By Moorad Choudhry
The bond markets are an essential component of the realm financial system. The fourth version of Professor Moorad Choudhry's benchmark reference textual content An advent to Bond Markets brings readers modern with most modern advancements and industry perform, together with the impression of the monetary concern and problems with relevance for traders. This publication bargains an in depth but available examine bond tools, and is aimed particularly at newbies to the industry or these unexpected with glossy fastened source of revenue items. the writer capitalises on his wealth of expertise within the fastened source of revenue markets to provide this concise but in-depth insurance of bonds and linked derivatives.
Topics lined include:
- Bond pricing and yield
- Duration and convexity
- Eurobonds and convertible bonds
- Structured finance securities
- Interest-rate derivatives
- Credit derivatives
- Relative worth trading
Related subject matters comparable to the money markets and rules of threat administration also are brought as beneficial historical past for college kids and practitioners. The publication is key interpreting for all those that require an advent to the monetary markets.
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Additional resources for An Introduction to Bond Markets
Debt issued with a maturity of less than 1 year is con sidered to be money market debt. There are many different types of bonds that can be issued. The most common bond is the conven tional (or plain vanilla or bullet) bond. This is a bond paying a regular (annual or semiannual) ﬁxed interest rate over a ﬁxed period to maturity or redemption, with the return of principal (the par or nominal value of the bond) on the maturity date. All other bonds will be variations on this. There is a wide range of parties involved in the bond markets.
Today, basic bond mathe matics involves different concepts and calculations. The level of understanding required to master bond pricing is quite high, and beyond the scope of this book. We concentrate instead on the essen tial elements required for a basic understanding. In the analysis that follows, bonds are assumed to be default-free. This means there is no possibility that the interest payments and principal repayment will not be made. Such an assumption is en tirely reasonable for government bonds such as US Treasuries and UK gilt-edged securities.
The last two conventions assume 30 days in each month, no matter what the calendar says. So, for example, it is assumed that there are 30 days between 10 February and 10 March. Under the 30/360 convention, if the ﬁrst date is the 31st, it is changed to the 30th; if the second date is the 31st and the ﬁrst date is either the 30th or the 31st, the second date is changed to the 30th. The 30E/360 convention differs from this in that – if the second date is the 31st – it is changed to the 30th regardless of what the ﬁrst date is.