Credit Derivatives: Trading & Management of Credit & Default Risk (Wiley Frontiers in Finance) [Hardcover]

Satyajit Das (Author, Editor)

Book Description

Publication Date: March 24, 1998 | ISBN-10: 0471248568 | ISBN-13: 978-0471248569 | Edition: Bk&Disk

Written by some of the industry's leading names, this book provides a comprehensive overview of this increasingly important financial instrument.

Editorial Reviews

From the Publisher

Credit derivatives has emerged as an area of significant interest in global derivatives and risk management practice. These instruments promise to revolutionize the management of credit risk in banking and capital markets, furthering the enhancement of liquidity of and trading in counterparty credit risk. This book offers an excellent overview of this rapidly expanding market.

From the Back Cover

Credit Derivatives and Credit Linked Notes is a complete reference work on credit derivatives and offers comprehensive information on credit derivative products, applications, pricing/ valuation approaches, documentation issues and accounting/ taxation aspects of such transactions.

The book includes:

• Coverage of all major credit derivative structures including credit derivatives, credit linked notes, repackaging structures and portfolio securitisation·
• Examples of applications: Pricing approaches and models as well as credit portfolio management.
• Regulatory framework for credit derivatives: Documentation, accounting and taxation of credit derivative structures·
• Implications of credit derivatives for banking and credit management generally

--This text refers to an out of print or unavailable edition of this title.

See all Editorial Reviews

Product Details

• Hardcover: 564 pages
• Publisher: John Wiley & Sons Ltd (Import); Bk&Disk edition (March 24, 1998)
• Language: English
• ISBN-10: 0471248568
• ISBN-13: 978-0471248569
• Product Dimensions: 8.9 x 6.3 x 2 inches
• Shipping Weight: 2.4 pounds
• Average Customer Review: 2.2 out of 5 stars  See all reviews (5 customer reviews)
• Amazon Best Sellers Rank: #925,985 in Books (See Top 100 in Books)

More About the Author

Satyajit Das is an internationally respected expert in finance, with over 30 years' experience. He worked for the "sell side" (banks such as Citicorp Investment Bank and Merrill Lynch), the "buy side" (Treasurer of the TNT Group) and acted as a consultant advising banks, investors, corporations and central banks throughout the world. He has been within touching distance of many of the pivotal events in finance during his long career.

Das presciently anticipated many aspects of the Global Financial Crisis in his 2006 book Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives In a speech that year - The Coming Credit Crash - he argued that: "an informed analysis of the structured credit markets shows that risk is not better spread but more leveraged and (arguably) more concentrated amongst hedge funds and a small group of dealers. This does not improve the overall stability and security of the financial system but exposes it to increased risk of a "crash" during a credit downturn." He has continued to be a respected commentator on developments in the crisis, accurately anticipating many subsequent phases.

He was featured in Charles Ferguson's 2010 Oscar winning documentary Inside Job and a 2009 BBC TV documentary - Tricks with Risk.

Das is the author of many highly regarded books on derivatives and risk management, which are regarded as standard reference works for professional traders. In 2006, he published the international best seller Traders, Guns & Money, a satirical insider's account of derivatives trading. The Financial Times described it as explaining "not only the high-minded theory behind the business and its various products but the sometimes sordid reality of the industry".

His latest book is Extreme Money: The Masters of the Universe and the Cult of Risk (2011) described by Nouriel Roubini as: "A true insider's devastating analysis of the financial alchemy of the last 30 years and its destructive consequences. With his intimate first-hand knowledge, Das takes a knife to global finance and financiers to reveal its inner workings without fear or favor."

He appears regularly in the media in the US, Canada, UK, Australian, New Zealand, India and South Africa. His opinion pieces appear in prestigious publications throughout the world including the Financial Times. His blogs can be found on a number of on-line financial sites, including www.wilmott.com, www.roubini.com, www.minyanville.com, www.eurointelligence.com, www.nakedcapitalism.com and www.prudentbear.com.

Customer Reviews

Most Helpful Customer Reviews

10 of 11 people found the following review helpful:

2.0 out of 5 stars A hodge-podge of chapters written mostly by accountan ts., August 5, 1999

By A Customer

This review is from: Credit Derivatives: Trading & Management of Credit & Default Risk (Wiley Frontiers in Finance) (Hardcover)

About half the chapters are written by various accountants employed by Price Waterhouse. Only 2 out of about 20 chapter authors are recognizable names in the field.

8 of 9 people found the following review helpful:

1.0 out of 5 stars Very poor description and coverage of key issues., July 31, 1999

By A Customer

This review is from: Credit Derivatives: Trading & Management of Credit & Default Risk (Wiley Frontiers in Finance) (Hardcover)

In my opinion, this book provides a very incomprehensive and inadequate exposition of many of the key issues. The first four chapters are the most poorly written with unexplained examples and difficult to follow diagrams. Some of the latter chapters are a bit better written. The book, moreover, gives a very poor explanation of pricing techniques which should have formed the core of this text. ON the whole, i would not recommend it to anyone who wants to gain a good introduction to this topic.

6 of 7 people found the following review helpful:

1.0 out of 5 stars A poor effort, June 28, 2000

By A Customer

This review is from: Credit Derivatives: Trading & Management of Credit & Default Risk (Wiley Frontiers in Finance) (Hardcover)

I dislike this book for a number of reasons. Firstly it is incomprehensible, especially the examples. Some of the concepts are also not well explained. Secondly, it is not user-friendly. The ideas demonstrated are not presented in a coherent manner. Lastly, being basically a compilation from different authors, the chapters are also not well connected to each other. Overall a very poor effort.