Session #14 (Yield Curves) explained in detail the mechanics for building the equivalent curves for three commonly used cash flow streams in fixed income products. Namely, the Par Bond Curve, which refers to the fixed coupon security; the Zero Coupon Curve, which is related to an instrument that reinvest "automatically"  the income accrued by the bond; and the forward cyrce that generates the implicit spot rates for a strategy where the investor re-invests period after period the payments coming from short dated one-period instruments issued by the same issuer of the Zero Coupon.

We have done quite a lot of work building our intuition about going from one yield curve to another. It will be useful to put everyting in a single container that can work as a calculator of yield curves. The user can see how this was done by looking at the procedures encapsulated in the collapsed "Code Edit Regions" at the begining of the following parragraph.

It is important to underscore that all our exercises assume that the nodes are equally separated by six months.  When data is available for only a handful of nodes, but not all, we need to interpolate the missing data.  This topic is further discussed in Session #16

This is part 15 of a 45-document course on Modeling Financial Markets.