Fixed income is not just one asset class, but rather a broad array of markets ranging from "risk-free" bonds (US Treasuries), with a guaranty of repayment by the US government, to highly speculative instruments (distressed debt) with a meaningful risk of default. Corporate credit, the focus of this course, is a third fixed income category which sits between Treasuries and stocks on the risk spectrum, and includes investment grade bonds, high yield bonds/loans, and private credit instruments.