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.
Table of Contents
Table of ContentsChapter 1: Debt Markets and Investments: An OverviewH. Kent Baker, Greg Filbeck, Andrew C. SpielerChapter 2: Debt Fundamentals and IndicesRyan J. Dodge, Steven T. Petra, Andrew C. SpielerChapter 3: Interest Rate Risk, Measurement, and ManagementTom BarkleyChapter 4: Other Risks Associated with Debt SecuritiesRandolph D. NordbyChapter 5: Government DebtKeith Pareti, Rob KennedyChapter 6: Municipal BondsXiaohu Deng, Christopher Goebert, Gershon Morgulis, Isaac YatesChapter 7: Corporate Bond MarketsKelly E. CarterChapter 8: Securitized Debt MarketsSenay Agca, Saiyid S. IslamChapter 9: Derivatives MarketsHalil Kiymaz, Koray D. SimsekChapter 10: Short-Term Funding and Financing AlternativesBenjamin Aguilar, Alit Jain, Kevin NeavesChapter 11: Private Debt MarketsDouglas Cumming, Grant Fleming, Zhangxin (Frank) LiuChapter 12: Yield Curves, Swap Curves, and Term Structure of Interest RatesTom P. Davis, Dmitri MossessianChapter 13: Models of the Yield Curve and Term StructureTom P. Davis, Dmitri MossessianChapter 14: International BondsSoutonnoma Ouedraogo, David Scofield, Garrett C. SmithChapter 15: Floating Rate NotesAby Abraham, John Casares, Jibran Ali ShahChapter 16: Bonds with Embedded OptionsChristopher J. Barnes, Gaurav Gupta, Joseph F. AbinantiChapter 17: Bond Mutual Funds, Closed-end Bond Funds, and Exchange-Traded FundsHalil Kiymaz, Koray D. SimsekChapter 18: Other Bond Products: Social Impact Bonds, Death Bonds, Catastrophe Bonds, Green Bonds, and Covered BondsErik Devos, Robert Karpowicz, Andrew C. SpielerChapter 19: Inflation-Linked BondsJohn Lettieri, Gerald O'Donnell, Seow-eng Ong, Desmond TsangChapter 20: Securitization ProcessMark Ferguson, Joseph McBride, Kevin TrippChapter 21: Mortgage-Backed SecuritiesMingwei Liang, Milena PetrovaChapter 22: Asset-Backed SecuritiesMassimo Guidolin, Manuela PedioChapter 23: Collateralized Debt Obligations, Collateralized Bond Obligations, and Collateralized Loan ObligationsRobert Eckrote, Christopher Milliken, Eshan Nikbakht, Andrew C. SpielerChapter 24: Factors Affecting Bond Pricing and ValuationMark Wu, Xiang Gao, Bob WieczorekChapter 25: Valuing and Analyzing Bond with Embedded OptionsYiying ChengChapter 26: Valuing and Analyzing Mortgage-Backed and Asset-Backed SecuritiesMatthew DyerChapter 27: Valuing and Analyzing Fixed Income DerivativesKoray D. Simsek, Halil KiymazChapter 28: Credit Analysis and RatingsPeter Dadalt, Michael Gueli, Rafay Khalid, Ling ZhangChapter 29: Bond AuctionsMark Wu, Patrick Herb, Shishir PaudelChapter 30: Bond AccountingOluwa Seyi Adebayo AwogaChapter 31: High Yield Bonds:Byron C. Barnes, Tony Calenda, Elvis RodriguezChapter 32: Distressed DebtSeoyoung KimChapter 33: Microstructure of Fixed Income TradingMatthew John Jerabeck, Marc Perkins, David PetruzzellisChapter 34: Debt Investment StrategiesSteven Cosares, Taylor Riggs, Andrew C. SpielerChapter 35: Debt Portfolio ManagementZachary Jersky, He LiChapter 36: Debt Trends and Future OutlookDianna Preece
