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Full Description
Debt Markets and Investments provides an overview of the dynamic world of markets, products, valuation, and analysis of fixed income and related securities. Experts in the field, practitioners and academics, offer both diverse and in-depth insights into basic concepts and their application to increasingly intricate and real-world situations. This volume spans the entire spectrum from theoretical to practical, while attempting to offer a useful balance of detailed and user-friendly coverage.
The volume begins with the basics of debt markets and investments, including basic bond terminology and market sectors. Among the topics covered are the relationship between fixed income and other asset classes as well as the differences in fundamental risk. Particular emphasis is given to interest rate risk as well as credit risks as well as those associated with inflation, liquidity, reinvestment, and ESG. Authors then turn to market sectors, including government debt, municipal bonds, the markets for corporate bonds, and developments in securitized debt markets along with derivatives and private debt markets. The third section focuses on models of yield curves, interest rates, and swaps, including opportunities for arbitrage. The next two sections focus on bond and securitized products, from sovereign debt and mutual funds focused on bonds to how securitization has increased liquidity through such innovations as mortgaged-and asset- backed securities, as well as collateralized debt-, bond-, and loan obligations. Authors next discuss various methods of valuation of bonds and securities, including the use of options and derivatives. The volume concludes with discussions of how debt can play a role in financial strategies and portfolio creation.
Readers interested in a broad survey will benefit as will those looking for more in-depth presentations of specific areas within this field of study. In summary, the book provides a fresh look at this intriguing and dynamic but often complex subject.
Contents
Table of Contents Chapter 1: Debt Markets and Investments: An Overview
H. Kent Baker, Greg Filbeck, Andrew C. Spieler Chapter 2: Debt Fundamentals and Indices
Ryan J. Dodge, Steven T. Petra, Andrew C. Spieler Chapter 3: Interest Rate Risk, Measurement, and Management
Tom Barkley Chapter 4: Other Risks Associated with Debt Securities
Randolph D. Nordby Chapter 5: Government Debt
Keith Pareti, Rob Kennedy Chapter 6: Municipal Bonds Xiaohu Deng, Christopher Goebert, Gershon Morgulis, Isaac Yates Chapter 7: Corporate Bond Markets
Kelly E. Carter Chapter 8: Securitized Debt Markets
Senay Agca, Saiyid S. Islam Chapter 9: Derivatives Markets
Halil Kiymaz, Koray D. Simsek Chapter 10: Short-Term Funding and Financing Alternatives
Benjamin Aguilar, Alit Jain, Kevin Neaves Chapter 11: Private Debt Markets
Douglas Cumming, Grant Fleming, Zhangxin (Frank) Liu Chapter 12: Yield Curves, Swap Curves, and Term Structure of Interest Rates
Tom P. Davis, Dmitri Mossessian Chapter 13: Models of the Yield Curve and Term Structure
Tom P. Davis, Dmitri Mossessian Chapter 14: International Bonds
Soutonnoma Ouedraogo, David Scofield, Garrett C. Smith Chapter 15: Floating Rate Notes
Aby Abraham, John Casares, Jibran Ali Shah Chapter 16: Bonds with Embedded Options
Christopher J. Barnes, Gaurav Gupta, Joseph F. Abinanti Chapter 17: Bond Mutual Funds, Closed-end Bond Funds, and Exchange-Traded Funds
Halil Kiymaz, Koray D. Simsek Chapter 18: Other Bond Products: Social Impact Bonds, Death Bonds, Catastrophe Bonds, Green Bonds, and Covered Bonds
Erik Devos, Robert Karpowicz, Andrew C. Spieler Chapter 19: Inflation-Linked Bonds
John Lettieri, Gerald O'Donnell, Seow-eng Ong, Desmond Tsang Chapter 20: Securitization Process
Mark Ferguson, Joseph McBride, Kevin Tripp Chapter 21: Mortgage-Backed Securities
Mingwei Liang, Milena Petrova Chapter 22: Asset-Backed Securities
Massimo Guidolin, Manuela Pedio Chapter 23: Collateralized Debt Obligations, Collateralized Bond Obligations, and Collateralized Loan Obligations
Robert Eckrote, Christopher Milliken, Eshan Nikbakht, Andrew C. Spieler Chapter 24: Factors Affecting Bond Pricing and Valuation
Mark Wu, Xiang Gao, Bob Wieczorek Chapter 25: Valuing and Analyzing Bond with Embedded Options
Yiying Cheng Chapter 26: Valuing and Analyzing Mortgage-Backed and Asset-Backed Securities
Matthew Dyer Chapter 27: Valuing and Analyzing Fixed Income Derivatives
Koray D. Simsek, Halil Kiymaz Chapter 28: Credit Analysis and Ratings
Peter Dadalt, Michael Gueli, Rafay Khalid, Ling Zhang Chapter 29: Bond Auctions
Mark Wu, Patrick Herb, Shishir Paudel Chapter 30: Bond Accounting
Oluwa Seyi Adebayo Awoga Chapter 31: High Yield Bonds: Byron C. Barnes, Tony Calenda, Elvis Rodriguez Chapter 32: Distressed Debt
Seoyoung Kim Chapter 33: Microstructure of Fixed Income Trading
Matthew John Jerabeck, Marc Perkins, David Petruzzellis Chapter 34: Debt Investment Strategies
Steven Cosares, Taylor Riggs, Andrew C. Spieler Chapter 35: Debt Portfolio Management
Zachary Jersky, He Li Chapter 36: Debt Trends and Future Outlook
Dianna Preece
