{"id":11435,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11435"},"modified":"2026-09-24T18:42:58","modified_gmt":"2026-09-24T09:42:58","slug":"cfa-l2-fi-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l2-fi-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Fixed Income \u7528\u8a9e\u96c6\u3011Fixed Income \u306e\u91cd\u8981\u7528\u8a9e47\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 2\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\u51685\u5358\u5143\u30fb47\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\/side_by_side\/\">Level 2 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=\"#l2-fi-g-lm1\">LM1 \u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u3068\u91d1\u5229\u5909\u52d5<\/a><a href=\"#l2-fi-g-lm2\">LM2 \u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u67a0\u7d44\u307f<\/a><a href=\"#l2-fi-g-lm3\">LM3 \u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1\u3068\u5206\u6790<\/a><a href=\"#l2-fi-g-lm4\">LM4 \u4fe1\u7528\u5206\u6790\u30e2\u30c7\u30eb<\/a><a href=\"#l2-fi-g-lm5\">LM5 \u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7<\/a><\/div>\n<h2>Fixed Income \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l2-fi-g-lm1\">LM1 The Term Structure and Interest Rate Dynamics\uff08\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u3068\u91d1\u5229\u5909\u52d5\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-l2-fi-lm1\/\">LM1 \u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u3068\u91d1\u5229\u5909\u52d5<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Spot Rate<\/div>\n<div class=\"ja\">\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u5229\u56de\u308a\u3067\u3001\u73fe\u6642\u70b9\u304b\u3089\u7279\u5b9a\u306e\u5c06\u6765\u6642\u70b9\u307e\u3067\u306e\u91d1\u5229\u3092\u8868\u3059\u3002\u5404\u6642\u70b9\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5272\u5f15\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Forward Rate<\/div>\n<div class=\"ja\">\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u3042\u308b\u6642\u70b9\u304b\u3089\u59cb\u307e\u308b\u4e00\u5b9a\u671f\u9593\u306b\u9069\u7528\u3055\u308c\u308b\u91d1\u5229\u3092\u3001\u73fe\u6642\u70b9\u3067\u5408\u610f\u3057\u305f\u3082\u306e\u3002\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u7121\u88c1\u5b9a\u306e\u95a2\u4fc2\u3067\u5c0e\u304b\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Bootstrapping<\/div>\n<div class=\"ja\">\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u6cd5<\/div>\n<div class=\"df\">\u30d1\u30fc\u30fb\u30ec\u30fc\u30c8\u306a\u3069\u5229\u4ed8\u50b5\u306e\u5229\u56de\u308a\u304b\u3089\u3001\u77ed\u3044\u5e74\u9650\u304b\u3089\u9806\u306b\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3092\u9010\u6b21\u7684\u306b\u5c0e\u51fa\u3059\u308b\u624b\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Rolling Down the Yield Curve<\/div>\n<div class=\"ja\">\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3<\/div>\n<div class=\"df\">\u53f3\u4e0a\u304c\u308a\u3067\u5b89\u5b9a\u3057\u305f\u30ab\u30fc\u30d6\u306e\u3082\u3068\u3001\u6295\u8cc7\u671f\u9593\u3088\u308a\u9577\u3044\u50b5\u5238\u3092\u8cfc\u5165\u3057\u3001\u6b8b\u5b58\u671f\u9593\u306e\u77ed\u7e2e\u306b\u4f34\u3046\u5229\u56de\u308a\u4f4e\u4e0b\u306b\u3088\u308b\u5024\u4e0a\u304c\u308a\u76ca\u3092\u72d9\u3046\u6226\u7565\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Swap Spread<\/div>\n<div class=\"ja\">\u30b9\u30ef\u30c3\u30d7\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9<\/div>\n<div class=\"df\">\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u3068\u540c\u3058\u5e74\u9650\u306e\u56fd\u50b5\u5229\u56de\u308a\u3068\u306e\u5dee\u3002\u7d4c\u6e08\u5168\u4f53\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u3084\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306e\u5927\u304d\u3055\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\u540c\u3058\u5e74\u9650\u306e\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u3068\u306e\u5dee\u3002\u30b9\u30ef\u30c3\u30d7\u30fb\u30ab\u30fc\u30d6\u3092\u57fa\u6e96\u306b\u50b5\u5238\u306e\u4fe1\u7528\u30fb\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3092\u6e2c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Local Expectations Theory<\/div>\n<div class=\"ja\">\u5c40\u6240\u671f\u5f85\u4eee\u8aac<\/div>\n<div class=\"df\">\u6e80\u671f\u306b\u304b\u304b\u308f\u3089\u305a\u3001\u3069\u306e\u50b5\u5238\u3082\u77ed\u671f\u306e\u4fdd\u6709\u671f\u9593\u3067\u306f\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u3068\u540c\u3058\u30ea\u30bf\u30fc\u30f3\u3092\u751f\u3080\u3068\u3059\u308b\u671f\u9593\u69cb\u9020\u7406\u8ad6\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Liquidity Preference Theory<\/div>\n<div class=\"ja\">\u6d41\u52d5\u6027\u9078\u597d\u4eee\u8aac<\/div>\n<div class=\"df\">\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u4e88\u60f3\u5c06\u6765\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u306b\u3001\u9577\u671f\u50b5\u3092\u4fdd\u6709\u3059\u308b\u30ea\u30b9\u30af\u3078\u306e\u5bfe\u4fa1\u3067\u3042\u308b\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u52a0\u3048\u305f\u3082\u306e\u3068\u3059\u308b\u7406\u8ad6\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Preferred Habitat Theory<\/div>\n<div class=\"ja\">\u7279\u5b9a\u671f\u9593\u9078\u597d\u4eee\u8aac<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bb6\u306f\u9078\u597d\u3059\u308b\u5e74\u9650\u3092\u6301\u3064\u304c\u3001\u5341\u5206\u306a\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u3042\u308c\u3070\u4ed6\u306e\u5e74\u9650\u306b\u3082\u79fb\u52d5\u3059\u308b\u3068\u3059\u308b\u671f\u9593\u69cb\u9020\u7406\u8ad6\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Key Rate Duration<\/div>\n<div class=\"ja\">\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u7279\u5b9a\u306e\u5e74\u9650\u306e\u91d1\u5229\u3060\u3051\u304c\u5909\u5316\u3057\u305f\u3068\u304d\u306e\u50b5\u5238\u4fa1\u683c\u306e\u611f\u5fdc\u5ea6\u3002\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u5909\u5316\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u306e\u628a\u63e1\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<h3 id=\"l2-fi-g-lm2\">LM2 The Arbitrage-Free Valuation Framework\uff08\u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u67a0\u7d44\u307f\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-l2-fi-lm2\/\">LM2 \u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u67a0\u7d44\u307f<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Arbitrage-Free Valuation<\/div>\n<div class=\"ja\">\u7121\u88c1\u5b9a\u8a55\u4fa1<\/div>\n<div class=\"df\">\u88c1\u5b9a\u6a5f\u4f1a\u304c\u5b58\u5728\u3057\u306a\u3044\u3088\u3046\u306b\u8cc7\u7523\u3092\u8a55\u4fa1\u3059\u308b\u8003\u3048\u65b9\u3002\u50b5\u5238\u306e\u4fa1\u5024\u306f\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\u305f\u5408\u8a08\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Value Additivity<\/div>\n<div class=\"ja\">\u4fa1\u5024\u306e\u52a0\u6cd5\u6027<\/div>\n<div class=\"df\">\u5404\u90e8\u5206\u306e\u4fa1\u5024\u306e\u5408\u8a08\u304c\u5168\u4f53\u306e\u4fa1\u5024\u306b\u7b49\u3057\u3044\u3068\u3044\u3046\u539f\u7406\u3002\u6210\u308a\u7acb\u305f\u306a\u3044\u5834\u5408\u3001\u30b9\u30c8\u30ea\u30c3\u30d4\u30f3\u30b0\u3084\u518d\u69cb\u6210\u306b\u3088\u308b\u88c1\u5b9a\u304c\u53ef\u80fd\u306b\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Binomial Interest Rate Tree<\/div>\n<div class=\"ja\">\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc<\/div>\n<div class=\"df\">\u5404\u671f\u306b1\u671f\u9593\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u304c\u4e0a\u6607\u30fb\u4e0b\u843d\u306e2\u72b6\u614b\u306b\u5206\u5c90\u3059\u308b\u3068\u4eee\u5b9a\u3057\u305f\u91d1\u5229\u30e2\u30c7\u30eb\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4eee\u5b9a\u306b\u57fa\u3065\u304d\u69cb\u7bc9\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Calibration<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u50b5\u5238\u3092\u30c4\u30ea\u30fc\u3067\u8a55\u4fa1\u3057\u305f\u4fa1\u5024\u304c\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4\u3059\u308b\u3088\u3046\u306b\u3001\u30c4\u30ea\u30fc\u306e\u91d1\u5229\u3092\u8abf\u6574\u3059\u308b\u4f5c\u696d\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Backward Induction<\/div>\n<div class=\"ja\">\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5<\/div>\n<div class=\"df\">\u6e80\u671f\u304b\u3089\u73fe\u5728\u306b\u5411\u304b\u3063\u3066\u3001\u5404\u30ce\u30fc\u30c9\u306e\u4fa1\u5024\u3092\u6b21\u671f2\u30ce\u30fc\u30c9\u306e\u4fa1\u5024\u306e\u671f\u5f85\u5024\u3092\u5272\u308a\u5f15\u3044\u3066\u9806\u306b\u6c42\u3081\u308b\u8a55\u4fa1\u624b\u9806\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Pathwise Valuation<\/div>\n<div class=\"ja\">\u30d1\u30b9\u30ef\u30a4\u30ba\u8a55\u4fa1<\/div>\n<div class=\"df\">\u30c4\u30ea\u30fc\u4e0a\u306e\u5404\u91d1\u5229\u30d1\u30b9\u3067\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u308a\u5f15\u3044\u3066\u73fe\u5728\u4fa1\u5024\u3092\u6c42\u3081\u3001\u5168\u30d1\u30b9\u306e\u5e73\u5747\u3092\u50b5\u5238\u4fa1\u5024\u3068\u3059\u308b\u65b9\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Monte Carlo Method<\/div>\n<div class=\"ja\">\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u6cd5<\/div>\n<div class=\"df\">\u591a\u6570\u306e\u91d1\u5229\u30d1\u30b9\u3092\u30e9\u30f3\u30c0\u30e0\u306b\u751f\u6210\u3057\u3001\u5404\u30d1\u30b9\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5e73\u5747\u3057\u3066\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3002MBS\u306a\u3069\u7d4c\u8def\u4f9d\u5b58\u306e\u8a3c\u5238\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Equilibrium Term Structure Model<\/div>\n<div class=\"ja\">\u5747\u8861\u671f\u9593\u69cb\u9020\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u7d4c\u6e08\u306e\u57fa\u672c\u7684\u306a\u5909\u6570\u304b\u3089\u91d1\u5229\u306e\u52d5\u304d\u3092\u8a18\u8ff0\u3059\u308b\u30e2\u30c7\u30eb\u3002CIR\u3084\u30d0\u30b7\u30c1\u30a7\u30c3\u30af\u304c\u4ee3\u8868\u4f8b\u3067\u3001\u5e73\u5747\u56de\u5e30\u3092\u542b\u3080\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Arbitrage-Free Term Structure Model<\/div>\n<div class=\"ja\">\u7121\u88c1\u5b9a\u671f\u9593\u69cb\u9020\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u89b3\u5bdf\u3055\u308c\u308b\u5e02\u5834\u4fa1\u683c\u3092\u6240\u4e0e\u3068\u3057\u3066\u3001\u305d\u308c\u3068\u6574\u5408\u3059\u308b\u3088\u3046\u306b\u91d1\u5229\u306e\u52d5\u304d\u3092\u8a2d\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3002\u30db\u30fc\u30fb\u30ea\u30fc\u3084KWF\u304c\u4ee3\u8868\u4f8b\u3002<\/div>\n<\/div>\n<h3 id=\"l2-fi-g-lm3\">LM3 Valuation and Analysis of Bonds with Embedded Options\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1\u3068\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-l2-fi-lm3\/\">LM3 \u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1\u3068\u5206\u6790<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Callable Bond<\/div>\n<div class=\"ja\">\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5<\/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\u4fa1\u5024\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306e\u4fa1\u5024\u304b\u3089\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\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<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bb6\u304c\u6e80\u671f\u524d\u306b\u6240\u5b9a\u306e\u4fa1\u683c\u3067\u767a\u884c\u4f53\u306b\u58f2\u308a\u623b\u305b\u308b\u6a29\u5229\u3092\u6301\u3064\u50b5\u5238\u3002\u4fa1\u5024\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306e\u4fa1\u5024\u306b\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u52a0\u3048\u305f\u3082\u306e\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Extendible Bond<\/div>\n<div class=\"ja\">\u30a8\u30af\u30b9\u30c6\u30f3\u30c0\u30d6\u30eb\u50b5<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bb6\u304c\u5f53\u521d\u306e\u6e80\u671f\u5230\u6765\u6642\u306b\u6e80\u671f\u3092\u5ef6\u9577\u3059\u308b\u6a29\u5229\u3092\u6301\u3064\u50b5\u5238\u3002\u5ef6\u9577\u5f8c\u306e\u6e80\u671f\u3092\u6301\u3064\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u3068\u540c\u7b49\u306e\u69cb\u9020\u3068\u306a\u308b\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\">\u30c4\u30ea\u30fc\u306e\u3059\u3079\u3066\u306e\u91d1\u5229\u306b\u4e00\u5b9a\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u52a0\u3048\u3001\u8a55\u4fa1\u984d\u3092\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4\u3055\u305b\u308b\u30b9\u30d7\u30ec\u30c3\u30c9\u3002\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5f71\u97ff\u3092\u9664\u3044\u305f\u4e0a\u4e57\u305b\u5e45\u3092\u8868\u3059\u3002<\/div>\n<\/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\u30ab\u30fc\u30d6\u3092\u5e73\u884c\u79fb\u52d5\u3055\u305b\u305f\u3068\u304d\u306e\u50b5\u5238\u4fa1\u683c\u306e\u5909\u5316\u7387\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u91d1\u5229\u3067\u5909\u308f\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u611f\u5fdc\u5ea6\u6307\u6a19\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">One-Sided Duration<\/div>\n<div class=\"ja\">\u7247\u5074\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u91d1\u5229\u306e\u4e0a\u6607\u6642\u306e\u307f\u3001\u307e\u305f\u306f\u4f4e\u4e0b\u6642\u306e\u307f\u3092\u60f3\u5b9a\u3057\u3066\u8a08\u7b97\u3057\u305f\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u975e\u5bfe\u79f0\u306a\u4fa1\u683c\u53cd\u5fdc\u3092\u6349\u3048\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\">\u91d1\u5229\u5909\u5316\u306b\u4f34\u3046\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u5909\u5316\u3092\u6349\u3048\u308b\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u5411\u3051\u306e\u6307\u6a19\u3002\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306f\u4f4e\u91d1\u5229\u5c40\u9762\u3067\u8ca0\u3068\u306a\u308a\u5f97\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Capped Floater<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30c3\u30d7\u4ed8\u304d\u5909\u52d5\u5229\u4ed8\u50b5<\/div>\n<div class=\"df\">\u30af\u30fc\u30dd\u30f3\u306b\u4e0a\u9650\u304c\u3042\u308b\u5909\u52d5\u5229\u4ed8\u50b5\u3002\u6295\u8cc7\u5bb6\u304c\u767a\u884c\u4f53\u306b\u30ad\u30e3\u30c3\u30d7\u3092\u58f2\u3063\u305f\u5f62\u3067\u3001\u4fa1\u5024\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u5909\u52d5\u5229\u4ed8\u50b5\u304b\u3089\u30ad\u30e3\u30c3\u30d7\u306e\u4fa1\u5024\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Conversion Ratio<\/div>\n<div class=\"ja\">\u8ee2\u63db\u6bd4\u7387<\/div>\n<div class=\"df\">\u8ee2\u63db\u793e\u50b51\u5358\u4f4d\u3092\u8ee2\u63db\u3057\u305f\u3068\u304d\u306b\u53d7\u3051\u53d6\u308b\u666e\u901a\u682a\u5f0f\u306e\u6570\u3002\u984d\u9762\u3092\u8ee2\u63db\u6bd4\u7387\u3067\u5272\u308b\u3068\u8ee2\u63db\u4fa1\u683c\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Market Conversion Premium<\/div>\n<div class=\"ja\">\u5e02\u5834\u8ee2\u63db\u30d7\u30ec\u30df\u30a2\u30e0<\/div>\n<div class=\"df\">\u8ee2\u63db\u793e\u50b5\u306e\u4fa1\u683c\u3092\u8ee2\u63db\u6bd4\u7387\u3067\u5272\u3063\u305f\u5e02\u5834\u8ee2\u63db\u4fa1\u683c\u304c\u3001\u73fe\u5728\u306e\u682a\u4fa1\u3092\u4e0a\u56de\u308b\u90e8\u5206\u3002\u682a\u5f0f\u3092\u76f4\u63a5\u8cb7\u3046\u5834\u5408\u3068\u306e\u6bd4\u8f03\u3067\u306e\u4e0a\u4e57\u305b\u5206\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<h3 id=\"l2-fi-g-lm4\">LM4 Credit Analysis Models\uff08\u4fe1\u7528\u5206\u6790\u30e2\u30c7\u30eb\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-l2-fi-lm4\/\">LM4 \u4fe1\u7528\u5206\u6790\u30e2\u30c7\u30eb<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Expected Exposure<\/div>\n<div class=\"ja\">\u671f\u5f85\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc<\/div>\n<div class=\"df\">\u30c7\u30d5\u30a9\u30eb\u30c8\u304c\u8d77\u304d\u305f\u6642\u70b9\u3067\u640d\u5931\u306b\u3055\u3089\u3055\u308c\u308b\u3068\u898b\u8fbc\u307e\u308c\u308b\u50b5\u6a29\u306e\u984d\u3002\u671f\u5f85\u640d\u5931\u306e\u8a08\u7b97\u306e\u51fa\u767a\u70b9\u3068\u306a\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\uff08LGD\uff09<\/div>\n<div class=\"df\">\u30c7\u30d5\u30a9\u30eb\u30c8\u304c\u8d77\u304d\u305f\u5834\u5408\u306b\u56de\u53ce\u3067\u304d\u305a\u306b\u5931\u308f\u308c\u308b\u91d1\u984d\u3002\u671f\u5f85\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc \u00d7\uff081 \u2212 \u56de\u53ce\u7387\uff09\u3067\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Hazard Rate<\/div>\n<div class=\"ja\">\u30cf\u30b6\u30fc\u30c9\u7387<\/div>\n<div class=\"df\">\u524d\u671f\u307e\u3067\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u3066\u3044\u306a\u3044\u3053\u3068\u3092\u6761\u4ef6\u3068\u3057\u305f\u3001\u5f53\u8a72\u671f\u9593\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3002\u5404\u671f\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3068\u751f\u5b58\u78ba\u7387\u306e\u8a08\u7b97\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Credit Valuation Adjustment (CVA)<\/div>\n<div class=\"ja\">\u4fe1\u7528\u8a55\u4fa1\u8abf\u6574\uff08CVA\uff09<\/div>\n<div class=\"df\">\u5404\u671f\u306e\u671f\u5f85\u640d\u5931\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3002\u30ea\u30b9\u30af\u306e\u306a\u3044\u50b5\u5238\u306e\u4fa1\u5024\u304b\u3089CVA\u3092\u5dee\u3057\u5f15\u304f\u3068\u3001\u30ea\u30b9\u30af\u306e\u3042\u308b\u50b5\u5238\u306e\u4fa1\u5024\u3068\u306a\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\">\u540c\u3058\u767a\u884c\u4f53\u3067\u3082\u50b5\u52d9\u306e\u512a\u5148\u9806\u4f4d\u3084\u62c5\u4fdd\u306e\u9055\u3044\u306b\u5fdc\u3058\u3066\u3001\u500b\u5225\u306e\u50b5\u5238\u306e\u683c\u4ed8\u3051\u3092\u767a\u884c\u4f53\u683c\u4ed8\u3051\u304b\u3089\u4e0a\u4e0b\u306b\u8abf\u6574\u3059\u308b\u3053\u3068\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Credit Migration<\/div>\n<div class=\"ja\">\u683c\u4ed8\u3051\u63a8\u79fb<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u3084\u50b5\u5238\u306e\u4fe1\u7528\u683c\u4ed8\u3051\u304c\u6642\u9593\u3068\u3068\u3082\u306b\u5909\u5316\u3059\u308b\u3053\u3068\u3002\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5909\u5316\u3092\u901a\u3058\u3066\u50b5\u5238\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306b\u5f71\u97ff\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Structural Model<\/div>\n<div class=\"ja\">\u69cb\u9020\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u4f01\u696d\u306e\u8cc7\u7523\u4fa1\u5024\u3068\u8ca0\u50b5\u306e\u69cb\u9020\u304b\u3089\u30c7\u30d5\u30a9\u30eb\u30c8\u3092\u8aac\u660e\u3059\u308b\u4fe1\u7528\u30ea\u30b9\u30af\u30fb\u30e2\u30c7\u30eb\u3002\u682a\u4e3b\u306e\u6709\u9650\u8cac\u4efb\u3092\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u3057\u3066\u8868\u73fe\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Reduced-Form Model<\/div>\n<div class=\"ja\">\u8a98\u5c0e\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u30c7\u30d5\u30a9\u30eb\u30c8\u3092\u5916\u751f\u7684\u306a\u4e8b\u8c61\u3068\u3057\u3066\u6271\u3044\u3001\u89b3\u5bdf\u53ef\u80fd\u306a\u5e02\u5834\u30c7\u30fc\u30bf\u304b\u3089\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3092\u63a8\u5b9a\u3059\u308b\u4fe1\u7528\u30ea\u30b9\u30af\u30fb\u30e2\u30c7\u30eb\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\">\u6e80\u671f\u3054\u3068\u306e\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u95a2\u4fc2\u3002\u6295\u8cc7\u9069\u683c\u50b5\u3067\u306f\u53f3\u4e0a\u304c\u308a\u3001\u4f4e\u683c\u4ed8\u50b5\u3067\u306f\u5e73\u5766\u3084\u9006\u30a4\u30fc\u30eb\u30c9\u306b\u306a\u308a\u3084\u3059\u3044\u3002<\/div>\n<\/div>\n<h3 id=\"l2-fi-g-lm5\">LM5 Credit Default Swaps\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\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-l2-fi-lm5\/\">LM5 \u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Credit Default Swap (CDS)<\/div>\n<div class=\"ja\">\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\uff08CDS\uff09<\/div>\n<div class=\"df\">\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u8cb7\u3044\u624b\u304c\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3044\u3001\u53c2\u7167\u4f01\u696d\u306b\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8\u304c\u8d77\u304d\u305f\u5834\u5408\u306b\u58f2\u308a\u624b\u304b\u3089\u640d\u5931\u306e\u88dc\u511f\u3092\u53d7\u3051\u308b\u5951\u7d04\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Reference Entity<\/div>\n<div class=\"ja\">\u53c2\u7167\u4f01\u696d<\/div>\n<div class=\"df\">CDS\u3067\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u5bfe\u8c61\u3068\u306a\u308b\u4f01\u696d\u3002\u3053\u306e\u4f01\u696d\u306b\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8\u304c\u751f\u3058\u308b\u3068\u88dc\u511f\u306e\u652f\u6255\u3044\u304c\u767a\u751f\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Credit Event<\/div>\n<div class=\"ja\">\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30a4\u30d9\u30f3\u30c8<\/div>\n<div class=\"df\">CDS\u306e\u652f\u6255\u3044\u3092\u767a\u751f\u3055\u305b\u308b\u4e8b\u8c61\u3002\u7834\u7523\u3001\u652f\u6255\u4e0d\u5c65\u884c\u3001\u30ea\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0\u304c\u8a72\u5f53\u3057\u3001\u6c7a\u5b9a\u59d4\u54e1\u4f1a\u304c\u8a8d\u5b9a\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cheapest-to-Deliver Obligation<\/div>\n<div class=\"ja\">\u6700\u5272\u5b89\u53d7\u6e21\u50b5\u5238<\/div>\n<div class=\"df\">CDS\u306e\u73fe\u7269\u6c7a\u6e08\u3067\u5f15\u6e21\u3057\u53ef\u80fd\u306a\u50b5\u5238\u306e\u3046\u3061\u6700\u3082\u5b89\u4fa1\u306a\u3082\u306e\u3002\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u8cb7\u3044\u624b\u306f\u3053\u306e\u50b5\u5238\u3092\u5f15\u304d\u6e21\u3059\u3053\u3068\u304c\u5408\u7406\u7684\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Upfront Premium<\/div>\n<div class=\"ja\">\u30a2\u30c3\u30d7\u30d5\u30ed\u30f3\u30c8\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/div>\n<div class=\"df\">CDS\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u6a19\u6e96\u30af\u30fc\u30dd\u30f3\u306e\u5dee\u3092\u5951\u7d04\u958b\u59cb\u6642\u306b\u4e00\u62ec\u3067\u8abf\u6574\u3059\u308b\u652f\u6255\u3044\u3002\u304a\u304a\u3080\u306d\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5dee \u00d7 \u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u8fd1\u4f3c\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Protection Leg<\/div>\n<div class=\"ja\">\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u30fb\u30ec\u30c3\u30b0<\/div>\n<div class=\"df\">CDS\u3067\u58f2\u308a\u624b\u304c\u8cb7\u3044\u624b\u306b\u652f\u6255\u3046\u88dc\u511f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002\u305d\u306e\u671f\u5f85\u73fe\u5728\u4fa1\u5024\u306f\u30cf\u30b6\u30fc\u30c9\u7387\u3068\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\u304b\u3089\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Premium Leg<\/div>\n<div class=\"ja\">\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30ec\u30c3\u30b0<\/div>\n<div class=\"df\">CDS\u3067\u8cb7\u3044\u624b\u304c\u58f2\u308a\u624b\u306b\u652f\u6255\u3046\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u30fb\u30ec\u30c3\u30b0\u3068\u306e\u4fa1\u5024\u306e\u5dee\u304cCDS\u306e\u4fa1\u5024\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Index CDS<\/div>\n<div class=\"ja\">\u30a4\u30f3\u30c7\u30c3\u30af\u30b9CDS<\/div>\n<div class=\"df\">\u8907\u6570\u306e\u53c2\u7167\u4f01\u696d\u3092\u675f\u306d\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u5bfe\u8c61\u3068\u3059\u308bCDS\u3002\u69cb\u6210\u4f01\u696d\u9593\u306e\u76f8\u95a2\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">CDS Basis<\/div>\n<div class=\"ja\">CDS\u30d9\u30fc\u30b7\u30b9<\/div>\n<div class=\"df\">\u540c\u3058\u53c2\u7167\u4f01\u696d\u306e\u50b5\u5238\u306e\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u3068CDS\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u306e\u5dee\u3002\u6d41\u52d5\u6027\u3084\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u306a\u3069\u306e\u9055\u3044\u304b\u3089\u751f\u3058\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-l2-fi-formulas\/\">CFA\u00ae\ufe0e Level 2 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-level2-glossary\/\">CFA\u00ae\ufe0e Level 2 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-fi\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Fixed Income\uff09<\/a><\/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\/side_by_side\/\" target=\"_blank\" rel=\"noopener\">Level 2 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 2 Fixed 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