Download Bond and Money Markets: Strategy, Trading, Analysis by Moorad Choudhry PDF

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By Moorad Choudhry

Bond and funds Markets: procedure, buying and selling, Analysis explains and analyses all features of the bond and cash markets and is either an advent for newbies and a sophisticated textual content for knowledgeable industry practitioners and graduate scholars. people with adventure of the in any respect degrees will locate the booklet worthwhile as a regular reference paintings. The e-book gains insurance of:

  • Government and company bonds, Eurobonds, callable bonds, convertibles
  • Asset-backed bonds together with mortgages and CDOs
  • Derivative tools together with bond futures, swaps, suggestions, based items, and alternative valuation models
  • Interest-rate threat, period research, convexity, and the convexity bias
  • The cash markets, repo markets, foundation buying and selling, and asset / legal responsibility management
  • Term constitution versions, estimating and analyzing the yield curve
  • Portfolio administration, together with overall go back framework, portfolio ideas, and developing bond indices

and priceless perception into:

  • Trading and hedging strategy
  • Charting and technical analysis
  • The most recent industry advancements, resembling value-at-risk, and credits derivatives
  • Emerging markets and the advantages of overseas investment

The Bond and funds Markets: process, buying and selling, research is aimed toward a large readership together with bond salespersons, investors, company financiers and graduate trainees, in addition to possibility managers, operations pros and company analysts. different industry members together with fund managers, company treasurers, administration specialists, regulators and fiscal reporters also will locate the content material useful.

  • This booklet is nearly a stand by myself reference e-book on rate of interest swaps, the money markets, monetary industry arithmetic, interest-rate futures and technical analysis
  • Includes a few introductory assurance of very specialized themes (for which one calls for specialized texts) equivalent to VaR, Asset & legal responsibility administration, credits derivatives
  • Combines obtainable sort with complicated point issues, plus assessment of up to date learn

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Extra resources for Bond and Money Markets: Strategy, Trading, Analysis (Securities Institution Professional Reference Series)

Sample text

The difference between the price paid on issue and the redemption payment is the interest realised by the bondholder. As we will discover when we look at strips this has certain advantages for investors, the main one being that there are no coupon payments to be invested during the bond’s life. Both governments and corporates issue zero-coupon bonds. Conventional couponbearing bonds can be stripped into a series of individual cash flows, which would then trade as separate zerocoupon bonds. This is a common practice in government bond markets such as Treasuries or gilts where the borrowing authority does not actually issue strips, and they have to be created via the stripping process.

These include arbitrageurs and speculators. Usually such market participants form part of investment banks. 2 Investors There is a large variety of players in the bond markets, each trading some or all of the different instruments available to suit their own purposes. We can group the main types of investors according to the time horizon of their investment activity. Short-term institutional investors. These include banks and building societies, money market fund managers, ■ central banks and the treasury desks of some types of corporates.

4 Effective interest rates The interest rate quoted on a deposit or loan is usually the flat rate. However we are often required to compare two interest rates which apply for a similar investment period but have different interest payment frequencies, for example a two-year interest rate with interest paid quarterly compared to a two-year rate with semi-annual interest payments. This is normally done by comparing equivalent annualised rates. The annualised rate is the interest rate with annual compounding that results in the same return at the end of the period as the rate we are comparing.

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