3001\u518d\u6295\u8cc7\u30ea\u30b9\u30af\u3068\u4fa1\u683c\u30ea\u30b9\u30af\u3092\u76f8\u6bba\u3057\u3066\u91d1\u5229\u5909\u52d5\u306e\u5f71\u97ff\u3092\u6291\u3048\u308b\u904b\u7528\u306e\u8003\u3048\u65b9\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm11\">LM11 Yield-Based Bond Duration Measures and Properties\uff08\u5229\u56de\u308a\u30d9\u30fc\u30b9\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm11\/\">LM11 \u5229\u56de\u308a\u30d9\u30fc\u30b9\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Yield Duration<\/div>\n<div class=\"ja\">\u30a4\u30fc\u30eb\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u50b5\u5238\u81ea\u8eab\u306e\u6700\u7d42\u5229\u56de\u308a\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u4fa1\u683c\u611f\u5fdc\u5ea6\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u78ba\u5b9a\u7684\u3068\u307f\u306a\u3057\u3001\u30de\u30b3\u30fc\u30ec\u30fc\u30fb\u4fee\u6b63\u30fb\u30de\u30cd\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3084PVBP\u304c\u542b\u307e\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Curve Duration<\/div>\n<div class=\"ja\">\u30ab\u30fc\u30d6\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30a4\u30fc\u30eb\u30c9\u30fb\u30ab\u30fc\u30d6\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u50b5\u5238\u4fa1\u683c\u306e\u611f\u5fdc\u5ea6\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u91d1\u5229\u6c34\u6e96\u306b\u3088\u3063\u3066\u5909\u308f\u308b\u50b5\u5238\u306b\u3082\u9069\u7528\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Modified Duration<\/div>\n<div class=\"ja\">\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u6700\u7d42\u5229\u56de\u308a\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u50b5\u5238\u4fa1\u683c\u306e\u5909\u5316\u7387\u3092\u8868\u3059\u6307\u6a19\u3002\u30de\u30b3\u30fc\u30ec\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\uff081\uff0b1\u671f\u3042\u305f\u308a\u306e\u5229\u56de\u308a\uff09\u3067\u5272\u3063\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Approximate Modified Duration<\/div>\n<div class=\"ja\">\u8fd1\u4f3c\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u5229\u56de\u308a\u3092\u4e0a\u4e0b\u306b\u540c\u3058\u5e45\u3060\u3051\u52d5\u304b\u3057\u305f\u3068\u304d\u306e\u4fa1\u683c\u306e\u5dee\u304b\u3089\u63a8\u5b9a\u3059\u308b\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3002\u4fa1\u683c\u30fb\u5229\u56de\u308a\u66f2\u7dda\u306e\u63a5\u7dda\u306e\u50be\u304d\u3092\u6570\u5024\u7684\u306b\u8fd1\u4f3c\u3057\u305f\u3082\u306e\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Money Duration<\/div>\n<div class=\"ja\">\u30de\u30cd\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u30d5\u30eb\u30fb\u30d7\u30e9\u30a4\u30b9\uff08\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u6642\u4fa1\uff09\u3092\u639b\u3051\u305f\u6307\u6a19\u3002\u5229\u56de\u308a\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u4fa1\u683c\u306e\u5909\u5316\u3092\u91d1\u984d\u3067\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Price Value of a Basis Point (PVBP)<\/div>\n<div class=\"ja\">\u30d9\u30fc\u30b7\u30b9\u30fb\u30dd\u30a4\u30f3\u30c8\u30fb\u30d0\u30ea\u30e5\u30fc\uff08PVBP\uff09<\/div>\n<div class=\"df\">\u5229\u56de\u308a\u304c1\u30d9\u30fc\u30b7\u30b9\u30fb\u30dd\u30a4\u30f3\u30c8\uff080.01\uff05\uff09\u5909\u5316\u3057\u305f\u3068\u304d\u306e\u50b5\u5238\u4fa1\u683c\u306e\u5909\u5316\u984d\u306e\u63a8\u5b9a\u5024\u3002\u5229\u56de\u308a\u3092\u4e0a\u4e0b\u306b1bp\u52d5\u304b\u3057\u305f\u4fa1\u683c\u306e\u5dee\u306e\u534a\u5206\u3067\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm12\">LM12 Yield-Based Bond Convexity and Portfolio Properties\uff08\u5229\u56de\u308a\u30d9\u30fc\u30b9\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7279\u6027\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm12\/\">LM12 \u5229\u56de\u308a\u30d9\u30fc\u30b9\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7279\u6027<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Convexity<\/div>\n<div class=\"ja\">\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/div>\n<div class=\"df\">\u5229\u56de\u308a\u5909\u5316\u304c\u50b5\u5238\u4fa1\u683c\u306b\u4e0e\u3048\u308b2\u6b21\uff08\u975e\u7dda\u5f62\uff09\u306e\u5f71\u97ff\u3092\u6e2c\u308b\u6307\u6a19\u3002\u4fa1\u683c\u30fb\u5229\u56de\u308a\u66f2\u7dda\u306e\u66f2\u304c\u308a\u5177\u5408\u3092\u8868\u3057\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u56fa\u5b9a\u5229\u4ed8\u50b5\u3067\u306f\u5e38\u306b\u6b63\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Convexity Adjustment<\/div>\n<div class=\"ja\">\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u8abf\u6574<\/div>\n<div class=\"df\">\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u3088\u308b\u76f4\u7dda\u7684\u306a\u4fa1\u683c\u5909\u5316\u306e\u63a8\u5b9a\u306b\u52a0\u3048\u308b2\u6b21\u306e\u88dc\u6b63\u9805\u3002\u00bd\u00d7\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u00d7\uff08\u5229\u56de\u308a\u5909\u5316\uff09\u00b2\u3067\u8868\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Approximate Convexity<\/div>\n<div class=\"ja\">\u8fd1\u4f3c\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/div>\n<div class=\"df\">\u5229\u56de\u308a\u3092\u4e0a\u4e0b\u306b\u540c\u3058\u5e45\u3060\u3051\u52d5\u304b\u3057\u305f\u3068\u304d\u306e\u4fa1\u683c\u3068\u5f53\u521d\u4fa1\u683c\u304b\u3089\u63a8\u5b9a\u3059\u308b\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3002\u8fd1\u4f3c\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u540c\u3058\u5165\u529b\u3067\u8a08\u7b97\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Money Convexity<\/div>\n<div class=\"ja\">\u30de\u30cd\u30fc\u30fb\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/div>\n<div class=\"df\">\u5e74\u7387\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306b\u30d5\u30eb\u30fb\u30d7\u30e9\u30a4\u30b9\u3092\u639b\u3051\u305f\u6307\u6a19\u3002\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3092\u91d1\u984d\u30d9\u30fc\u30b9\u3067\u8868\u3057\u3001\u30de\u30cd\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u3042\u308f\u305b\u3066\u4fa1\u683c\u5909\u5316\u984d\u3092\u63a8\u5b9a\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Portfolio Duration<\/div>\n<div class=\"ja\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u91d1\u5229\u611f\u5fdc\u5ea6\u3002\u69cb\u6210\u50b5\u5238\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u6642\u4fa1\u30a6\u30a8\u30a4\u30c8\u3067\u52a0\u91cd\u5e73\u5747\u3059\u308b\u65b9\u6cd5\u3068\u3001\u5168\u4f53\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u6c42\u3081\u308b\u65b9\u6cd5\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Parallel Shift<\/div>\n<div class=\"ja\">\u5e73\u884c\u79fb\u52d5\uff08\u30d1\u30e9\u30ec\u30eb\u30fb\u30b7\u30d5\u30c8\uff09<\/div>\n<div class=\"df\">\u30a4\u30fc\u30eb\u30c9\u30fb\u30ab\u30fc\u30d6\u4e0a\u306e\u3059\u3079\u3066\u306e\u6e80\u671f\u306e\u5229\u56de\u308a\u304c\u540c\u3058\u5e45\u3060\u3051\u5909\u5316\u3059\u308b\u3053\u3068\u3002\u52a0\u91cd\u5e73\u5747\u306b\u3088\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u6697\u9ed9\u306b\u524d\u63d0\u3068\u3059\u308b\u5909\u5316\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm13\">LM13 Curve-Based and Empirical Fixed-Income Risk Measures\uff08\u30ab\u30fc\u30d6\u30fb\u30d9\u30fc\u30b9\u3068\u5b9f\u8a3c\u7684\u306a\u30ea\u30b9\u30af\u6307\u6a19\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm13\/\">LM13 \u30ab\u30fc\u30d6\u30fb\u30d9\u30fc\u30b9\u3068\u5b9f\u8a3c\u7684\u306a\u30ea\u30b9\u30af\u6307\u6a19<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Effective Duration<\/div>\n<div class=\"ja\">\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30a4\u30fc\u30eb\u30c9\u30fb\u30ab\u30fc\u30d6\u3092\u4e0a\u4e0b\u306b\u5e73\u884c\u79fb\u52d5\u3055\u305b\u305f\u3068\u304d\u306e\u4fa1\u683c\u5909\u5316\u304b\u3089\u6c42\u3081\u308b\u91d1\u5229\u611f\u5fdc\u5ea6\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u91d1\u5229\u3067\u5909\u308f\u308b\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Effective Convexity<\/div>\n<div class=\"ja\">\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/div>\n<div class=\"df\">\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30a4\u30fc\u30eb\u30c9\u30fb\u30ab\u30fc\u30d6\u306e\u5e73\u884c\u79fb\u52d5\u306b\u5bfe\u3059\u308b\u4fa1\u683c\u5909\u5316\u306e2\u6b21\u306e\u52b9\u679c\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u30e2\u30c7\u30eb\u3067\u7b97\u51fa\u3057\u305f\u4fa1\u683c\u3092\u7528\u3044\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Negative Convexity<\/div>\n<div class=\"ja\">\u8ca0\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/div>\n<div class=\"df\">\u5229\u56de\u308a\u4f4e\u4e0b\u6642\u306e\u5024\u4e0a\u304c\u308a\u304c\u3001\u5229\u56de\u308a\u4e0a\u6607\u6642\u306e\u5024\u4e0b\u304c\u308a\u3088\u308a\u5c0f\u3055\u304f\u306a\u308b\u6027\u8cea\u3002\u30b3\u30fc\u30eb\u306e\u53ef\u80fd\u6027\u304c\u9ad8\u307e\u3063\u3066\u4fa1\u683c\u4e0a\u6607\u304c\u6291\u3048\u3089\u308c\u308b\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306a\u3069\u306b\u898b\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Key Rate Duration<\/div>\n<div class=\"ja\">\u30ad\u30fc\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff08\u90e8\u5206\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff09<\/div>\n<div class=\"df\">\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30ab\u30fc\u30d6\u4e0a\u306e\u7279\u5b9a\u306e\u6e80\u671f\u306e\u5229\u56de\u308a\u3060\u3051\u304c\u5909\u5316\u3057\u305f\u3068\u304d\u306e\u4fa1\u683c\u611f\u5fdc\u5ea6\u3002\u5168\u30ad\u30fc\u30ec\u30fc\u30c8\u306e\u5408\u8a08\u306f\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u7b49\u3057\u304f\u3001\u975e\u5e73\u884c\u30b7\u30d5\u30c8\u306e\u30ea\u30b9\u30af\u628a\u63e1\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Analytical Duration<\/div>\n<div class=\"ja\">\u5206\u6790\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u6570\u5f0f\u3084\u30e2\u30c7\u30eb\u306b\u3088\u3063\u3066\u7b97\u51fa\u3057\u305f\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3002\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u3068\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u4e92\u3044\u306b\u72ec\u7acb\u306b\u52d5\u304f\u3053\u3068\u3092\u6697\u9ed9\u306e\u524d\u63d0\u3068\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Empirical Duration<\/div>\n<div class=\"ja\">\u5b9f\u8a3c\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u904e\u53bb\u306e\u50b5\u5238\u4fa1\u683c\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u30c7\u30fc\u30bf\u304b\u3089\u56de\u5e30\u5206\u6790\u306a\u3069\u3067\u63a8\u5b9a\u3057\u305f\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3002\u91d1\u5229\u3068\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u76f8\u95a2\u306a\u3069\u8907\u6570\u306e\u8981\u56e0\u304c\u53cd\u6620\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm14\">LM14 Credit Risk\uff08\u4fe1\u7528\u30ea\u30b9\u30af\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm14\/\">LM14 \u4fe1\u7528\u30ea\u30b9\u30af<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Credit Risk<\/div>\n<div class=\"ja\">\u4fe1\u7528\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u501f\u308a\u624b\u304c\u5143\u5229\u91d1\u3092\u671f\u65e5\u3069\u304a\u308a\u306b\u5168\u984d\u652f\u6255\u3048\u306a\u3044\u3053\u3068\u304b\u3089\u751f\u3058\u308b\u640d\u5931\u306e\u30ea\u30b9\u30af\u3002\u4e3b\u306a\u69cb\u6210\u8981\u7d20\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3068\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Probability of Default (PD)<\/div>\n<div class=\"ja\">\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\uff08PD\uff09<\/div>\n<div class=\"df\">\u4e00\u5b9a\u671f\u9593\u5185\u306b\u501f\u308a\u624b\u304c\u50b5\u52d9\u4e0d\u5c65\u884c\u306b\u9665\u308b\u78ba\u7387\u3002\u767a\u884c\u4f53\u306e\u8fd4\u6e08\u80fd\u529b\u3084\u652f\u6255\u610f\u601d\u306a\u3069\u306e\u4fe1\u7528\u529b\u306b\u3088\u3063\u3066\u5de6\u53f3\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Loss Given Default (LGD)<\/div>\n<div class=\"ja\">\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\uff08LGD\uff09<\/div>\n<div class=\"df\">\u30c7\u30d5\u30a9\u30eb\u30c8\u304c\u8d77\u304d\u305f\u5834\u5408\u306b\u5931\u308f\u308c\u308b\u5272\u5408\u3067\u30011\u2212\u56de\u53ce\u7387\u3067\u8868\u3059\u3002\u50b5\u52d9\u306e\u512a\u5148\u9806\u4f4d\u3084\u62c5\u4fdd\u306e\u6709\u7121\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Recovery Rate<\/div>\n<div class=\"ja\">\u56de\u53ce\u7387<\/div>\n<div class=\"df\">\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u306b\u50b5\u6a29\u8005\u304c\u56de\u53ce\u3067\u304d\u308b\u91d1\u984d\u306e\u3001\u50b5\u6a29\u984d\u306b\u5bfe\u3059\u308b\u5272\u5408\u3002\u62c5\u4fdd\u4ed8\u50b5\u52d9\u3084\u512a\u5148\u9806\u4f4d\u306e\u9ad8\u3044\u50b5\u52d9\u307b\u3069\u9ad8\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Expected Loss<\/div>\n<div class=\"ja\">\u671f\u5f85\u640d\u5931<\/div>\n<div class=\"df\">\u4fe1\u7528\u30ea\u30b9\u30af\u306b\u3088\u3063\u3066\u898b\u8fbc\u307e\u308c\u308b\u5e73\u5747\u7684\u306a\u640d\u5931\u3067\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u00d7\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\u3067\u6c42\u3081\u308b\u3002\u91d1\u984d\u30d9\u30fc\u30b9\u3067\u306f\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3082\u639b\u3051\u5408\u308f\u305b\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Issuer Rating<\/div>\n<div class=\"ja\">\u767a\u884c\u4f53\u683c\u4ed8<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u5168\u4f53\u306e\u4fe1\u7528\u529b\u306b\u5bfe\u3059\u308b\u683c\u4ed8\u3002\u901a\u5e38\u306f\u767a\u884c\u4f53\u306e\u30b7\u30cb\u30a2\u7121\u62c5\u4fdd\u50b5\u52d9\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3084\u671f\u5f85\u640d\u5931\u3092\u53cd\u6620\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Issue Rating<\/div>\n<div class=\"ja\">\u500b\u5225\u50b5\u5238\u683c\u4ed8<\/div>\n<div class=\"df\">\u7279\u5b9a\u306e\u50b5\u5238\u306b\u5bfe\u3059\u308b\u683c\u4ed8\u3002\u767a\u884c\u4f53\u683c\u4ed8\u3092\u57fa\u6e96\u306b\u3001\u305d\u306e\u50b5\u5238\u306e\u512a\u5148\u9806\u4f4d\u3084\u62c5\u4fdd\u306e\u6709\u7121\u306b\u3088\u308b\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u306e\u9055\u3044\u3092\u8003\u616e\u3057\u3066\u4ed8\u4e0e\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Credit Migration<\/div>\n<div class=\"ja\">\u683c\u4ed8\u63a8\u79fb\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30de\u30a4\u30b0\u30ec\u30fc\u30b7\u30e7\u30f3\uff09<\/div>\n<div class=\"df\">\u683c\u4e0a\u3052\u3084\u683c\u4e0b\u3052\u306b\u3088\u3063\u3066\u50b5\u5238\u3084\u767a\u884c\u4f53\u306e\u683c\u4ed8\u304c\u6642\u9593\u3068\u3068\u3082\u306b\u5909\u5316\u3059\u308b\u3053\u3068\u3002\u683c\u4e0b\u3052\u306f\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u62e1\u5927\u3092\u901a\u3058\u3066\u4fa1\u683c\u306e\u4e0b\u843d\u306b\u3064\u306a\u304c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Credit Spread<\/div>\n<div class=\"ja\">\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9<\/div>\n<div class=\"df\">\u540c\u3058\u6e80\u671f\u306e\u7121\u30ea\u30b9\u30af\u8cc7\u7523\uff08\u56fd\u50b5\u306a\u3069\uff09\u306b\u5bfe\u3057\u3066\u793e\u50b5\u306a\u3069\u304c\u4e0a\u4e57\u305b\u3059\u308b\u5229\u56de\u308a\u3002\u4fe1\u7528\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308b\u3068\u62e1\u5927\u3057\u3001\u4f4e\u4e0b\u3059\u308b\u3068\u7e2e\u5c0f\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm15\">LM15 Credit Analysis for Government Issuers\uff08\u653f\u5e9c\u767a\u884c\u4f53\u306e\u4fe1\u7528\u5206\u6790\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm15\/\">LM15 \u653f\u5e9c\u767a\u884c\u4f53\u306e\u4fe1\u7528\u5206\u6790<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Ability to Pay<\/div>\n<div class=\"ja\">\u652f\u6255\u80fd\u529b<\/div>\n<div class=\"df\">\u653f\u5e9c\u304c\u50b5\u52d9\u306e\u5143\u5229\u91d1\u3092\u652f\u6255\u3048\u308b\u3060\u3051\u306e\u7d4c\u6e08\u529b\u30fb\u8ca1\u653f\u529b\u3092\u6301\u3063\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u89b3\u70b9\u3002\u50b5\u52d9\u6b8b\u9ad8\u3001\u8ca1\u653f\u53ce\u652f\u3001\u6210\u9577\u7387\u3001\u5bfe\u5916\u7684\u306a\u5730\u4f4d\u306a\u3069\u3067\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Willingness to Pay<\/div>\n<div class=\"ja\">\u652f\u6255\u610f\u601d<\/div>\n<div class=\"df\">\u652f\u6255\u80fd\u529b\u304c\u3042\u3063\u3066\u3082\u653f\u5e9c\u304c\u50b5\u52d9\u3092\u5c65\u884c\u3059\u308b\u610f\u601d\u3092\u6301\u3064\u304b\u3068\u3044\u3046\u89b3\u70b9\u3002\u5236\u5ea6\u306e\u6709\u52b9\u6027\u3084\u653f\u6cbb\u7684\u5b89\u5b9a\u6027\u306a\u3069\u306e\u5b9a\u6027\u7684\u8981\u56e0\u304b\u3089\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Central Bank Independence<\/div>\n<div class=\"ja\">\u4e2d\u592e\u9280\u884c\u306e\u72ec\u7acb\u6027<\/div>\n<div class=\"df\">\u4e2d\u592e\u9280\u884c\u304c\u653f\u5e9c\u304b\u3089\u72ec\u7acb\u3057\u3066\u91d1\u878d\u653f\u7b56\u3092\u904b\u55b6\u3067\u304d\u308b\u5ea6\u5408\u3044\u3002\u72ec\u7acb\u6027\u304c\u9ad8\u3044\u307b\u3069\u3001\u56fd\u50b5\u306e\u8cb7\u5165\u308c\u306b\u3088\u308b\u5b89\u6613\u306a\u901a\u8ca8\u4f9b\u7d66\u306e\u62e1\u5927\u304c\u8d77\u3053\u308a\u306b\u304f\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Reserve Currency<\/div>\n<div class=\"ja\">\u6e96\u5099\u901a\u8ca8<\/div>\n<div class=\"df\">\u5916\u56fd\u306e\u4e2d\u592e\u9280\u884c\u306a\u3069\u304c\u5916\u8ca8\u6e96\u5099\u3068\u3057\u3066\u4fdd\u6709\u3059\u308b\u3001\u5b8c\u5168\u306b\u4ea4\u63db\u53ef\u80fd\u306a\u901a\u8ca8\u3002\u767a\u884c\u56fd\u306f\u81ea\u56fd\u901a\u8ca8\u5efa\u3066\u3067\u501f\u5165\u3092\u884c\u3044\u3084\u3059\u304f\u3001\u4fe1\u7528\u529b\u306e\u9762\u3067\u5927\u304d\u306a\u5f37\u307f\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Debt-to-GDP Ratio<\/div>\n<div class=\"ja\">\u653f\u5e9c\u50b5\u52d9\u5bfeGDP\u6bd4<\/div>\n<div class=\"df\">\u653f\u5e9c\u50b5\u52d9\u6b8b\u9ad8\u3092\u56fd\u5185\u7dcf\u751f\u7523\u3067\u5272\u3063\u305f\u6bd4\u7387\u3002\u7d4c\u6e08\u898f\u6a21\u306b\u5bfe\u3059\u308b\u50b5\u52d9\u8ca0\u62c5\u306e\u5927\u304d\u3055\u3092\u8868\u3059\u3001\u30bd\u30d6\u30ea\u30f3\u306e\u4fe1\u7528\u5206\u6790\u306e\u4ee3\u8868\u7684\u306a\u5b9a\u91cf\u6307\u6a19\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Local Currency vs. Foreign Currency Rating<\/div>\n<div class=\"ja\">\u81ea\u56fd\u901a\u8ca8\u5efa\u3066\u683c\u4ed8\u3068\u5916\u8ca8\u5efa\u3066\u683c\u4ed8<\/div>\n<div class=\"df\">\u30bd\u30d6\u30ea\u30f3\u50b5\u52d9\u306b\u5bfe\u3057\u3066\u901a\u8ca8\u5efa\u3066\u3054\u3068\u306b\u4ed8\u4e0e\u3055\u308c\u308b\u5225\u3005\u306e\u683c\u4ed8\u3002\u5916\u8ca8\u5efa\u3066\u50b5\u52d9\u306f\u901a\u8ca8\u3092\u81ea\u3089\u767a\u884c\u3067\u304d\u306a\u3044\u305f\u3081\u3001\u81ea\u56fd\u901a\u8ca8\u5efa\u3066\u3088\u308a\u4f4e\u304f\u683c\u4ed8\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Fiscal Flexibility<\/div>\n<div class=\"ja\">\u8ca1\u653f\u306e\u67d4\u8edf\u6027<\/div>\n<div class=\"df\">\u6b73\u5165\u306e\u5897\u52a0\u3084\u6b73\u51fa\u306e\u524a\u6e1b\u306b\u3088\u3063\u3066\u8ca1\u653f\u3092\u8abf\u6574\u3057\u3001\u50b5\u52d9\u306e\u8fd4\u6e08\u3092\u78ba\u4fdd\u3067\u304d\u308b\u653f\u5e9c\u306e\u4f59\u529b\u3002\u30bd\u30d6\u30ea\u30f3\u306e\u652f\u6255\u80fd\u529b\u3092\u6e2c\u308b\u5b9a\u6027\u7684\u8981\u56e0\u306e\u4e00\u3064\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm16\">LM16 Credit Analysis for Corporate Issuers\uff08\u4e8b\u696d\u4f1a\u793e\u306e\u4fe1\u7528\u5206\u6790\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm16\/\">LM16 \u4e8b\u696d\u4f1a\u793e\u306e\u4fe1\u7528\u5206\u6790<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">EBITDA Interest Coverage<\/div>\n<div class=\"ja\">EBITDA\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u30fb\u30ab\u30d0\u30ec\u30c3\u30b8<\/div>\n<div class=\"df\">EBITDA\u3092\u652f\u6255\u5229\u606f\u3067\u5272\u3063\u305f\u6bd4\u7387\u3002\u5229\u6255\u3044\u306b\u5bfe\u3059\u308b\u55b6\u696d\u4e0a\u306e\u53ce\u76ca\u306e\u4f59\u88d5\u3092\u793a\u3057\u3001\u9ad8\u3044\u307b\u3069\u50b5\u52d9\u306e\u652f\u6255\u80fd\u529b\u304c\u9ad8\u3044\u3068\u5224\u65ad\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Debt\/EBITDA<\/div>\n<div class=\"ja\">\u8ca0\u50b5\uff0fEBITDA\u500d\u7387<\/div>\n<div class=\"df\">\u8ca0\u50b5\u3092EBITDA\u3067\u5272\u3063\u305f\u30ec\u30d0\u30ec\u30c3\u30b8\u6307\u6a19\u3002\u50b5\u52d9\u3092\u55b6\u696d\u4e0a\u306e\u53ce\u76ca\u3067\u8fd4\u6e08\u3059\u308b\u306e\u306b\u4f55\u5e74\u5206\u304b\u304b\u308b\u304b\u306e\u76ee\u5b89\u3067\u3001\u4f4e\u3044\u307b\u3069\u4fe1\u7528\u529b\u304c\u9ad8\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">FFO to Debt<\/div>\n<div class=\"ja\">FFO\u5bfe\u8ca0\u50b5\u6bd4\u7387<\/div>\n<div class=\"df\">\u55b6\u696d\u6d3b\u52d5\u304b\u3089\u5f97\u3089\u308c\u308b\u8cc7\u91d1\uff08FFO\uff09\u3092\u8ca0\u50b5\u3067\u5272\u3063\u305f\u6bd4\u7387\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u3088\u308b\u50b5\u52d9\u8fd4\u6e08\u80fd\u529b\u3092\u793a\u3057\u3001\u9ad8\u3044\u307b\u3069\u4fe1\u7528\u529b\u304c\u9ad8\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Debt-to-Capital Ratio<\/div>\n<div class=\"ja\">\u8ca0\u50b5\u8cc7\u672c\u6bd4\u7387<\/div>\n<div class=\"df\">\u8ca0\u50b5\u3092\u7dcf\u8cc7\u672c\uff08\u8ca0\u50b5\uff0b\u682a\u4e3b\u8cc7\u672c\uff09\u3067\u5272\u3063\u305f\u6bd4\u7387\u3002\u8cc7\u672c\u69cb\u6210\u306b\u5360\u3081\u308b\u8ca0\u50b5\u306e\u5272\u5408\u3092\u793a\u3057\u3001\u9ad8\u3044\u307b\u3069\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Secured Debt<\/div>\n<div class=\"ja\">\u62c5\u4fdd\u4ed8\u50b5\u52d9<\/div>\n<div class=\"df\">\u7279\u5b9a\u306e\u8cc7\u7523\u304c\u62c5\u4fdd\u3068\u3057\u3066\u8a2d\u5b9a\u3055\u308c\u305f\u50b5\u52d9\u3002\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u306b\u306f\u62c5\u4fdd\u8cc7\u7523\u304b\u3089\u512a\u5148\u7684\u306b\u5f01\u6e08\u3092\u53d7\u3051\u3089\u308c\u308b\u305f\u3081\u3001\u7121\u62c5\u4fdd\u50b5\u52d9\u3088\u308a\u56de\u53ce\u7387\u304c\u9ad8\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Subordinated Debt<\/div>\n<div class=\"ja\">\u52a3\u5f8c\u50b5\u52d9<\/div>\n<div class=\"df\">\u7834\u7dbb\u6642\u306e\u5f01\u6e08\u9806\u4f4d\u304c\u30b7\u30cb\u30a2\u50b5\u52d9\u3088\u308a\u5f8c\u306b\u7f6e\u304b\u308c\u308b\u50b5\u52d9\u3002\u56de\u53ce\u7387\u304c\u4f4e\u304f\u306a\u308a\u3084\u3059\u3044\u5206\u3001\u3088\u308a\u9ad8\u3044\u5229\u56de\u308a\u304c\u6c42\u3081\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Pari Passu<\/div>\n<div class=\"ja\">\u30d1\u30ea\u30fb\u30d1\u30b9\uff08\u540c\u9806\u4f4d\uff09<\/div>\n<div class=\"df\">\u540c\u3058\u512a\u5148\u9806\u4f4d\u306b\u3042\u308b\u50b5\u6a29\u8005\u3092\u5e73\u7b49\u306b\u6271\u3046\u3068\u3044\u3046\u539f\u5247\u3002\u540c\u9806\u4f4d\u306e\u8acb\u6c42\u6a29\u306f\u3001\u6b8b\u4f59\u8cc7\u7523\u304b\u3089\u50b5\u6a29\u984d\u306b\u5fdc\u3058\u3066\u6309\u5206\u3057\u3066\u5f01\u6e08\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Absolute Priority Rule<\/div>\n<div class=\"ja\">\u7d76\u5bfe\u512a\u5148\u30eb\u30fc\u30eb<\/div>\n<div class=\"df\">\u7834\u7dbb\u6642\u306b\u4e0a\u4f4d\u306e\u8acb\u6c42\u6a29\u304c\u5168\u984d\u5f01\u6e08\u3055\u308c\u308b\u307e\u3067\u3001\u4e0b\u4f4d\u306e\u8acb\u6c42\u6a29\u306f\u5f01\u6e08\u3092\u53d7\u3051\u306a\u3044\u3068\u3044\u3046\u539f\u5247\u3002\u5b9f\u969b\u306e\u7834\u7dbb\u51e6\u7406\u3067\u306f\u4ea4\u6e09\u306b\u3088\u3063\u3066\u9038\u8131\u304c\u751f\u3058\u308b\u3053\u3068\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Notching<\/div>\n<div class=\"ja\">\u30ce\u30c3\u30c1\u30f3\u30b0<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u683c\u4ed8\u3092\u57fa\u6e96\u306b\u3001\u500b\u5225\u50b5\u5238\u306e\u512a\u5148\u9806\u4f4d\u3084\u62c5\u4fdd\u306e\u6709\u7121\u306b\u5fdc\u3058\u3066\u683c\u4ed8\u3092\u4e0a\u4e0b\u306b\u8abf\u6574\u3059\u308b\u3053\u3068\u3002\u62c5\u4fdd\u4ed8\u50b5\u306f\u4e0a\u65b9\u306b\u3001\u52a3\u5f8c\u50b5\u306f\u4e0b\u65b9\u306b\u8abf\u6574\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm17\">LM17 Fixed-Income Securitization\uff08\u8a3c\u5238\u5316\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm17\/\">LM17 \u8a3c\u5238\u5316<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Securitization<\/div>\n<div class=\"ja\">\u8a3c\u5238\u5316<\/div>\n<div class=\"df\">\u30ed\u30fc\u30f3\u3084\u58f2\u639b\u50b5\u6a29\u306a\u3069\u306e\u8cc7\u7523\u3092\u30d7\u30fc\u30eb\u3057\u3001\u305d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u8a3c\u5238\u3092\u767a\u884c\u3057\u3066\u6295\u8cc7\u5bb6\u306b\u8ca9\u58f2\u3059\u308b\u4ed5\u7d44\u307f\u3002\u8cc7\u7523\u3092\u767a\u884c\u4f53\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u304b\u3089\u5207\u308a\u96e2\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Asset-Backed Security (ABS)<\/div>\n<div class=\"ja\">\u8cc7\u7523\u62c5\u4fdd\u8a3c\u5238\uff08ABS\uff09<\/div>\n<div class=\"df\">\u8a3c\u5238\u5316\u306b\u3088\u3063\u3066\u767a\u884c\u3055\u308c\u308b\u3001\u8cc7\u7523\u30d7\u30fc\u30eb\u304b\u3089\u306e\u5143\u5229\u91d1\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u8a3c\u5238\u3002\u4f4f\u5b85\u30ed\u30fc\u30f3\u3001\u30aa\u30fc\u30c8\u30fb\u30ed\u30fc\u30f3\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30ab\u30fc\u30c9\u50b5\u6a29\u306a\u3069\u304c\u539f\u8cc7\u7523\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Originator<\/div>\n<div class=\"ja\">\u30aa\u30ea\u30b8\u30cd\u30fc\u30bf\u30fc\uff08\u539f\u50b5\u6a29\u8005\uff09<\/div>\n<div class=\"df\">\u8a3c\u5238\u5316\u306e\u5bfe\u8c61\u3068\u306a\u308b\u30ed\u30fc\u30f3\u306a\u3069\u306e\u8cc7\u7523\u3092\u7d44\u6210\u30fb\u4fdd\u6709\u3057\u3001\u7279\u5225\u76ee\u7684\u4e8b\u696d\u4f53\u306b\u58f2\u5374\u3059\u308b\u4e3b\u4f53\u3002\u58f2\u308a\u624b\u3084\u9810\u8a17\u8005\u3068\u3082\u547c\u3070\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Special Purpose Entity (SPE)<\/div>\n<div class=\"ja\">\u7279\u5225\u76ee\u7684\u4e8b\u696d\u4f53\uff08SPE\uff09<\/div>\n<div class=\"df\">\u30aa\u30ea\u30b8\u30cd\u30fc\u30bf\u30fc\u304b\u3089\u8cc7\u7523\u3092\u8cb7\u3044\u53d6\u308a\u3001\u305d\u308c\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u8a3c\u5238\u3092\u767a\u884c\u3059\u308b\u305f\u3081\u306b\u8a2d\u7acb\u3055\u308c\u308b\u5225\u6cd5\u4eba\u3002SPV\u3068\u3082\u547c\u3070\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Servicer<\/div>\n<div class=\"ja\">\u30b5\u30fc\u30d3\u30b5\u30fc<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u306e\u5143\u5229\u91d1\u306e\u56de\u53ce\u3084\u3001\u5ef6\u6ede\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u767a\u751f\u6642\u306e\u5bfe\u5fdc\u306a\u3069\u306e\u7ba1\u7406\u696d\u52d9\u3092\u62c5\u3046\u4e3b\u4f53\u3002\u30aa\u30ea\u30b8\u30cd\u30fc\u30bf\u30fc\u81ea\u8eab\u304c\u517c\u306d\u308b\u3053\u3068\u3082\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Trustee<\/div>\n<div class=\"ja\">\u53d7\u8a17\u8005\uff08\u30c8\u30e9\u30b9\u30c6\u30a3\uff09<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bb6\u306e\u5229\u76ca\u3092\u5b88\u308b\u305f\u3081\u306b\u3001SPE\u306e\u8cc7\u7523\u306e\u4fdd\u5168\u3084\u652f\u6255\u3044\u306e\u7ba1\u7406\u3092\u884c\u3046\u7b2c\u4e09\u8005\u3002\u8a3c\u5238\u5316\u306e\u5951\u7d04\u6761\u4ef6\u304c\u5b88\u3089\u308c\u3066\u3044\u308b\u304b\u3092\u76e3\u8996\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">True Sale<\/div>\n<div class=\"ja\">\u771f\u6b63\u58f2\u8cb7<\/div>\n<div class=\"df\">\u30aa\u30ea\u30b8\u30cd\u30fc\u30bf\u30fc\u304b\u3089SPE\u3078\u306e\u8cc7\u7523\u306e\u79fb\u8ee2\u304c\u3001\u62c5\u4fdd\u4ed8\u501f\u5165\u3067\u306f\u306a\u304f\u6cd5\u7684\u306b\u5b8c\u5168\u306a\u58f2\u5374\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u3053\u3068\u3002\u5012\u7523\u9694\u96e2\u3092\u6210\u7acb\u3055\u305b\u308b\u524d\u63d0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Bankruptcy Remoteness<\/div>\n<div class=\"ja\">\u5012\u7523\u9694\u96e2<\/div>\n<div class=\"df\">\u30aa\u30ea\u30b8\u30cd\u30fc\u30bf\u30fc\u304c\u7834\u7dbb\u3057\u3066\u3082\u3001SPE\u304c\u4fdd\u6709\u3059\u308b\u8cc7\u7523\u304c\u30aa\u30ea\u30b8\u30cd\u30fc\u30bf\u30fc\u306e\u50b5\u6a29\u8005\u306e\u8acb\u6c42\u5bfe\u8c61\u3068\u306a\u3089\u306a\u3044\u3088\u3046\u306b\u3059\u308b\u4ed5\u7d44\u307f\u3002\u6cd5\u7684\u306a\u67a0\u7d44\u307f\u306f\u56fd\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm18\">LM18 Asset-Backed Security (ABS) Instrument and Market Features\uff08\u8cc7\u7523\u62c5\u4fdd\u8a3c\u5238\uff08ABS\uff09\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm18\/\">LM18 \u8cc7\u7523\u62c5\u4fdd\u8a3c\u5238\uff08ABS\uff09<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Covered Bond<\/div>\n<div class=\"ja\">\u30ab\u30d0\u30fc\u30c9\u30fb\u30dc\u30f3\u30c9<\/div>\n<div class=\"df\">\u91d1\u878d\u6a5f\u95a2\u304c\u30b7\u30cb\u30a2\u50b5\u52d9\u3068\u3057\u3066\u767a\u884c\u3057\u3001\u5206\u5225\u7ba1\u7406\u3055\u308c\u305f\u8cc7\u7523\u30d7\u30fc\u30eb\uff08\u30ab\u30d0\u30fc\u30fb\u30d7\u30fc\u30eb\uff09\u3067\u62c5\u4fdd\u3055\u308c\u308b\u50b5\u5238\u3002\u8cc7\u7523\u306f\u767a\u884c\u4f53\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u6b8b\u308b\u70b9\u304c\u4e00\u822c\u7684\u306aABS\u3068\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Dual Recourse<\/div>\n<div class=\"ja\">\u30c7\u30e5\u30a2\u30eb\u30fb\u30ea\u30b3\u30fc\u30b9\uff08\u4e8c\u91cd\u306e\u511f\u9084\u8acb\u6c42\u6a29\uff09<\/div>\n<div class=\"df\">\u30ab\u30d0\u30fc\u30c9\u30fb\u30dc\u30f3\u30c9\u306e\u6295\u8cc7\u5bb6\u304c\u3001\u767a\u884c\u4f53\u3068\u3001\u767a\u884c\u4f53\u306e\u7834\u7dbb\u6642\u306b\u306f\u30ab\u30d0\u30fc\u30fb\u30d7\u30fc\u30eb\u306e\u4e21\u65b9\u306b\u8acb\u6c42\u3067\u304d\u308b\u6a29\u5229\u3002\u4e00\u822c\u7684\u306aABS\u3088\u308a\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u4f4e\u304f\u3059\u308b\u8981\u56e0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Credit Enhancement<\/div>\n<div class=\"ja\">\u4fe1\u7528\u88dc\u5b8c<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u306b\u3088\u308b\u640d\u5931\u304b\u3089\u6295\u8cc7\u5bb6\u3092\u5b88\u308b\u4ed5\u7d44\u307f\u3002\u69cb\u9020\u5185\u90e8\u3067\u884c\u3046\u5185\u90e8\u4fe1\u7528\u88dc\u5b8c\u3068\u3001\u7b2c\u4e09\u8005\u306e\u4fdd\u8a3c\u306a\u3069\u306b\u3088\u308b\u5916\u90e8\u4fe1\u7528\u88dc\u5b8c\u306b\u5206\u304b\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Credit Tranching<\/div>\n<div class=\"ja\">\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c8\u30e9\u30f3\u30b7\u30f3\u30b0\uff08\u512a\u5148\u52a3\u5f8c\u69cb\u9020\uff09<\/div>\n<div class=\"df\">\u8a3c\u5238\u3092\u30b7\u30cb\u30a2\u3068\u52a3\u5f8c\u306e\u30c8\u30e9\u30f3\u30b7\u30a7\u306b\u5206\u3051\u3001\u640d\u5931\u3092\u52a3\u5f8c\u30c8\u30e9\u30f3\u30b7\u30a7\u304b\u3089\u5148\u306b\u8ca0\u62c5\u3055\u305b\u308b\u69cb\u9020\u3002\u52a3\u5f8c\u90e8\u5206\u304c\u30b7\u30cb\u30a2\u306b\u5bfe\u3059\u308b\u4fe1\u7528\u88dc\u5b8c\u3068\u3057\u3066\u6a5f\u80fd\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Overcollateralization<\/div>\n<div class=\"ja\">\u8d85\u904e\u62c5\u4fdd<\/div>\n<div class=\"df\">\u767a\u884c\u3059\u308b\u8a3c\u5238\u306e\u984d\u9762\u5408\u8a08\u3092\u4e0a\u56de\u308b\u62c5\u4fdd\u8cc7\u7523\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u3002\u8d85\u904e\u5206\u304c\u640d\u5931\u3092\u5148\u306b\u5438\u53ce\u3059\u308b\u5185\u90e8\u4fe1\u7528\u88dc\u5b8c\u306e\u4e00\u3064\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Excess Spread<\/div>\n<div class=\"ja\">\u8d85\u904e\u30b9\u30d7\u30ec\u30c3\u30c9<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u304b\u3089\u306e\u5229\u606f\u53ce\u5165\u306e\u3046\u3061\u3001\u8a3c\u5238\u306e\u5229\u6255\u3044\u3068\u8cbb\u7528\u3092\u4e0a\u56de\u308b\u90e8\u5206\u3002\u640d\u5931\u306e\u5438\u53ce\u3084\u6e96\u5099\u91d1\u306e\u7a4d\u7acb\u3066\u306b\u5145\u3066\u3089\u308c\u308b\u5185\u90e8\u4fe1\u7528\u88dc\u5b8c\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Lockout Period (Revolving Period)<\/div>\n<div class=\"ja\">\u30ed\u30c3\u30af\u30a2\u30a6\u30c8\u671f\u9593\uff08\u30ea\u30dc\u30eb\u30d3\u30f3\u30b0\u671f\u9593\uff09<\/div>\n<div class=\"df\">\u975e\u511f\u5374\u578b\u306eABS\u3067\u3001\u6295\u8cc7\u5bb6\u306b\u5229\u606f\u306e\u307f\u3092\u652f\u6255\u3044\u3001\u56de\u53ce\u3057\u305f\u5143\u672c\u3092\u65b0\u305f\u306a\u50b5\u6a29\u306e\u8cfc\u5165\u306b\u518d\u6295\u8cc7\u3059\u308b\u671f\u9593\u3002\u7d42\u4e86\u5f8c\u306b\u5143\u672c\u306e\u652f\u6255\u3044\u304c\u59cb\u307e\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Early Amortization Provision<\/div>\n<div class=\"ja\">\u65e9\u671f\u511f\u9084\u6761\u9805<\/div>\n<div class=\"df\">\u4e00\u5b9a\u306e\u4e8b\u7531\u304c\u767a\u751f\u3057\u305f\u5834\u5408\u306b\u3001\u30ed\u30c3\u30af\u30a2\u30a6\u30c8\u671f\u9593\u4e2d\u3067\u3042\u3063\u3066\u3082\u6295\u8cc7\u5bb6\u3078\u306e\u5143\u672c\u306e\u8fd4\u6e08\u3092\u65e9\u671f\u306b\u958b\u59cb\u3055\u305b\u308b\u6761\u9805\u3002\u4fe1\u7528\u60aa\u5316\u6642\u306b\u6295\u8cc7\u5bb6\u3092\u4fdd\u8b77\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Collateralized Debt Obligation (CDO)<\/div>\n<div class=\"ja\">\u50b5\u52d9\u62c5\u4fdd\u8a3c\u5238\uff08CDO\uff09<\/div>\n<div class=\"df\">\u793e\u50b5\u3084\u30ed\u30fc\u30f3\u306a\u3069\u5206\u6563\u3055\u308c\u305f\u975e\u30e2\u30fc\u30b2\u30fc\u30b8\u50b5\u52d9\u306e\u30d7\u30fc\u30eb\u3092\u88cf\u4ed8\u3051\u3068\u3057\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u512a\u5148\u9806\u4f4d\u306e\u7570\u306a\u308b\u30c8\u30e9\u30f3\u30b7\u30a7\u306b\u914d\u5206\u3059\u308b\u8a3c\u5238\u5316\u5546\u54c1\u306e\u7dcf\u79f0\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Collateralized Loan Obligation (CLO)<\/div>\n<div class=\"ja\">\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08CLO\uff09<\/div>\n<div class=\"df\">\u4e3b\u306b\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30ed\u30fc\u30f3\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308bCDO\u3002\u30b3\u30e9\u30c6\u30e9\u30eb\u30fb\u30de\u30cd\u30b8\u30e3\u30fc\u304c\u62c5\u4fdd\u8cc7\u7523\u306e\u58f2\u8cb7\u30fb\u7ba1\u7406\u3092\u884c\u3044\u3001CDO\u306e\u306a\u304b\u3067\u6700\u3082\u4e00\u822c\u7684\u306a\u5f62\u614b\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fi-g-lm19\">LM19 Mortgage-Backed Security (MBS) Instrument and Market Features\uff08\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08MBS\uff09\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm19\/\">LM19 \u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08MBS\uff09<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Prepayment Risk<\/div>\n<div class=\"ja\">\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u501f\u308a\u624b\u304c\u5143\u672c\u3092\u4e88\u5b9a\u3069\u304a\u308a\u306b\u8fd4\u6e08\u3057\u306a\u3044\u3053\u3068\u306b\u3088\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e0d\u78ba\u5b9f\u6027\u3002\u8fd4\u6e08\u304c\u65e9\u307e\u308b\u77ed\u7e2e\u30ea\u30b9\u30af\u3068\u3001\u9045\u308c\u308b\u5ef6\u9577\u30ea\u30b9\u30af\u304b\u3089\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Contraction Risk<\/div>\n<div class=\"ja\">\u77ed\u7e2e\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u91d1\u5229\u4f4e\u4e0b\u6642\u306b\u501f\u308a\u63db\u3048\u306a\u3069\u3067\u671f\u9650\u524d\u8fd4\u6e08\u304c\u5897\u3048\u3001\u5143\u672c\u304c\u4e88\u5b9a\u3088\u308a\u65e9\u304f\u623b\u308b\u30ea\u30b9\u30af\u3002\u6295\u8cc7\u5bb6\u306f\u4f4e\u3044\u91d1\u5229\u3067\u306e\u518d\u6295\u8cc7\u3092\u5f37\u3044\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Extension Risk<\/div>\n<div class=\"ja\">\u5ef6\u9577\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u91d1\u5229\u4e0a\u6607\u6642\u306b\u671f\u9650\u524d\u8fd4\u6e08\u304c\u6e1b\u308a\u3001\u5143\u672c\u306e\u8fd4\u6e08\u304c\u4e88\u5b9a\u3088\u308a\u9045\u308c\u308b\u30ea\u30b9\u30af\u3002\u6295\u8cc7\u5bb6\u306f\u4f4e\u3044\u5229\u56de\u308a\u306e\u8cc7\u7523\u3092\u9577\u304f\u4fdd\u6709\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Time Tranching<\/div>\n<div class=\"ja\">\u6642\u9593\u7684\u30c8\u30e9\u30f3\u30b7\u30f3\u30b0<\/div>\n<div class=\"df\">\u5143\u672c\u306e\u53d7\u53d6\u9806\u5e8f\u304c\u7570\u306a\u308b\u8907\u6570\u306e\u30c8\u30e9\u30f3\u30b7\u30a7\u3092\u4f5c\u308a\u3001\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\u3092\u6295\u8cc7\u5bb6\u9593\u3067\u518d\u914d\u5206\u3059\u308b\u4ed5\u7d44\u307f\u3002\u30ea\u30b9\u30af\u3092\u6d88\u3059\u306e\u3067\u306f\u306a\u304f\u914d\u5206\u3057\u76f4\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Loan-to-Value Ratio (LTV)<\/div>\n<div class=\"ja\">LTV\uff08\u30ed\u30fc\u30f3\u30fb\u30c8\u30a5\u30fb\u30d0\u30ea\u30e5\u30fc\uff09<\/div>\n<div class=\"df\">\u30ed\u30fc\u30f3\u6b8b\u9ad8\u3092\u62c5\u4fdd\u7269\u4ef6\u306e\u4fa1\u5024\u3067\u5272\u3063\u305f\u6bd4\u7387\u3002\u4f4e\u3044\u307b\u3069\u501f\u308a\u624b\u306e\u6301\u5206\u304c\u5927\u304d\u304f\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u306e\u640d\u5931\u304c\u5c0f\u3055\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Mortgage Pass-Through Security<\/div>\n<div class=\"ja\">\u30e2\u30fc\u30b2\u30fc\u30b8\u30fb\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238<\/div>\n<div class=\"df\">\u4f4f\u5b85\u30ed\u30fc\u30f3\u30fb\u30d7\u30fc\u30eb\u306e\u5143\u5229\u91d1\uff08\u4e88\u5b9a\u8fd4\u6e08\u3068\u671f\u9650\u524d\u8fd4\u6e08\uff09\u304b\u3089\u624b\u6570\u6599\u3092\u5dee\u3057\u5f15\u3044\u305f\u984d\u3092\u3001\u6301\u5206\u306b\u5fdc\u3058\u3066\u6295\u8cc7\u5bb6\u306b\u6bce\u6708\u652f\u6255\u3046\u8a3c\u5238\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Collateralized Mortgage Obligation (CMO)<\/div>\n<div class=\"ja\">\u62c5\u4fdd\u4ed8\u30e2\u30fc\u30b2\u30fc\u30b8\u8a3c\u5238\uff08CMO\uff09<\/div>\n<div class=\"df\">\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238\u306a\u3069\u3092\u88cf\u4ed8\u3051\u306b\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8907\u6570\u306e\u30c8\u30e9\u30f3\u30b7\u30a7\u306b\u518d\u914d\u5206\u3057\u3066\u3001\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u304c\u7570\u306a\u308b\u8a3c\u5238\u3092\u4f5c\u308b\u4ed5\u7d44\u307f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Planned Amortization Class (PAC) Tranche<\/div>\n<div class=\"ja\">PAC\u30c8\u30e9\u30f3\u30b7\u30a7\uff08\u8a08\u753b\u511f\u9084\u30c8\u30e9\u30f3\u30b7\u30a7\uff09<\/div>\n<div class=\"df\">\u671f\u9650\u524d\u8fd4\u6e08\u901f\u5ea6\u304c\u4e00\u5b9a\u306e\u7bc4\u56f2\u5185\u306b\u3042\u308b\u9650\u308a\u3001\u4e88\u5b9a\u3069\u304a\u308a\u306e\u5143\u672c\u8fd4\u6e08\u3092\u53d7\u3051\u3089\u308c\u308bCMO\u306e\u30c8\u30e9\u30f3\u30b7\u30a7\u3002\u7bc4\u56f2\u5185\u306e\u5909\u52d5\u306f\u30b5\u30dd\u30fc\u30c8\u30fb\u30c8\u30e9\u30f3\u30b7\u30a7\u304c\u5438\u53ce\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Commercial Mortgage-Backed Security (CMBS)<\/div>\n<div class=\"ja\">\u5546\u696d\u7528\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08CMBS\uff09<\/div>\n<div class=\"df\">\u5546\u696d\u7528\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u8a3c\u5238\u3002\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30fb\u30ed\u30fc\u30f3\u304c\u4e2d\u5fc3\u3067\u3001\u7269\u4ef6\u306e\u53ce\u76ca\u304c\u8fd4\u6e08\u539f\u8cc7\u3068\u306a\u308a\u3001\u30ed\u30fc\u30f3\u5358\u4f4d\u3084\u69cb\u9020\u9762\u306e\u30b3\u30fc\u30eb\u30fb\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u3092\u6301\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Balloon Risk<\/div>\n<div class=\"ja\">\u30d0\u30eb\u30fc\u30f3\u30fb\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u6e80\u671f\u306b\u6b8b\u308b\u591a\u984d\u306e\u5143\u672c\uff08\u30d0\u30eb\u30fc\u30f3\uff09\u3092\u501f\u308a\u624b\u304c\u501f\u308a\u63db\u3048\u3089\u308c\u305a\u3001\u8fd4\u6e08\u304c\u9045\u308c\u308b\u30ea\u30b9\u30af\u3002CMBS\u306b\u307f\u3089\u308c\u308b\u5ef6\u9577\u30ea\u30b9\u30af\u306e\u4e00\u7a2e\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<h2>\u3042\u308f\u305b\u3066\u4f7f\u3044\u305f\u3044\u30da\u30fc\u30b8<\/h2>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-fi-formulas\/\">CFA\u00ae\ufe0e Level 1 Fixed Income \u516c\u5f0f\u96c6\uff08\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level1-glossary\/\">CFA\u00ae\ufe0e Level 1 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><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><\/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\u3001\u7528\u8a9e\u3084\u516c\u5f0f\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<li><a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\" target=\"_blank\" rel=\"noopener\">Level 1 Leveraged Support Course\uff08\u7528\u8a9e\u96c6\u30fb\u516c\u5f0f\u96c6\u306e\u6574\u7406\u8cc7\u6599\u3064\u304d\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Fixed Income\uff08\u50b5\u5238\uff09\u306e\u91cd\u8981\u7528\u8a9e161\u8a9e\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u305f\u7528\u8a9e\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[101],"tags":[],"class_list":["post-11416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11416","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=11416"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11416\/revisions"}],"predecessor-version":[{"id":11537,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11416\/revisions\/11537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11626"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}