All securities can be evaluated in terms of the characteristics common to allassets: value, return, risk, maturity, marketability, liquidity, and taxability. In Part I, debt securities are analyzed in terms of these characteristics.Part II delineates the different debt securities and their markets in terms of the rules, participants, and forces that govern them. After examining the different types of debt securities and their markets, Part III extends debt and fixed-income analysis from evaluation to investment and management by examining a number of active and passive bond management strategies, including cash matching, bond immunization, indexing, and contingent immunization. With most bonds having some option clause, the binomial interest rate approach to valuing bonds has become an important pricing model for bonds. Part IV describes how the binomial interest rate tree is estimated and used to price bonds with call and put options, sinking fund agreements, and convertible clauses. In Part V, asset-backed securities are examined in two chapters. Part VI consists of fourchapters covering debt derivatives. Part VII consists of four chapters devoted to swaps: interest rate swaps, swap derivatives, swap valuation, credit swaps, and currency swaps. Finally, in Part VIII, the concluding chapter of the text reviews the history of the credit markets from the 1980s to the present with a retrospective look at the 2008 financial crisis. A number of review questions, problems, and web exercises will be provided at the end of each chapter to reinforce concepts, with solutions to many of the problems included in an appendix at the end of the text. At the end of each chapter, there will also be an Interview Box consisting of questions and answers with a distinguished fixed-income portfolio manager, trader, analyst, or academician covering a subjector issue discussed in that chapter. And finally, given the broad use of the Bloomberg system for practitioners, the second edition includes a supplemental appendix describing the Bloomberg system, a listing of many of the analytical functions that can be applied to bond and debt derivative analysis, as well asdetailed explanations of how Bloomberg information and analytical functions can be applied to the topics covered in this proposed edition.
- ISBN: 978-0-470-47835-6
- Editorial: John Wiley & Sons
- Encuadernacion: Cartoné
- Páginas: 768
- Fecha Publicación: 15/09/2010
- Nº Volúmenes: 1
- Idioma: Inglés