Fixed Income Strategy

Market players put their jobs on the line with every position they take. Any fixed income investor in the circumstance of being granted one wish would probably want to know what interest rates are going to do in the future. Economists and others have constructed models of interest rate behaviour, but no model works in all circumstances. The main aim of this book is to straddle the different worlds of theoretical models and practical market experience, while offering an interdisciplinary framework for fixed income investing and trading.

• A focussed but very practical approach to fixed-income investment, aimed at practitioner market
• Contains investment checklists and interviews with market practitioners
• Offers an interdisciplinary framework for fixed-income investing and trading, and combines worlds of theoretical models and practical market experience

"Fixed Income Investments" - der unverzichtbare Praxisratgeber für den Bereich festverzinsliche Kapitalanlagen.

Wirtschaftswissenschaftler und Finanzexperten haben verschiedene Modelle über Schwankungen im Zinsverhalten erstellt, doch kein Modell ist auf alle Situationen anwendbar.

Dieses Buch bietet einen interdisziplinären Rahmen für Kapitalanlagen und den Handel mit Festverzinslichen und hilft dem Leser bei der schwierigen Gratwanderung zwischen verschiedenen theoretischen Modelle und praktischer Markterfahrung.

"Fixed Income Investments" basiert auf einem speziell für Marktteilnehmer entwickelten kompakten, aber äusserst praxisorientierten Ansatz für festverzinsliche Anlagen.

Mit einer Fülle von Investment Checklisten und Interviews mit erfahrenen Marktteilnehmern. Acknowledgments.

Biography.

Introduction.

PART I: BASIC TOOLS FOR ESTABLISHING A FIXED INCOME STRATEGY.

1. Fixed Income Basics.

2. Fixed Income Securities: Beyond the Basics.

3. Economic Fundamentals.

PART II: ENHANCED TOOLS FOR ESTABLISHING A VIEW ON INTEREST RATES.

4. Government Policy: The Interface between Economics and Politics.

5. Human Factors.

6. Technical Analysis: Applied Social Psychology.

7. Other Techniques for Short-Term Analysis.

8. An Integrated Approach to Bond Strategy.

PART III: IMPLEMENTING YOUR VIEW.

9. Fixed Income Instruments, Investors and Portfolio Management Styles.

10. Fixed Income Trading.

11. Odds and Ends.

12. Survival Principles for the Financial Battlefield.

Bibliography.

Index.

TAMARA MAST HENDERSON is a senior fixed income strategist for a leading provider of independent research and market analysis, responsible for European sovereign debt. Ahead of this, Dr. Henderson was deputy head of the International Monetary Fund's Investment Unit, responsible for the management of $11 million in trust funds. Henderson has also worked as an economist for the US Department of Commerce, IMF and Salomon Smith Barney. She has a B.A. in Foreign Affairs and Economics from the University of Virginia, and a M.A. and Ph.D. in Economics from Claremont Graduate University. Practitioners will be first to tell you that the market has a dynamic spirit. Still, many rigidly follow a single methodology, which works well for a time – but then unexpectedly “blow up”. The motivation for Fixed Income Strategy is to bridge the gap between models and market reality. Models are invaluable, but practitioners need to know when and how to use them. Henderson takes the reader on a critical tour of different approaches that can be used to develop a fixed income strategy. Henderson then takes the process one step further, illustrating how to structure trades that capitalize on various strategic views.

Fixed Income Strategy aims to straddle the different worlds of theoretical models and practical market experience, while offering an interdisciplinary framework for fixed income investing and trading.

• A focused but very practical approach to fixed income investment
• Offer an interdisciplinary framework for fixed income investing and trading
• Combines theoretical models and practical market experience
• Incorporate principles of risk management and other ingredients for survival on the financial battlefield

“This is a book for practitioners and definitely a good read for newcomers to the business of taking risk. Lots of helpful examples to illustrate the issues facing bond managers, and lots of good pointers to further research. Definitely one for the corporate book shelf.” – Alan J. Brown, Group Chief Investment Officer & Chairman, State Street Global Advisors Limited