on 26 April 2011
This books fills a very important void in fixed income books. Many books such as Fabozzi,Hull etc are great from a theoretical perspective, but what book do you pick up when you want to know the practicalities around trading fixed income products? This one!
I've only just come across this book in 2011 and I must say that I'm so glad I did. It is a great reference book - one to be kept on your desk at work and be referred to. If you are like me, work on the Buyside in Fixed income and have a few years of experience post Uni - you can often find yourself wondering how/why some of the subtle practicalities of fixed income markets work. I find this book tends to have many of those answers.
I would thoroughly recommend this book to any practioner along side, this I'd also suggest purchasing "Fixed Income Strategy" by Tamara Mast Henderson
on 30 May 2001
This is an impressive work, visually at any rate, and at over 1000 pages commands respect on any finance professional's or student's bookshelf. There is coverage on just about every facet of the debt market, although the downside of this is that some institutional detail is sacrificed. For example the treatment of Emerging Markets is quite cursory (although balanced by a good account of Brady Bonds), although generic topics such as modified duration and convexity are covered in great detail. The author clearly enjoys writing and the book is peppered with personal references and anecdotes. Areas where the author has actual trading experience, such as UK gilts, are covered in great detail, as is bond trading strategy in chapter 50. This chapter also has the best explanation of the mathematics of spot and forward rates that I have seen. For me, the most useful part of the book was the treatment of interest rate models, made accessible by a good introduction aimed at non-mathematicians, and the use of diagrams and example illustrations. The chapters on swaps was also well presented, and (again, reflecting his own trading experience) the chapters on repo and money markets very comprehensive. This is perhaps the book's biggest asset, the coverage of all these areas in one volume. Mr Choudhry is also a bit of a fan, and enthusisatically recommends a number of his favourite writers in financial economics. All in all, a bit pricey but well worth purchasing, if only to majestically grace the bookshelf.
on 14 August 2001
Impressive, very easy to read, everything you need to know about bonds, markets and valuation. Also great on side issues like risk and financial maths. This has to be required reading for market staff. Amazing effort, I'd like to ask the author how long it took him to write it! Fantastic, worth every penny. Matthew Bartlett, London
on 29 June 2001
This is something we've all been waiting for -normally you would have to buy several different books to cover the important areas - but this book really is a one-stop-shop. I find it very useful as a teacher and a reference guide, and because of its excellent holistic approach, it took me from basics to some very sophisticated analysis in a relatively easy manner. Recommended.