This course provides a thorough grounding in recent developments in fixed income securities pricing, hedging and portfolio management. By the end of the course, the students will be familiar with a variety of topics, including (i) an analysis of the main products traded in the credit markets, such as Government and corporate bonds, bond options, swaps, caps, floors, swaptions, callable, puttable and convertible bonds, and an analysis of the main credit derivatives such as total-return swaps, spread options and credit default swaps; (ii) the specific tools used in the industry practice to evaluate and hedge these products, which range from no-arbitrage trees and the calibration of yield curve derivatives to the main tools used to monitor and manage credit risk; (iii) the process of securitization, with particular reference to collateralized default obligations and mortgage-based securities.