- Hardcover: 500 pages
- Publisher: John Wiley & Sons (3 Sept. 2004)
- Language: English
- ISBN-10: 0470821361
- ISBN-13: 978-0470821367
- Product Dimensions: 16.2 x 5.6 x 24 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (3 customer reviews)
- Amazon Bestsellers Rank: 2,447,962 in Books (See Top 100 in Books)
- See Complete Table of Contents
Fixed Income Markets: Instruments, Applications, Mathematics (Wiley Finance) Hardcover – 3 Sep 2004
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From the Inside Flap
This book is a comprehensive and in–depth account of the global debt capital markets. It covers a wide range of instruments and their applications, including derivative instruments. Highlights of the book include: Detailed description of the main products in use in the fixed income markets today, including analysis and valuation Summary of market conventions and trading practices Extensive coverage of associated derivatives including futures, swaps, options and credit derivatives Writing style aimed at a worldwide target audience An overview of trading and investment strategy The contents will be invaluable reading for anyone with an interest in debt capital markets, especially investors, traders, bond salespersons, risk managers and banking consultants.
From the Back Cover
Moorad′s handbook is impressive in its combination of breadth and depth. It covers everything from basic bond maths to more advanced models, from analytical tools to practical trading and portfolio management, through descriptions of various cash and derivative markets and assets. the Book includes rich institutional detail. This single reference covers them all and does it with flavour. Both an expert and a novice can enjoy this highly readable book.– Antti IImanen, Managing Director, European Rates Trading, Citigorup Global Markets Ltd. This fine book provides a remarkably lucid analysis of bonds and fixed income derivatives, including hybrids and CDOs, swaps and swaptions, and credit derivatives. The text is eloquent and inspired; it manages to be very well structured whilst still allowing the author′s natural vivacity and enthusiasm to shine through. it deserves to be a best–seller. – Professor Carol Alexander, Chair of Risk Management and Director of Research, ISMA Centre, University of Reading Again a very pedagogical contribution from Moorad Choudhry, of immense interest both for students and practitioners. Exactly what you need to master the bond markets. –Philippe Priaulet, Head of Market Strategy, HSBC CCF Moorad has compiled an up–to–date almanac on international debt capital markets that achieves a rare balance of mathematical rigor and exposition to real–world marketplace practice. Intelligibly written, it elucidates the theory and practice of fixed income instruments to practitioners in a way that is set to make it an indispensable classic. I hope my words do not fail too much in describing the exceptional quality of this book. – Dr Haris Kessaris, Director, KBC Financial ProductsSee all Product Description
Top Customer Reviews
The subject is covered with exceptional clarity and precision. It cuts through the dry theory usually associated with this sort of book and makes for a highly readable and practical guide. This is a superlative work and one that will be of immense value to both practioners and students of finance alike.
Most Helpful Customer Reviews on Amazon.com (beta)
This book is the best reference text for fixed income practitioners I have come across. It presents in clear, accessible terms very high quality explanations of some very difficult concepts. This includes the term structure, spot and forward rates, hedging with derivatives, credit derivatives and structured finance products. It is a complete text. What makes it stands out compared to other texts is the wealth of information of a practical kind, of direct benefit to market traders. For example, there is a very clear explanation of how to put on yield curve relative value trades, how one conducts the analysis, puts on the trade and also the hedge.
There are one or two typos in the text but really, so what? There is valuable information here that bankers will be hard pressed to find anywhere else. Say you are a proporietary trader in credit derivatives, and you are putting on negative basis trades in cash and CDS. To make the position DV01 (or PVBP) neutral you will hedge using cash, futures or swaps. However over time, if you put in large enough positions, you will have an exposure to the swap spread itself. So you will be DV01 neutral but exposed to changes in the swap spread. Is there an instrument you can use to hedge this exposure? Well yes, there is - the SwapNote contract, a future whose underlying is the 5-year swap rate. How do I find out about SwapNote and how it trades? Not surprisingly, it's all there in Professor Choudhry's book. It is his energy and enthusisam in sharing with the wider finance community some of the most arcane facts about finance that make his books so brilliant.
Next time, please proof read your books.