Bond Market Securities

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Financial Times Prentice Hall, 2001 - Business & Economics - 379 pages
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Investors need to be fully conversant with the differences in the way that bonds are structured, valued and traded. "Bond Market Securities" contains a wide range of methodologies that will help the reader to gain a good understanding of fixed income securities and some of their associated derivatives.

"Bond Market Securities" investigates the fundamentals of fixed income analysis, reviewing the latest research and presenting it in an accessible way that is suitable for practitioners and graduate students alike. The research is summarized in a way that allows readers to apply results to their individual requirements. Important subjects are covered in a straightforward style, using only essential mathematics, while further references are listed in full so that the reader may undertake further research.

Topics covered include:

  • Bond mathematics
  • Spot and forward rates
  • Yield curve fitting techniques
  • Term structure models
  • Credit derivatives in the fixed income markets
  • Stochastic models and option pricing
  • Hybrid securities
  • Forwards and futures
  • Market trading considerations and techniques
  • Mortgage-backed securities.

Written by a debt markets professional with many years' experience trading bonds in the markets, the book focuses on the international nature of these instruments, allowing you to apply the techniques and applications covered in the book in every debt capital market, irrespective of geographical location.

"Bond Market Securities" provides a concise and accessible description of the main elements of the markets, the instruments used and their applications, and will be ofvaluable use to both the experienced practitioner and the bond market novice.

""Bond Market Securities" is accessible to both scholars and practitioners, but sacrifices little in quantitative rigour or institutional detail. It will be added to my graduate reading lists"-- Professor Steve Satchell, Faculty of Economics and Politics, Cambridge University

"In bond markets it is easy to overcomplicate things with too much jargon, too many technical terms and too many long mathematical formulae. Moorad's book brings refreshing clarity to the subject, helping show how (and why) these markets really work."-- Peter Matthews, Senior Credit Trader and Head of FRN Trading, ABN Amro Bank NV

"Moorad is a rare combination - technically and intellectually brilliant and blessed with the personality and ability to communicate effectively with the rest of us. He has the ability to demystify the seemingly most complex concepts and an enthusiasm for his subject that shines through his writing and captures the reader's interest."-- Martin Barber, Partner, KPMG Consulting

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Contents

PART I
1
Bond instruments and interestrate risk
35
Bond pricing spot and forward rates
59
Copyright

21 other sections not shown

Common terms and phrases

About the author (2001)

Moorad Choudhry

is a vice-president with JPMorgan Chase in London. He started his City career in 1989 at the London Stock Exchange before joining the sterling Eurobond desk at Hoare Govett Fixed Interest. He was later employed as a gilt-edged market maker and treasury trader at ABN Amro Hoare Govett Sterling Bonds, where he ran the short-dated gilt book, the gilt repo book and the sterling money markets book, and was also responsible for stocks borrowing and lending and interbank funding. From there he moved on to Hambros Bank, where he set up and ran the Treasury division's sterling proprietary trading desk. He has also worked as a strategy and risk management consultant to some of the world's leading investment banks, before joining JPMorgan Chase capital markets in 2000.

Moorad has an MA in Econometrics from Reading University and an MBA from Henley Management College. He has taught courses on bond and money markets subjects for organizations both in the City of London and abroad, and has lectured at City University Business School. He is a member of the Securities Institute and the Global Association of Risk Professionals, and sits on the examination panel of the Securities Institute Bond and Fixed Income Markets Diploma paper.

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