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The Handbook of Fixed Income Securities 7th Edition

4.0 out of 5 stars 38 customer reviews
ISBN-13: 978-0071440998
ISBN-10: 0071440992
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From the Back Cover

The world's most trusted fixed income resource for more than two decades, now substantially revised and updated

The Handbook of Fixed Income Securities is the investing industry's most authoritative, widely followed fixed income reference. Institutional and individual investors have learned to rely on the handbook for its scope and detail, along with the unquestioned global authority and expertise of its contributors.

This thoroughly revised seventh edition features updated facts and formulas for analyzing, valuing, and managing fixed income instruments and their derivatives in today's evolving marketplace, including:

  • Types, features, and uses of fixed income securities
  • Risks and risk control strategies
  • Basics of fixed income analytics, from bond pricing to price volatility measures
  • Binomial and Monte Carlo valuation methodologies
  • Active and structured portfolio management strategies
  • Interest rate and credit derivatives and their portfolio management applications
  • Increased coverage of electronic trading, international portfolio management, mortgage-backed and asset-backed securities, collateralized debt obligations, and innovative fixed income applications

The Handbook of Fixed Income Securities, Seventh Edition, is the most all-inclusive, up-to-date source available for fixed income facts and analyses. Its valuable perspective and insights will help you enhance investment returns and avoid poor performance in the fixed income market.

Since 1983, through six previous editions, The Handbook of Fixed Income Securities has been the essential reference for institutional investors, portfolio managers, financial analysts, and virtually anyone requiring access to the latest, most authoritative information on the global fixed income marketplace. But an unprecedented number of new products and approaches has brought dramatic new opportunities and risks to that marketplace.

In the substantially revised seventh edition of this investment classic, leading fixed income authority Frank Fabozzi with the assistance of Steven Mann once again teams with the world's top fixed income experts to provide you with insights and details on contemporary fixed income vehicles and strategies. New and updated topics include:

• Bond primary and secondary markets

• Calculating investment returns

• Forward rates

• Eurobonds

• Emerging market debt

• Stable value investments

• Mortgages and mortgage-backed securities

• Agency mortgage pass-through securities

• Collateralized mortgage obligations

• Residential asset-backed securities

• Securities backed by credit card receivables

• Cash-collateralized debt obligations

• Synthetic CDOs

• Credit risk modeling

• Rating agency approach to structured finance

• Yield-curve analysis

• The market yield curve and fitting the term structure of interest rates

• Hedging interest-rate risk with term-structure factor models

• Quantitative management of benchmarked portfolios

• Financing positions in the bond market

• Transition management

• Credit derivatives

The Handbook of Fixed Income Securities, Seventh Edition, equips you with a comprehensive overview of all fixed income securities and strategies and continues to be the investment industry's most accessible and all-inclusive resource. Invaluable for its theoretical insights, unsurpassed in its hands-on guidance, and unequalled in the expertise and authority of its contributors, this concise, complete explanation of fixed income securities and applications delivers the data and knowledge investment professionals need and remains the one fixed income answer book to have within reach at all times.

About the Author

Frank J. Fabozzi, Ph.D., C.F.A., is editor of the Journal of Portfolio Management, the Frederick Frank Adjunct Professor of Finance at Yale University's School of Management, and one of the world's foremost authorities on fixed income securities and derivative instruments. Fabozzi is the author and editor of dozens of widely acclaimed books on fixed income securities and investments, including Fixed Income Mathematics, The Handbook of Financial Instruments, Handbook of Mortgage-Backed Securities, and numerous others.

Steven V. Mann, Ph.D., is Professor of Finance at the Moore School of Business, University of South Carolina and, for over a decade, a well-respected lecturer on fixed income analytics to Wall Street firms. He has coauthored four books and numerous articles on fixed income and derivative instruments.

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Product Details

  • Series: Handbook of Fixed Income Securities
  • Hardcover: 1500 pages
  • Publisher: McGraw-Hill; 7 edition (April 15, 2005)
  • Language: English
  • ISBN-10: 0071440992
  • ISBN-13: 978-0071440998
  • Product Dimensions: 6.4 x 2.4 x 9.4 inches
  • Shipping Weight: 3.8 pounds
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (38 customer reviews)
  • Amazon Best Sellers Rank: #636,388 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By A. Gupta on March 27, 2000
Format: 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.
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Format: Hardcover Verified Purchase
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.
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Format: 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.
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By A Customer on June 15, 2004
Format: Unknown Binding
This is meant to be the fixed income manual, but if there are dozens of uncorrected math errors which is inexcusable in a sixth edition. This book is overrated, and if you are new to this subject, it is dangerous.
I recommend Bruce Tuckman's Fixed Income Securities on the same topic as a better alternative. I noticed it is currently the #3 seller with banks and credit unions (Fabozzi's isn't even on the radar screen), and there is a good reason they prefer Tuckman's book over this one.
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Format: Hardcover
The Handbook attempts to be all things to all people, and thus tries to cover many too many topics with uneven results. The Handbook provides good institutional knowledge about fixed income markets and the basics of pricing and portfolio management (including some international portfolio management issues). This is sufficient to learn basic fixed income intuition, which may be enough for people not heavily involved in fixed income markets (i.e. MBA students, consultants, CFA candidates, etc.). The greatest fault (to me) is the book does not address the biggest assumption of basic fixed income pricing theory (i.e. interest rates are assumed to be constant or at least know functions of time). This is obviously unrealistic. The Handbook does not help practitioners interested in advanced pricing theory and requires consultation with more advanced texts.
However, I must admit the Handbook does look impressive sitting on your desk. In a pinch, it also makes for a good, albeit expensive, paperweight or doorstop. :-)
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