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Fixed Income Markets: Instruments, Applications, Mathematics (Wiley Finance) Hardcover – 3 Sep 2004

5.0 out of 5 stars 3 customer reviews

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Product details

  • 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

Product Description

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 Products

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Top Customer Reviews

Format: Hardcover
Deserves to be the bond market standard benchmark text: this is an excellent all-round coverage of fixed income cash and derivatives markets. There is good description and analysis of instruments and their applications. Particularly useful is the section on hedging and trading, with description of how to hedge interest-rate and spread risk. Very useful for practitioners. Highly recommended.
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Format: Hardcover
Yet another fine body of work from this author!

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.
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Format: Hardcover
I would particularly like to recommend this book for the concise manner in which the money markets are explained and chapter seven especially. Mr Choudhry clearly wrote this book as his style is similar to his other great books. I like the way stuff is explained for the layman trying to get a grasp of a huge subject are.
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Most Helpful Customer Reviews on (beta) 3.7 out of 5 stars 3 reviews
5.0 out of 5 stars Information Savvy and Well Written to boot! 3 Nov. 2010
By Fixed Income Relative Value - Published on
Format: Hardcover
Thought the last two chapters were pretty on par with what I do and very well written, along with the rest of the book. Although a tutorial, and an apt one at that, it's actually quite a pleasant read. Ideas are presented clearly and with excellent real life examples which include analyses implemented through bloomberg (another useful addition). A specific example of the credibility of the author's analysis was his hinting towards duration neutrality in a trade not implying risklessness since duration is a dynamic variable. I thought this was a very important concept and one not to be forgotten in an environment with more IR volatility. His regression analysis I found applicable as well, and although I do not use this method too often, unless judging performance relative to a benchmark, by the author's addressing it, it displays how thorough he is in his analysis. Overall, a very useful tool and one that myself and colleagues will continue to use as a reference.
1 of 2 people found the following review helpful
5.0 out of 5 stars Were we reading the same book? 16 Jan. 2006
By Adale - Published on
Format: Hardcover
Excellent book on all aspects of fixed income trading - 5 stars
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.
3 of 5 people found the following review helpful
1.0 out of 5 stars Riddled with mistakes 26 Dec. 2005
By Amazon Customer - Published on
Format: Hardcover
I'm sure some good things must be said about Dr. Choudhry's book. However, the book is riddled with mistakes, errors anbd mis-spellings. It is an unreliable source. I am personally upset I spent so much money and I can't trust a single word it says.

Next time, please proof read your books.
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