Product Description

 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

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Product Details

• Amazon Sales Rank: #982674 in Books
• Published on: 2001-06-29
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 416 pages

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

"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

 

 

Bond Market Securities

is a concise guide to the range of techniques and applications used for the analysis and valuation of the principle debt market instruments. A mix of academic theory and market practice, it provides an enlightening framework that enables readers to obtain a firm grounding in fixed income analytics.

The book features an introduction to yield curve models, curve fitting techniques, a look at option-adjusted spread, index-linked bond analytics, and a range of other applications of value in the fixed income markets.

About the Author

 

Moorad Choudhry

is a vice-president with JPMorgan Chase in London. He started his City career in 1989 at the London Stock Exchange before joining the sterling Eurobond desk at Hoare Govett Fixed Interest. He was later employed as a gilt-edged market maker and treasury trader at ABN Amro Hoare Govett Sterling Bonds, where he ran the short-dated gilt book, the gilt repo book and the sterling money markets book, and was also responsible for stocks borrowing and lending and interbank funding. From there he moved on to Hambros Bank, where he set up and ran the Treasury division’s sterling proprietary trading desk. He has also worked as a strategy and risk management consultant to some of the world’s leading investment banks, before joining JPMorgan Chase capital markets in 2000.

Moorad has an MA in Econometrics from Reading University and an MBA from Henley Management College. He has taught courses on bond and money markets subjects for organizations both in the City of London and abroad, and has lectured at City University Business School. He is a member of the Securities Institute and the Global Association of Risk Professionals, and sits on the examination panel of the Securities Institute Bond and Fixed Income Markets Diploma paper.

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Customer Reviews

Excellent, succinct summary of bonds
As a junior fixed income trader, I found this book to be exceptional value and very useful. The author writes very clearly and makes the most difficult topics very accessible. Top stuff, the best buy of the year for me. Matthew Bartlett