This course will explore credit markets from the perspective of a practicing asset manager using a combination of lectures and the case method.  Most discussion will begin with the risks embedded in various credit instruments, and then explore the opportunities for investors and issuers to profit from or be harmed by these risks.  We will cover a wide range of credit instruments, with a heavy emphasis on asset securitization. Our approach will be largely qualitative, but we will explore quantitative principles that are integral to fully understanding credit markets.  Our goal is to understand the conceptual underpinning of these instruments and markets well enough to critically evaluate the use (from any perspective) of current and future credit securities.