- CFA Exams
- 2026 Level II
- Topic 6. Fixed Income
- Learning Module 29. Credit Analysis Models
- Subject 4. Valuing Risky Bonds in an Arbitrage-Free Framework
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Subject 4. Valuing Risky Bonds in an Arbitrage-Free Framework PDF Download
When interest rates are assumed to be volatile, the credit risk of a bond can be estimated in an arbitrage-free valuation framework. The reading provides very detailed steps of valuation and will not be repeated here.
User Contributed Comments 3
| User | Comment |
|---|---|
| Rva100 | :( |
| davidt87 | tf AN? |
| CFAJ | I didn't pay this, just for you to tell me to read the damn book! |
I am happy to say that I passed! Your study notes certainly helped prepare me for what was the most difficult exam I had ever taken.

Andrea Schildbach
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