The Handbook of Fixed Income Securities, 6th Edition [Hardcover]

Frank J. Fabozzi (Author)

Book Description

ISBN-10: 0071358056 | ISBN-13: 978-0071358057 | Publication Date: August 24, 2000 | Edition: 6

For nearly two decades, individual and institutional investors have relied on The Handbook of Fixed Income Securities as the world’s leading reference for fixed income information. This new edition continues to define the field, while broadening its focus with new chapters on derivatives, a greater focus on structured finance and international markets, and more emphasis on applied material for today’s time-pressed practitioner. Influential editor Frank J. Fabozzi and today’s top fixed income authorities address the latest developments, financial instruments, and portfolio strategies. Money managers and institutional investors will turn to this thoroughly revised edition for: • Strategies for managing corporate bond portfolios • Expanded coverage on asset backed securities • Techniques for hedging risk in emerging markets

Editorial Reviews

From the Back Cover

The Handbook of Fixed Income Securities 6th Edition Frank J. Fabozzi, Ph.D., CFA More than 150,000 copies sold! The Essential Fixed Income Resource—Now with More Emphasis on Application for Today’s Serious Practitioner First published in 1983, Frank Fabozzi’s The Handbook of Fixed Income Securities has become the benchmark for institutional and individual fixed income investors worldwide. Now revised and updated to keep pace with today’s fast-changing financial markets, this classic sixth edition provides in-depth coverage, analysis, and guidance on topics including: • Types and features of fixed income securities • Risks and risk control strategies • Mortgage-backed and asset-backed securities • Bond market indexes • Bonds with embedded options • Floating rate securities • Municipal bonds • Fixed-income portfolio management • Treasury securities • Inflation-indexed bonds • Interest rate derivatives and their applications To maximize returns as you minimize risk in the fixed income marketplace, it is imperative that you have the most up-to-date facts available. The Handbook of Fixed Income Securities will give you a thorough knowledge of 21st century fixed income investing—along with the safety and security of knowing today’s most trusted fixed income reference is anchoring your investment library. [FLAP COPY] Handbook of Fixed Income Securities 6th Edition Frank J. Fabozzi, Ph.D., CFA For nearly two decades, The Handbook of Fixed Income Securities has been an important reference for money managers, institutional investors, financial analysts—virtually anyone who needed the latest, most authoritative information on the global fixed income marketplace. But electronic trading, increased derivatives use, 24-hour marketplaces, and more signal the dawn of a new age of investing, replete with new fixed income opportunities and risks. Thoroughly revised and expanded, the sixth edition of Frank Fabozzi’s classic collection—filled with articles and updates from the industry’s most trusted, authoritative fixed income experts—delivers every updated fact and formula today’s finance professional needs. Updates to this edition include: • Greater focus on structured finance instruments (including asset- and mortgage-backed securities) • New chapters on derivatives and their associated risks • New and expanded coverage of international and emerging markets • State-of-the-art techniques for managing international bond portfolios • Latest strategies for managing corporate bond portfolios • New chapters on Brady Bonds, floating rate securities, and inflation-indexed bonds No other resource in print contains the depth and breadth of The Handbook of Fixed Income Securities. From equipping professionals with a general overview of fixed income securities and types to providing specific information on the rapidly growing number of classes and strategies, it has carved a niche that cannot—and will not—be equaled by any other single sourcebook. Valuable for its theoretical mastery … unsurpassed in the expertise of its contributors … essential for its hands-on guidance … The Handbook of Fixed Income Securities sets the standard for concise, complete explanation of the dynamics and opportunities inherent in today’s marketplace. It remains the financial industry’s number one fixed income resource. About the Author Frank J. Fabozzi is a leading authority on fixed income instruments and portfolio strategy. An adjunct professor of finance at Yale’s School of Management, he is also editor of The Journal of Portfolio Management, a chartered financial analyst, and a certified public accountant. Prior to joining Yale’s faculty, Dr. Fabozzi was on the faculty of MIT’s Sloan School of Management. He is the author and editor of dozens of widely acclaimed books on fixed income securities and investments, including Fixed Income Mathematics, Handbook of Mortgage-Backed Securities, The Handbook of Nonagency Mortgage Backed Securities, and numerous others

About the Author

Frank J. Fabozzi is a leading authority on fixed income instruments and portfolio strategy. An adjunct professor of finance at Yale’s School of Management, he is also editor of The Journal of Portfolio Management, a chartered financial analyst, and a certified public accountant. Prior to joining Yale’s faculty, Dr. Fabozzi was on the faculty of MIT’s Sloan School of Management. He is the author and editor of dozens of widely acclaimed books on fixed income securities and investments, including Fixed Income Mathematics, Handbook of Mortgage-Backed Securities, The Handbook of Nonagency Mortgage Backed Securities, and numerous others.

Product Details

• Hardcover: 1373 pages
• Publisher: McGraw-Hill; 6 edition (August 24, 2000)
• Language: English
• ISBN-10: 0071358056
• ISBN-13: 978-0071358057
• Product Dimensions: 9.2 x 6.3 x 2.2 inches
• Shipping Weight: 3.9 pounds
• Average Customer Review: 3.9 out of 5 stars  See all reviews (32 customer reviews)
• Amazon Best Sellers Rank: #168,036 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

111 of 118 people found the following review helpful:

3.0 out of 5 stars Very broad in horizon, but lacks the depth, March 27, 2000

By 

A. Gupta - See all my reviews
(REAL NAME)   

This review is from: The Handbook of Fixed Income Securities (Hardcover)

I used this book as a text for a graduate level "Fixed Income Analysis" course. This book covers almost all the fixed income financial instruments from plain vanilla bonds to interest rate derivatives. However, reading this book leaves the reader with a desire for more than just the peripheral knowledge, which is all this book offers.

Theoretically, this book justfies its being called a handbook, but on the mathematical front, it stands absolutely nowhere. There are little or no examples used in the text even though the author touches base on the advanced topics sometimes. Any fixed income practioner, including me, will tell you that ONE JUST CANNOT LEARN FIXED INCOME CONCEPTS WITHOUT GRASPING THE MATH BEHIND THEM, and this book scores poorly in the quantitative analysis. Fixed income securities are extremely sensitive to interest rate fluctuations, and hence, it would be only sensible to present atleast a few chapters trying to explore the concepts used in the modeling of interest rates. But this book doesn't do that. There is little quantitative discussion about duration and convexity, two of the most important risk-measurement tools for bonds.

Since it is called a handbook, I don't see any reason why the author should hold back advanced concepts from the readers. Conversely, since this book doesn't attempt to teach all the concepts to its readers, it should not be called a handbook. This problem is actually common to all the Fabozzi books. Either his math is weak, or he is just busy making money writing a handbook on every possible fixed income security. It's only a shame that a capable and learned individual like him should do such a sloppy job.

I would recommend books by Bruce Tuckman, Garbade, or Horne for more advanced and intelligent discussions on fixed income securities and interest rates rather than this book. One really need not waste money on this book. Theory on Fixed Income instruments is widely available from Federal Reserve publications, which are almost always free. Put your money only where it will produce fixed & positive returns - Fixed Income 101.

47 of 50 people found the following review helpful:

5.0 out of 5 stars The sine qua non, August 3, 2001

By 

bibliomane01 - See all my reviews

This review is from: The Handbook of Fixed Income Securities, 6th Edition (Hardcover)

This book has been around for years and new editions are lapped up by fresh generations of bond geeks. You will find a copy on pretty much every fixed income desk in the industry (including mine). Why all the hoopla? Because there is simply no other book like it. Because it is simply the most comprehensive survey of the various fixed income markets in print. For a basic understanding of the structure and institutional aspects fixed income securities, Fabozzi is the inevitable first stop. All this being said, it is important to understand the book's weaknesses. There is relatively little depth in terms of analytics and if you want formulae you will have to look elsewhere. But for basic overviews, structural details and the orientation that is a precondition for deeper study, the Handbook is in a class by itelf.

13 of 13 people found the following review helpful:

4.0 out of 5 stars Good but repetitive (collection of essays)., June 10, 2005

By 

W. O. Smith (London, UK) - See all my reviews
(REAL NAME)   

This review is from: The Handbook of Fixed Income Securities (Hardcover)

This book probably tells you everything you need to know about bonds. Certainly, I was asked four 'interview' questions about bonds the other day and I could answer all 4 confidently after reading just the opening chapters.

However the length of the book works against it. It's so huge, Fabozzi hasn't written it all himself, rather, he's relied on a number of authors to contribute chapters.

This results in an uneven flow. After a chapter 5, a fairly complex chapter covering things like calculating the yield-to-maturity by combining all of a bond's cashflows, comes chapter 6, covering such basics as how to calculate a percentage return if you invest x dollars and get back y dollars 1 year later!

Another problem is that the book's got so huge, Fabozzi's even forgotten what's in it. For example, repos are covered in pages 295-301, and pages 1048-1054. However, the coverage is almost identical, word-for-word. One is clearly just a slightly edited version of the other. Both chapters are written by Fabozzi and Steven V Mann. Perhaps Fabozzi, as editor, simply forgot that he included the information previously, and added it in again in a later edition. This kind of repetitivness just wastes the reader's time.