Bond Market Securities (Prentice Hall Professional Finance) [Hardcover]

Moorad Choudhry (Author)

Book Description

ISBN-10: 027365408X | ISBN-13: 978-0273654087 | Publication Date: July 19, 2001

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 of valuable 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

Editorial Reviews

Review

Bond Market Securities -- an essential treatise I am no rocket scientist, therefore, I held many misconceived assumptions that I would have to rush out and qualify to be such a creature before I could even pick up this book. How wrong I was, and I promise you I am still not a rocket scientist, but a far superior practitioner of the bonds market. This book is a concise and accessible introduction to the diverse range of instruments that trade in the debt capital markets today. It begins with an introduction to conventional bonds and their analyses before considering the more complex techniques used in the analysis and valuation of structured products. Readers will gain from a succinct synopsis of the mathematics of spot and forward rates and an introduction to modelling the yield curve. Furthermore, uses and applications of option-adjusted spread analysis, and the analysis of index-linked bonds. No prior advanced mathematics knowledge is assumed because the author aims to put you at your ease with this subject. This is very successful and I feel confident that I can implement theoretically and practically what I have learned. Bravo! Jolyon Wagg of Henry Marshall Securities states " in my opinion Mr Choudhry is the premier exponent of bond market instruction today." I agree, and add this one to your bookshelf. Srikant Guruswamy Divendra PhD, Heinz Schuster und Funkelmann "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

From the Back Cover

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 of valuable 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

See all Editorial Reviews

Product Details

• Hardcover: 416 pages
• Publisher: Financial Times Prentice Hall (July 19, 2001)
• Language: English
• ISBN-10: 027365408X
• ISBN-13: 978-0273654087
• Product Dimensions: 10 x 7.7 x 1 inches
• Shipping Weight: 2 pounds
• Average Customer Review: 3.7 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #3,411,293 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

3 of 4 people found the following review helpful:

1.0 out of 5 stars Poor Introductory Text, February 24, 2004

By 

Soner Tunay (Atlanta, GA) - See all my reviews

This review is from: Bond Market Securities (Prentice Hall Professional Finance) (Hardcover)

This text can hardly qualify as a reference for any purpose. It is not technical enough for academics and scholars and not accurate enough for practitioners. It is utterly useless save some funny typos, such as internet rates instead of interest rates.
There are better alternatives from Fabozzi, Tuckman and Jarrow.

0 of 1 people found the following review helpful:

5.0 out of 5 stars A good standard reference work, March 11, 2004

By A Customer

This review is from: Bond Market Securities (Prentice Hall Professional Finance) (Hardcover)

This is a handy reference guide for those who wish the more technical aspects of bonds laid out in accessible fashion.A good buy.

0 of 4 people found the following review helpful:

5.0 out of 5 stars Very good overview book of fixed income securities, August 15, 2002

By 

SMS CHOUDHRY "moorad" (Surrey, England) - See all my reviews
(REAL NAME)   

This review is from: Bond Market Securities (Prentice Hall Professional Finance) (Hardcover)

This is a high-quality book on fixed income securities, it combines institutional details as well as bond maths and analysis. There is a good intro to mathematical concepts for beginners. Especially useful is the bibliography at the end of each chapter, whch details further reading, but has the author's personal run-down of each recommended title. This is helpful for further research. The book is also very good value-for-money. Highly recommended....