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Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide (The Wiley Finance Series) [Hardcover]

Neil C. Schofield , Troy Bowler
4.2 out of 5 stars  See all reviews (4 customer reviews)
RRP: 45.00
Price: 29.25 & FREE Delivery in the UK. Details
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Book Description

30 Sep 2011 The Wiley Finance Series
Trading the Fixed Income, Inflation and Credit Markets is a comprehensive guide to the most popular strategies that are used in the wholesale financial markets, answering the question: what is the optimal way to express a view on expected market movements? This relatively unique approach to relative value highlights the pricing links between the different products and how these relationships can be used as the basis for a number of trading strategies. The book begins by looking at the main derivative products and their pricing interrelationships. It shows that within any asset class there are mathematical relationships that tie together four key building blocks: cash products, forwards/futures, swaps and options. The nature of these interrelationships means that there may be a variety of different ways in which a particular strategy can be expressed. It then moves on to relative value within a fixed income context and looks at strategies that build on the pricing relationships between products as well as those that focus on how to identify the optimal way to express a view on the movement of the yield curve. It concludes by taking the main themes of relative value and showing how they can be applied within other asset classes. Although the main focus is fixed income the book does cover multiple asset classes including credit and inflation. Written from a practitioner′s perspective, the book illustrates how the products are used by including many worked examples and a number of screenshots to ensure that the content is as practical and applied as possible.

Frequently Bought Together

Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide (The Wiley Finance Series) + Bond Math: The Theory Behind the Formulas (Wiley Finance) + Fixed Income Relative Value Analysis: A Practitioners Guide to the Theory, Tools, and Trades + Website (Bloomberg Financial)
Price For All Three: 108.75

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Product details

  • Hardcover: 310 pages
  • Publisher: John Wiley & Sons; 1 edition (30 Sep 2011)
  • Language: English
  • ISBN-10: 0470742291
  • ISBN-13: 978-0470742297
  • Product Dimensions: 25.7 x 17.2 x 2.3 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Bestsellers Rank: 201,155 in Books (See Top 100 in Books)
  • See Complete Table of Contents

More About the Author

Neil Schofield is the principal of FMT Ltd., a UK-based company offering training services in the areas of treasury, derivatives, capital markets and risk management to financial institutions, central banks and corporations worldwide.

Neil was global head of Financial Markets training at Barclays Capital from 2001 to 2008. He teaches primarily on the rates business, covering all of the major asset classes and their respective derivative products from foreign exchange through to commodities.

Before joining Barclays Capital, he was a director at Chisholm-Roth Training for 4 years, where he was responsible for provision of training services for a number of blue chip global investment banks. Clients included Citigroup, Deutsche Bank and JP Morgan Chase.

He started his training career at Chase Manhattan Bank, where he was originally employed as an internal auditor. Over a period of nine years, he conducted numerous internal and external training seminars including the Bank of England and the Federal Reserve System in the USA. He has also held positions with Security Pacific Hoare Govett (now trading as Bank of America) and Lloyds TSB.

Neil holds a B.Sc. in Economics from Loughborough University and an MBA from Manchester Business School. He was elected as a Fellow of the IFS School of Finance (formerly the Chartered Institute of Bankers) in 1999.
Neil was appointed as a Visiting Fellow at the University of Reading ICMA centre in April, 2007.

He is author of the book "Commodity Derivatives: Markets and Applications" and "Trading the Fixed Income, Inflation and Credit Markets" both published by Wiley.

He is currently writing two books a co-authored book entitled "Trading inflation: markets, instruments and strategies" and a sole authored book "Equity derivatives: corporate and institutional and applications".


Product Description

From the Inside Flap

Trading the fixed income, inflation and credit markets "The book covers a number of topics from an applied perspective and includes a variety of subjects that rarely see the light of day. It is an excellent insight into how the markets think about these subjects and has so many useful examples of trade ideas. As a former bond trader, I found the update on developments that it gave me quite invaluable." —Professor Brian Scott–Quinn, Chairman ICMA Centre for Financial Markets, Henley Business School "This is a concise text written in a relaxed style and packed with real–world examples. This ′relative value guide′ is a very valuable publication and will no doubt be regarded as a standard reference manual for fixed income practitioners at all levels. Anyone looking to move quickly up the learning curve in these complex markets will benefit from reading this comprehensive text, and from having it close to hand for professional use." — Professor John Board, Dean of Henley Business School, University of Reading

From the Back Cover

Trading the Fixed Income, Inflation and Credit Markets is a comprehensive guide to the most popular strategies that are used in the wholesale financial markets, answering the question: what is the optimal way to express a view on expected market movements? This relatively unique approach to relative value highlights the pricing links between the different products and how these relationships can be used as the basis for a number of trading strategies. The book begins by looking at the main derivative products and their pricing interrelationships. It shows that within any asset class there are mathematical relationships that tie together four key building blocks: cash products, forwards/futures, swaps and options. The nature of these interrelationships means that there may be a variety of different ways in which a particular strategy can be expressed. It then moves on to relative value within a fixed income context and looks at strategies that build on the pricing relationships between products as well as those that focus on how to identify the optimal way to express a view on the movement of the yield curve. It concludes by taking the main themes of relative value and showing how they can be applied within other asset classes. Although the main focus is fixed income the book does cover multiple asset classes including credit and inflation. Written from a practitioner′s perspective, the book illustrates how the products are used by including many worked examples and a number of screenshots to ensure that the content is as practical and applied as possible.


Customer Reviews

4.2 out of 5 stars
4.2 out of 5 stars
Most Helpful Customer Reviews
5 of 6 people found the following review helpful
5.0 out of 5 stars Excellent book for a practioner!! 26 May 2012
Format:Hardcover|Verified Purchase
If you work in fixed income markets, etiher on the buy side or the sell side and you quickly want a book that gets you up to speed on a practical basis, what book do you buy? THIS ONE! Books like Hull, Fabozzi are excellent for theoretical understanding of the fixed income markets. Fabozzi in my opinion does a better job a practice of fixed income markets than hull and is totally focused on FI, where Hull is much more general. BUT This book gives you a very concise way all the stuff you need to know to get up to speed in a trading room, portfolio management, market risk environment. I would highly recommend it. I work on the buy side in quant & risk and this very useful.
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4 of 5 people found the following review helpful
5.0 out of 5 stars The best practical fixed income book I have read. 5 April 2012
By Patrick
Format:Hardcover
This book is an extremely practical text, aimed at market participants, and in my opinion is the best practical fixed income book available. The two authors work at Barclays Capital, and wrote this book in order to educate new hires in the fixed income department. It looks at the most important fixed income derivatives, explains the interrelationships between them in a way that no other book does. It starts out with fundamental concepts, looks at pricing relationships, risk management, all in an extremely practical manner.

This book is designed for a reader with some basic market knowledge, and then brings them to the next level. It looks at real world situations and shows how a professional trader might come up with a view and express it in the markets. Along with the Hull book, this book deserves a position on the bookshelf of any professional trader.

I have been a market practitioner for 15 years, and also teach the derivatives elective at a University to Masters in Finance students. I have recommended that my students all buy this book, as it brings a person with moderate financial knowledge up to speed very quickly.
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4.0 out of 5 stars Very useful practical guide 26 April 2014
Format:Kindle Edition|Verified Purchase
This book is a very good source for everyone who wants to learn the jargon and relationships in the fixed income markets. Basic does not mean easy though. I had to read the chapter about the relationship between futures, the cheapest to deliver bonds and the resulting optionality several times.
It will also help you to understand how traders express views on the markets and gives plenty of examples how to implement different strategies.
Some of the “rules of thumb” are clearly drawn from the time before the financial crisis though. (E.g. falling rates don’t usually mean a steepening of the curve…)
Higher mathematics is not required but you should be familiar with the basic mathematics of fixed income like cash flow discounting.
The only issue I had with this book was that there are several graphics or tables of market data and the text gives you an example how to read them but the referred values just are not there. (E.g. the forward swap rates in chapter 6) This is not a deal breaker but annoying nonetheless.
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2 of 3 people found the following review helpful
3.0 out of 5 stars Lots of potential, but doesn't quite deliver 28 Feb 2013
Format:Hardcover
As a fixed income strategist at a major global investment bank, I've been searching the globe for a practitioner-oriented book which doesn't skimp on technical detail for a very long time.

Schofield's and Bowler's attempt is admirable: their aim is clearly to deliver the type of book which has genuine practical use (most attempts at this by academics who have never stepped foot in a trading floor usually end in disappointment) with the necessary technical muscle to make it truly useful.

Unfortunately, they don't quite deliver. The book is very poorly edited; the authors tend to engage in useless rants in places, and the technical details are a bit sloppy (not to mention some places where it looks like the authors are just 'winging it' with a number of dubious comments; it seems like Mr Bowler is a sales person currently, so no surprises there...).

I don't mean to be harsh -- this is probably among the top 3 books I would recommend to market practitioners. I think for the next edition they just need to bring on board a highly experienced market strategist (ideally with a PhD) to tighten up some of the technicalities, and get a critical editor who can iron out the rants and factually dubious comments.

My preferred book for the practitioner remains Donald Smith's Bond Math (Bond Math: The Theory Behind the Formulas (Wiley Finance)) - although admittedly the scope of that book is quite narrow compared to Schofield and Bowler.
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 3.0 out of 5 stars  2 reviews
3 of 5 people found the following review helpful
1.0 out of 5 stars NOT a relative value guide, more like Fixed Income 101 7 Aug 2012
By larasing - Published on Amazon.com
Format:Hardcover|Verified Purchase
Despite the authors' claim that "this definition of relative value is a valid one" in the preface, the authors of the book also freely admit this book is for university students who have difficulty digesting even class material (From the preface: "student... who want a book that is not dedicated to "squiggly d's" and stochastic calculus"). Practitioner with even a year or two of training in interest rate RV and/or volatility arbitrage could breath through this book with little to gain, and should save their money. Congratulations on your marketing and clever wrapper, but content of the book falls completely flat.

Anyone looking to purchase a book titled "relative value guide" is not looking to be educated on PRODUCT DEFINITION of Constant Maturity Products in chapter 6.6 out of 8 chapters yet this is what I am looking at. Other important topic in today's fixed income RV trading such as conditional curve trades either ended up with a meager page of brief DESCRIPTION but not the logic/driver behind the trade, or nothing at all (in the case of many other interest rate RV strategies that I can think of and looking to read further on).

Save your money!!
0 of 1 people found the following review helpful
5.0 out of 5 stars Does what it says on the tin. 14 Nov 2012
By TLD - Published on Amazon.com
Format:Hardcover
This book is an in-depth, moderately paced guide to the many different ways that relative value views can be expressed in fixed income. The first half of the book takes the reader through a fixed income product refresher, price drivers, risk concepts and the relationships that exist between the various fixed income products. All of this information is fundamental to understanding how relative value trades work and what they mean. The second half of the book is dedicated to the variety of relative value trades that are commonly used in fixed income. It can be read all in one go or it can be used as a guide or reference book.
- For the new hire in the fixed income marketplace who wants a deeper understanding of the types of relatively value trades that exist, this is a good broad overview book.
- For finance professionals who need a refresher on the basic fixed income products, the first chapter provides product fundamentals but can be skipped for the reader who is already equipped with this knowledge.

From the second chapter onward, the authors introduce a relative value framework that they use throughout the book. Because a market price is about the different views that market participants have, understanding different relative value frameworks in addition to different relative value trades is always valuable.

The combination of the authors together is a good one. Mr Schofield currently is a financial market trainer and Mr Bowler is a fixed income professional, both with decades of experience. Between them, they can identify the areas that often cause confusion in financial markets and ensure they are clearly explained and they can also ensure that the examples are practical and current.
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