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Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide Hardcover – October 17, 2011

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Editorial Reviews

From the Inside Flap

Trading the fixed income, inflation and credit markets

"The book covers a number of topics from an applied perspective and includes a variety of subjects that rarely see the light of day. It is an excellent insight into how the markets think about these subjects and has so many useful examples of trade ideas. As a former bond trader, I found the update on developments that it gave me quite invaluable."
—Professor Brian Scott-Quinn, Chairman ICMA Centre for Financial Markets, Henley Business School

"This is a concise text written in a relaxed style and packed with real-world examples. This 'relative value guide' is a very valuable publication and will no doubt be regarded as a standard reference manual for fixed income practitioners at all levels. Anyone looking to move quickly up the learning curve in these complex markets will benefit from reading this comprehensive text, and from having it close to hand for professional use."
Professor John Board, Dean of Henley Business School, University of Reading

From the Back Cover

Trading the Fixed Income, Inflation and Credit Markets is a comprehensive guide to the most popular strategies that are used in the wholesale financial markets, answering the question: what is the optimal way to express a view on expected market movements? This relatively unique approach to relative value highlights the pricing links between the different products and how these relationships can be used as the basis for a number of trading strategies.

The book begins by looking at the main derivative products and their pricing interrelationships. It shows that within any asset class there are mathematical relationships that tie together four key building blocks: cash products, forwards/futures, swaps and options. The nature of these interrelationships means that there may be a variety of different ways in which a particular strategy can be expressed. It then moves on to relative value within a fixed income context and looks at strategies that build on the pricing relationships between products as well as those that focus on how to identify the optimal way to express a view on the movement of the yield curve. It concludes by taking the main themes of relative value and showing how they can be applied within other asset classes. Although the main focus is fixed income the book does cover multiple asset classes including credit and inflation.

Written from a practitioner's perspective, the book illustrates how the products are used by including many worked examples and a number of screenshots to ensure that the content is as practical and applied as possible.


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Product Details

  • Hardcover: 310 pages
  • Publisher: Wiley; 1 edition (October 17, 2011)
  • Language: English
  • ISBN-10: 0470742291
  • ISBN-13: 978-0470742297
  • Product Dimensions: 6.8 x 0.9 x 9.9 inches
  • Shipping Weight: 1.5 pounds (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #1,085,463 in Books (See Top 100 in Books)

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Top Customer Reviews

Format: Hardcover Verified Purchase
Despite the authors' claim that "this definition of relative value is a valid one" in the preface, the authors of the book also freely admit this book is for university students who have difficulty digesting even class material (From the preface: "student... who want a book that is not dedicated to "squiggly d's" and stochastic calculus"). Practitioner with even a year or two of training in interest rate RV and/or volatility arbitrage could breath through this book with little to gain, and should save their money. Congratulations on your marketing and clever wrapper, but content of the book falls completely flat.

Anyone looking to purchase a book titled "relative value guide" is not looking to be educated on PRODUCT DEFINITION of Constant Maturity Products in chapter 6.6 out of 8 chapters yet this is what I am looking at. Other important topic in today's fixed income RV trading such as conditional curve trades either ended up with a meager page of brief DESCRIPTION but not the logic/driver behind the trade, or nothing at all (in the case of many other interest rate RV strategies that I can think of and looking to read further on).

Save your money!!
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Format: Hardcover
This book is an in-depth, moderately paced guide to the many different ways that relative value views can be expressed in fixed income. The first half of the book takes the reader through a fixed income product refresher, price drivers, risk concepts and the relationships that exist between the various fixed income products. All of this information is fundamental to understanding how relative value trades work and what they mean. The second half of the book is dedicated to the variety of relative value trades that are commonly used in fixed income. It can be read all in one go or it can be used as a guide or reference book.
- For the new hire in the fixed income marketplace who wants a deeper understanding of the types of relatively value trades that exist, this is a good broad overview book.
- For finance professionals who need a refresher on the basic fixed income products, the first chapter provides product fundamentals but can be skipped for the reader who is already equipped with this knowledge.

From the second chapter onward, the authors introduce a relative value framework that they use throughout the book. Because a market price is about the different views that market participants have, understanding different relative value frameworks in addition to different relative value trades is always valuable.

The combination of the authors together is a good one. Mr Schofield currently is a financial market trainer and Mr Bowler is a fixed income professional, both with decades of experience. Between them, they can identify the areas that often cause confusion in financial markets and ensure they are clearly explained and they can also ensure that the examples are practical and current.
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