{"product_id":"fixed-income-securities-and-derivatives-handbook-isbn-9781576603345","title":"Fixed-Income Securities and Derivatives Handbook","description":"\u003cb\u003eThe definitive guide to fixed-come securities-revised to reflect today's dynamic financial environment\u003c\/b\u003e \u003cp\u003eThe \u003ci\u003eSecond Edition\u003c\/i\u003e of the \u003ci\u003eFixed-Income Securities and Derivatives Handbook\u003c\/i\u003e offers a completely updated and revised look at an important area of today's financial world. In addition to providing an accessible description of the main elements of the debt market, concentrating on the instruments used and their applications, this edition takes into account the effect of the recent financial crisis on fixed income securities and derivatives.\u003c\/p\u003e \u003cp\u003eAs timely as it is timeless, the \u003ci\u003eSecond Edition\u003c\/i\u003e of the \u003ci\u003eFixed-Income Securities and Derivatives Handbook\u003c\/i\u003e includes a wealth of new material on such topics as covered and convertible bonds, swaps, synthetic securitization, and bond portfolio management, as well as discussions regarding new regulatory twists and the evolving derivatives market.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eOffers a more detailed look at the basic principles of securitization and an updated chapter on collateralized debt obligations\u003c\/li\u003e \u003cli\u003eCovers bond mathematics, pricing and yield analytics, and term structure models\u003c\/li\u003e \u003cli\u003eIncludes a new chapter on credit analysis and the different metrics used to measure bond-relative value\u003c\/li\u003e \u003cli\u003eContains illustrative case studies and real-world examples of the topics touched upon throughout the book\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWritten in a straightforward and accessible style, Moorad Choudhry's new book offers the ideal mix of practical tips and academic theory within this important field.\u003c\/p\u003e \u003cp\u003eForeword xv\u003c\/p\u003e \u003cp\u003ePreface xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Introduction To Bonds\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 The Bond Instrument 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Time Value of Money 4\u003c\/p\u003e \u003cp\u003eBasic Features and Definitions 5\u003c\/p\u003e \u003cp\u003ePresent Value and Discounting 6\u003c\/p\u003e \u003cp\u003eDiscount Factors 12\u003c\/p\u003e \u003cp\u003eBond Pricing and Yield: The Traditional Approach 15\u003c\/p\u003e \u003cp\u003eBond Pricing 16\u003c\/p\u003e \u003cp\u003eBond Yield 20\u003c\/p\u003e \u003cp\u003eFloating Rate Notes 27\u003c\/p\u003e \u003cp\u003eAccrued Interest 30\u003c\/p\u003e \u003cp\u003eClean and Dirty Bond Prices 30\u003c\/p\u003e \u003cp\u003eDay-Count Conventions 32\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Bond Instruments and Interest Rate Risk 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDuration, Modified Duration, and Convexity 35\u003c\/p\u003e \u003cp\u003eDuration 36\u003c\/p\u003e \u003cp\u003eProperties of Macaulay Duration 40\u003c\/p\u003e \u003cp\u003eModified Duration 41\u003c\/p\u003e \u003cp\u003eConvexity 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Bond Pricing and Spot and Forward Rates 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eZero-Coupon Bonds 51\u003c\/p\u003e \u003cp\u003eCoupon Bonds 53\u003c\/p\u003e \u003cp\u003eBond Price in Continuous Time 55\u003c\/p\u003e \u003cp\u003eFundamental Concepts 55\u003c\/p\u003e \u003cp\u003eStochastic Rates 58\u003c\/p\u003e \u003cp\u003eCoupon Bonds 60\u003c\/p\u003e \u003cp\u003eForward Rates 61\u003c\/p\u003e \u003cp\u003eGuaranteeing a Forward Rate 61\u003c\/p\u003e \u003cp\u003eThe Spot and Forward Yield Curve 63\u003c\/p\u003e \u003cp\u003eCalculating Spot Rates 64\u003c\/p\u003e \u003cp\u003eTerm Structure Hypotheses 67\u003c\/p\u003e \u003cp\u003eThe Expectations Hypothesis 67\u003c\/p\u003e \u003cp\u003eLiquidity Premium Hypothesis 69\u003c\/p\u003e \u003cp\u003eSegmented Markets Hypothesis 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Interest Rate Modeling 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Concepts 71\u003c\/p\u003e \u003cp\u003eShort-Rate Processes 72\u003c\/p\u003e \u003cp\u003eIto’s Lemma 74\u003c\/p\u003e \u003cp\u003eOne-Factor Term-Structure Models 75\u003c\/p\u003e \u003cp\u003eVasicek Model 75\u003c\/p\u003e \u003cp\u003eHull-White Model 76\u003c\/p\u003e \u003cp\u003eFurther One-Factor Term-Structure Models 77\u003c\/p\u003e \u003cp\u003eCox-Ingersoll-Ross (CIR) Model 78\u003c\/p\u003e \u003cp\u003eTwo-Factor Interest Rate Models 79\u003c\/p\u003e \u003cp\u003eBrennan-Schwartz Model 80\u003c\/p\u003e \u003cp\u003eExtended Cox-Ingersoll-Ross Model 80\u003c\/p\u003e \u003cp\u003eHeath-Jarrow-Morton (HJM) Model 81\u003c\/p\u003e \u003cp\u003eThe Multifactor HJM Model 82\u003c\/p\u003e \u003cp\u003eChoosing a Term-Structure Model 83\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Fitting the Yield Curve 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eYield Curve Smoothing 88\u003c\/p\u003e \u003cp\u003eSmoothing Techniques 90\u003c\/p\u003e \u003cp\u003eCubic Polynomials 91\u003c\/p\u003e \u003cp\u003eNon-Parametric Methods 92\u003c\/p\u003e \u003cp\u003eSpline-Based Methods 92\u003c\/p\u003e \u003cp\u003eNelson and Siegel Curves 95\u003c\/p\u003e \u003cp\u003eComparing Curves 96\u003c\/p\u003e \u003cp\u003eFitting the Term Structure of Interest Rates: The Practical Implementation of Cubic Spline Methodology 96\u003c\/p\u003e \u003cp\u003eCubic Spline Methodology 97\u003c\/p\u003e \u003cp\u003eThe Hypothesis 99\u003c\/p\u003e \u003cp\u003ePractical Approach 100\u003c\/p\u003e \u003cp\u003eA Working Environment 100\u003c\/p\u003e \u003cp\u003eThe First Requirement 101\u003c\/p\u003e \u003cp\u003eThe Second Requirement 101\u003c\/p\u003e \u003cp\u003eThe Third Requirement 102\u003c\/p\u003e \u003cp\u003eMeeting All Requirements Simultaneously 102\u003c\/p\u003e \u003cp\u003eA Unique Solution 103\u003c\/p\u003e \u003cp\u003eThe Solution 108\u003c\/p\u003e \u003cp\u003eA Look at Forward Rates 114\u003c\/p\u003e \u003cp\u003eConclusion 117\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Selected Cash and Derivative Instruments\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Forwards and Futures Valuation 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eForwards and Futures 121\u003c\/p\u003e \u003cp\u003eCash Flow Differences 122\u003c\/p\u003e \u003cp\u003eRelationship Between Forward and Futures Prices 124\u003c\/p\u003e \u003cp\u003eForward-Spot Parity 125\u003c\/p\u003e \u003cp\u003eThe Basis and Implied Repo Rate 127\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Swaps 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInterest Rate Swaps 132\u003c\/p\u003e \u003cp\u003eMarket Terminology 134\u003c\/p\u003e \u003cp\u003eSwap Spreads and the Swap Yield Curve 135\u003c\/p\u003e \u003cp\u003eGeneric Swap Valuation 138\u003c\/p\u003e \u003cp\u003eIntuitive Swap Pricing 138\u003c\/p\u003e \u003cp\u003eZero-Coupon Swap Valuation 139\u003c\/p\u003e \u003cp\u003eCalculating the Forward Rate from Spot-Rate Discount Factors 139\u003c\/p\u003e \u003cp\u003eThe Key Principles of an Interest Rate Swap 143\u003c\/p\u003e \u003cp\u003eValuation Using the Final Maturity Discount Factor 143\u003c\/p\u003e \u003cp\u003eNon–Plain Vanilla Interest Rate Swaps 146\u003c\/p\u003e \u003cp\u003eSwaptions 148\u003c\/p\u003e \u003cp\u003eValuation 149\u003c\/p\u003e \u003cp\u003eInterest Rate Swap Applications 150\u003c\/p\u003e \u003cp\u003eCorporate and Investor Applications 150\u003c\/p\u003e \u003cp\u003eHedging Bond Instruments Using Interest Rate Swaps 153\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Options 157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOption Basics 158\u003c\/p\u003e \u003cp\u003eTerminology 160\u003c\/p\u003e \u003cp\u003eOption Instruments 162\u003c\/p\u003e \u003cp\u003eOption Pricing: Setting the Scene 164\u003c\/p\u003e \u003cp\u003eLimits on Option Prices 165\u003c\/p\u003e \u003cp\u003eOption Pricing 166\u003c\/p\u003e \u003cp\u003eThe Black-Scholes Option Model 168\u003c\/p\u003e \u003cp\u003eAssumptions 169\u003c\/p\u003e \u003cp\u003ePricing Derivative Instruments Using the Black-Scholes Model 170\u003c\/p\u003e \u003cp\u003ePut-Call Parity 173\u003c\/p\u003e \u003cp\u003ePricing Options on Bonds Using the Black-Scholes Model 174\u003c\/p\u003e \u003cp\u003eInterest Rate Options and the Black Model 174\u003c\/p\u003e \u003cp\u003eComments on the Black-Scholes Model 180\u003c\/p\u003e \u003cp\u003eStochastic Volatility 180\u003c\/p\u003e \u003cp\u003eImplied Volatility 180\u003c\/p\u003e \u003cp\u003eOther Option Models 181\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Measuring Option Risk 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOption Price Behavior 183\u003c\/p\u003e \u003cp\u003eAssessing Time Value 183\u003c\/p\u003e \u003cp\u003eAmerican Options 184\u003c\/p\u003e \u003cp\u003eThe Greeks 185\u003c\/p\u003e \u003cp\u003eDelta 185\u003c\/p\u003e \u003cp\u003eGamma 187\u003c\/p\u003e \u003cp\u003eTheta 189\u003c\/p\u003e \u003cp\u003eVega 189\u003c\/p\u003e \u003cp\u003eRho 190\u003c\/p\u003e \u003cp\u003eLambda 192\u003c\/p\u003e \u003cp\u003eThe Option Smile 193\u003c\/p\u003e \u003cp\u003eCaps and Floors 194\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Credit Derivatives 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCredit Risk 198\u003c\/p\u003e \u003cp\u003eCredit Risk and Credit Derivatives 200\u003c\/p\u003e \u003cp\u003eApplications of Credit Derivatives 201\u003c\/p\u003e \u003cp\u003eCredit Derivative Instruments 202\u003c\/p\u003e \u003cp\u003eCredit Default Swap 202\u003c\/p\u003e \u003cp\u003eCredit Options 203\u003c\/p\u003e \u003cp\u003eCredit-Linked Notes 204\u003c\/p\u003e \u003cp\u003eTotal Return Swaps 205\u003c\/p\u003e \u003cp\u003eInvestment Applications 207\u003c\/p\u003e \u003cp\u003eCapital Structure Arbitrage 209\u003c\/p\u003e \u003cp\u003eExposure to Market Sectors 210\u003c\/p\u003e \u003cp\u003eCredit Spreads 210\u003c\/p\u003e \u003cp\u003eFunding Positions 210\u003c\/p\u003e \u003cp\u003eCredit Derivatives and Relative Value Trading 212\u003c\/p\u003e \u003cp\u003eRelative Value Trading Strategies 212\u003c\/p\u003e \u003cp\u003eBond Valuation from CDS Prices: Bloomberg Screen VCDS 217\u003c\/p\u003e \u003cp\u003eCredit-Derivative Pricing 218\u003c\/p\u003e \u003cp\u003ePricing Total Return Swaps 218\u003c\/p\u003e \u003cp\u003eAsset-Swap Pricing 219\u003c\/p\u003e \u003cp\u003eCredit-Spread Pricing Models 219\u003c\/p\u003e \u003cp\u003eThe Market Approach to CDS Pricing 220\u003c\/p\u003e \u003cp\u003eDefault Probabilities 220\u003c\/p\u003e \u003cp\u003ePricing a CDS Contract 226\u003c\/p\u003e \u003cp\u003eExample Calculation 228\u003c\/p\u003e \u003cp\u003eThe ITraxx and CD-X Credit Indices Contracts 229\u003c\/p\u003e \u003cp\u003eIndex Tranche Market 236\u003c\/p\u003e \u003cp\u003eImpact of the 2007–2008 Credit Crunch: New CDS Contracts 240\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 The Analysis of Bonds with Embedded Options 245\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding Option Elements Embedded in a Bond 245\u003c\/p\u003e \u003cp\u003eBasic Options Features 246\u003c\/p\u003e \u003cp\u003eOption Valuation 247\u003c\/p\u003e \u003cp\u003eThe Call Provision 248\u003c\/p\u003e \u003cp\u003eThe Binomial Tree of Short-Term Interest Rates 249\u003c\/p\u003e \u003cp\u003eArbitrage-Free Pricing 250\u003c\/p\u003e \u003cp\u003eOptions Pricing 252\u003c\/p\u003e \u003cp\u003eRisk-Neutral Pricing 254\u003c\/p\u003e \u003cp\u003eRecombining and Nonrecombining Trees 255\u003c\/p\u003e \u003cp\u003ePricing Callable Bonds 256\u003c\/p\u003e \u003cp\u003ePrice and Yield Sensitivity 261\u003c\/p\u003e \u003cp\u003eMeasuring Bond Yield Spreads 263\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Option-Adjusted Spread Analysis 265\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 265\u003c\/p\u003e \u003cp\u003eA Theoretical Framework 266\u003c\/p\u003e \u003cp\u003eThe Methodology in Practice 272\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Convertible Bonds 277\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Features 277\u003c\/p\u003e \u003cp\u003eTrading Patterns of Convertible Bonds 279\u003c\/p\u003e \u003cp\u003eInvestor Analysis 280\u003c\/p\u003e \u003cp\u003eZero-Coupon Convertibles 284\u003c\/p\u003e \u003cp\u003eConvertible Bond Default Risk 285\u003c\/p\u003e \u003cp\u003eAdvantages of Issuing and Holding Convertibles 285\u003c\/p\u003e \u003cp\u003eConvertible Bond Valuation 288\u003c\/p\u003e \u003cp\u003eFair Value of a Convertible Bond: The Binomial Model 288\u003c\/p\u003e \u003cp\u003eModel Parameters 297\u003c\/p\u003e \u003cp\u003ePricing Spreadsheet 299\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Inflation-Indexed Bonds 303\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Concepts 303\u003c\/p\u003e \u003cp\u003eChoice of Index 303\u003c\/p\u003e \u003cp\u003eIndexation Lag 305\u003c\/p\u003e \u003cp\u003eCoupon Frequency 306\u003c\/p\u003e \u003cp\u003eType of Indexation 306\u003c\/p\u003e \u003cp\u003eIndex-Linked Bond Cash Flows and Yields 308\u003c\/p\u003e \u003cp\u003eTIPS Cash Flow Calculations 309\u003c\/p\u003e \u003cp\u003eTIPS Price and Yield Calculations 309\u003c\/p\u003e \u003cp\u003eAssessing Yields on Index-Linked Bonds 313\u003c\/p\u003e \u003cp\u003eWhich to Hold: Indexed or Conventional Bonds? 314\u003c\/p\u003e \u003cp\u003eAnalysis of Real Interest Rates 315\u003c\/p\u003e \u003cp\u003eIndexation Lags and Inflation Expectations 315\u003c\/p\u003e \u003cp\u003eAn Inflation Term Structure 317\u003c\/p\u003e \u003cp\u003eInflation-Indexed Derivatives 318\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Securitization and Asset-Backed Securities 327\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Concept of Securitization 328\u003c\/p\u003e \u003cp\u003eReasons for Undertaking Securitization 328\u003c\/p\u003e \u003cp\u003eBenefits of Securitization to Investors 330\u003c\/p\u003e \u003cp\u003eThe Process of Securitization 331\u003c\/p\u003e \u003cp\u003eSecuritization Process 331\u003c\/p\u003e \u003cp\u003eCredit Enhancement 335\u003c\/p\u003e \u003cp\u003eSecuritizing Mortgages 336\u003c\/p\u003e \u003cp\u003eGrowth of the Market 337\u003c\/p\u003e \u003cp\u003eMortgage Bond Risk 338\u003c\/p\u003e \u003cp\u003eTypes of Mortgage-Backed Securities 338\u003c\/p\u003e \u003cp\u003eCash Flow Patterns 339\u003c\/p\u003e \u003cp\u003ePrepayment Analysis 340\u003c\/p\u003e \u003cp\u003ePrepayment Models 344\u003c\/p\u003e \u003cp\u003eABS Structures: A Primer on Performance Metrics and Test Measures 345\u003c\/p\u003e \u003cp\u003eCollateral Types 345\u003c\/p\u003e \u003cp\u003eSummary of Performance Metrics 351\u003c\/p\u003e \u003cp\u003eSecuritization: Features of the 2007–2009 Financial Crisis 351\u003c\/p\u003e \u003cp\u003eImpact of the Credit Crunch 351\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Collateralized Debt Obligations 357\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCDO Structures 359\u003c\/p\u003e \u003cp\u003eConventional CDO Structures 359\u003c\/p\u003e \u003cp\u003eSynthetic CDO Structures 360\u003c\/p\u003e \u003cp\u003eMotivation Behind CDO Issuance 362\u003c\/p\u003e \u003cp\u003eBalance Sheet–Driven Transactions 362\u003c\/p\u003e \u003cp\u003eInvestor-Driven Arbitrage Transactions 363\u003c\/p\u003e \u003cp\u003eAnalysis and Evaluation 363\u003c\/p\u003e \u003cp\u003ePortfolio Characteristics 363\u003c\/p\u003e \u003cp\u003eCash Flow Analysis and Stress Testing 364\u003c\/p\u003e \u003cp\u003eOriginator’s Credit Quality 365\u003c\/p\u003e \u003cp\u003eOperational Aspects 365\u003c\/p\u003e \u003cp\u003eLegal Structure of the Transaction 365\u003c\/p\u003e \u003cp\u003eExpected Loss 366\u003c\/p\u003e \u003cp\u003eCDO Market Overview Since 2005 366\u003c\/p\u003e \u003cp\u003eRisk and Capital Management 368\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Selected Market Trading Considerations\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 The Yield Curve, Bond Yield, and Spot Rates 373\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePractical Uses of Redemption Yield and Duration 373\u003c\/p\u003e \u003cp\u003eThe Concept of Yield 374\u003c\/p\u003e \u003cp\u003eYield Comparisons in the Market 376\u003c\/p\u003e \u003cp\u003eMeasuring a Bond’s True Return 376\u003c\/p\u003e \u003cp\u003eIllustrating Bond Yield Using a Microsoft Excel Spreadsheet 380\u003c\/p\u003e \u003cp\u003eImplied Spot Rates and Market Zero-Coupon Yields 388\u003c\/p\u003e \u003cp\u003eSpot Yields and Coupon-Bond Prices 389\u003c\/p\u003e \u003cp\u003eImplied Spot Yields and Zero-Coupon Bond Yields 393\u003c\/p\u003e \u003cp\u003eDetermining Strip Values 394\u003c\/p\u003e \u003cp\u003eStrips Market Anomalies 395\u003c\/p\u003e \u003cp\u003eStrips Trading Strategy 396\u003c\/p\u003e \u003cp\u003eCase Study: Treasury Strip Yields and Cash Flow Analysis 399\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Approaches to Trading 401\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFutures Trading 402\u003c\/p\u003e \u003cp\u003eYield Curves and Relative Value 406\u003c\/p\u003e \u003cp\u003eDeterminants of Government Bond Yields 406\u003c\/p\u003e \u003cp\u003eCharacterizing the Complete Term Structure 408\u003c\/p\u003e \u003cp\u003eIdentifying Relative Value in Government Bonds 409\u003c\/p\u003e \u003cp\u003eHedging Bond Positions 412\u003c\/p\u003e \u003cp\u003eSimple Hedging Approaches 412\u003c\/p\u003e \u003cp\u003eHedge Analysis 413\u003c\/p\u003e \u003cp\u003eSummary of the Derivation of the Optimum-Hedge Equation 415\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 Credit Analysis and Relative Value Measurement 417\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCredit Ratings 418\u003c\/p\u003e \u003cp\u003ePurpose of Credit Ratings 418\u003c\/p\u003e \u003cp\u003eFormal Credit Ratings 419\u003c\/p\u003e \u003cp\u003eCredit Analysis 420\u003c\/p\u003e \u003cp\u003eThe Issuer Industry 421\u003c\/p\u003e \u003cp\u003eFinancial Analysis 423\u003c\/p\u003e \u003cp\u003eIndustry-Specific Analysis 426\u003c\/p\u003e \u003cp\u003eUtility Companies 426\u003c\/p\u003e \u003cp\u003eFinancial Sector Companies 427\u003c\/p\u003e \u003cp\u003eThe Art of Credit Analysis 428\u003c\/p\u003e \u003cp\u003eBond Spreads and Relative Value 429\u003c\/p\u003e \u003cp\u003eBond Spreads 429\u003c\/p\u003e \u003cp\u003eSummary of Fund Managers’ Approach to Value Creation 438\u003c\/p\u003e \u003cp\u003eAppendix I: The Black-Scholes Model in Microsoft Excel 443\u003c\/p\u003e \u003cp\u003eAppendix II: Iterative Formula Spreadsheet 445\u003c\/p\u003e \u003cp\u003eAppendix III: Pricing Spreadsheet 447\u003c\/p\u003e \u003cp\u003eReferences 451\u003c\/p\u003e \u003cp\u003eAbout the Author 463\u003c\/p\u003e \u003cp\u003eIndex 465\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePRAISE FOR \u003ci\u003eFIXED-INCOME SECURITIES AND DERIVATIVES HANDBOOK, SECOND EDITION\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“I have been looking for books for my clients and obtained a copy of your book. I think it is the best book about fixed-income securities out there. The book is extremely well written and is the best resource I have found so far.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—Patrick Y. Shim, \u003c\/b\u003eFinancial Advisor, CG Investment Group, Wells Fargo Advisors, LLC \u003c\/p\u003e\u003cp\u003eThe \u003ci\u003eSecond Edition of the Fixed-Income Securities and Derivatives Handbook\u003c\/i\u003e is a fully updated and expanded post-crash edition of Moorad Choudhry’s bestselling guide. In this latest edition, he explains the new regulatory twists, the evolving derivatives market, as well as a new set of instruments and opportunities in the bond market. \u003c\/p\u003e\u003cp\u003eThoroughly updated and revised, this\u003ci\u003e Second Edition\u003c\/i\u003e includes new material on important topics such as: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eA practical demonstration of cubic spline methodology, useful in constructing yield curves\u003c\/li\u003e \u003cli\u003eThe latest developments in the credit derivative market\u003c\/li\u003e \u003cli\u003eAn accessible analysis of credit default swap pricing principles\u003c\/li\u003e \u003cli\u003eA description of inflation-indexed derivatives\u003c\/li\u003e \u003cli\u003eA more detailed look at the basic principles of securitization and an updated chapter on collateralized debt obligations\u003c\/li\u003e \u003cli\u003eA new chapter on credit analysis and the different metrics used to measure bondrelative value\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eWritten in a straightforward and accessible style, Moorad Choudhry’s new book offers the ideal mix of practical tips and academic theory.\u003c\/p\u003e","brand":"Bloomberg Press","offers":[{"title":"Default Title","offer_id":47989219426533,"sku":"NP9781576603345","price":105.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781576603345.jpg?v=1761783255","url":"https:\/\/k12savings.com\/es\/products\/fixed-income-securities-and-derivatives-handbook-isbn-9781576603345","provider":"K12savings","version":"1.0","type":"link"}