Bonds Books - Page 4

Pricing Convertible Bonds

Kevin B. Connolly

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Customer Reviews:
Total reviews: 11 Average rating: 4.0 of 5

Editorial Review:

The Convertible Bonds (CB) market is growing all the time. To date, over one trillion dollars worth of CBs are in circulation. Corporations are finding this source of fund-raising more and more attractive. And for different reasons, the buyers are finding CBs increasingly attractive investment vehicles.

There are few works on the subject of pricing convertible bonds. Most books discussing derivative products cover all details of pricing futures and options in minute detail. Convertible bonds and warrants are usually mentioned as an after thought in the latter chapters. This is the first book to address the very complex issue of pricing convertible bonds.

Kevin Connolly, Researcher of complex volatility trading for Refco Overseas Ltd. and Lecturer at City University Business School and London Guildhall University, has put together an excellent treatment of pricing convertible bonds, delving into topics such as:
* Returns distributions and associated descriptive statistics
* Modeling the share price process
* The basic convertible bond model
* Introducing the complications
* Convertible bond sensitivities
* Using equity warrant models to price CBs
* Refix clauses


Fund managers, hedge players/traders, undergraduates and postgraduates will find this book invaluable. Easy to understand software on Microsoft Excel spreadsheets is also supplied.

Beating the Dow with Bonds : A High-Return, Low-Risk Strategy for Outperforming the Pros Even When Stocks Go South

Michael B. O'higgins

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Total reviews: 33 Average rating: 2.5 of 5

Editorial Review:

“By following O'Higgins' method, small investors will often beat the pros at their own game.” - Wall Street Journal

In Beating the Dow with Bonds, Michael O'Higgins, bestselling author of Beating the Dow and one of America's top-ranked money managers, provides a proven system for achieving the lowest-risk and highest returns in a chaotic stock market - investment advice requiring less than five minutes per year that will help you beat the pros 95 percent of the time regardless of market conditions.

With stock market fluctuations ranging from all-time highs to all-time lows, O'Higgins insists that incorporating bonds'once considered the ugly step-sibling to stocks'into your portfolio is the only way to win.

In Beating the Dow with Bonds, you will learn:

• how to tell when stocks aren't the best place to be for the highest returns - and where to go in the meantime

• how to protect yourself from radical market fluctuations and continue to beat the Dow

• a reliable, easy-to-understand method of assessing the attractiveness of T-bonds, T-bills, and stocks in order to achieve the best return with the least risk

For investors with as little as $5,000, Beating the Dow with Bonds provides a safer, more reliable opportunity to beat the Dow not just in today's market'but in any market.

Read by Jack Perkins, who served as correspondent, commentator and anchorman at NBC News for 25 years.  He began his association with A&E in 1990, and is co-host of the series Biography.

 

The Bond Market: Trading and Risk Management

Christina I. Ray

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Total reviews: 5 Average rating: 5.0 of 5

Editorial Review:

Corporate and federal debt has increased over 350% in the last four years, accompanied by an explosion in the use of complex derivative products. To cope with this new market, fixed income traders - and the tools and techniques they use - have become increasingly sophisticated. There is an urgent need for a high-quality reference book on managing interest rate risk and on the primary and secondary markets for the outstanding bonds worth trillions of dollars. The Bond Market is a thorough guide to the mechanics of the market for U.S. Treasury securities and their derivative products. It explains the art and science of trading bonds for maximum profit with controlled risk, and illustrates how the best traders apply sound theoretical techniques under battlefield conditions. This is a valuable resource for readers with no prior knowledge of the bond market, as well as those who want to enhance their understanding of bond theory with real-life trading tools and techniques. The Bond Market looks at the big picture while focusing on important details. Based on her extensive trading experience, Christina I. Ray covers bond market basics and bond trading strategies, and provides an overview of the bond trading business. This one-of-a-kind reference shows readers how traders use mathematics to construct positions, in bonds or their derivatives, suitable for different market conditions and their own market risks; how traders determine the value of different securities and answers the critical question: Is bond movement random or can it be forecast? and the consistent approaches used by long-lived traders that readers can apply quantitatively to analyze the risk-reward profile of any position.

Advanced Bond Portfolio Management (Frank J. Fabozzi Series)

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Editorial Review:

In order to effectively employ portfolio strategies that can control interest rate risk and/or enhance returns, you must understand the forces that drive bond markets, as well as the valuation and risk management practices of these complex securities. In Advanced Bond Portfolio Management, Frank Fabozzi, Lionel Martellini, and Philippe Priaulet have brought together more than thirty experienced bond market professionals to help you do just that.

Divided into six comprehensive parts, Advanced Bond Portfolio Management will guide you through the state-of-the-art techniques used in the analysis of bonds and bond portfolio management. Topics covered include:

• General background information on fixed-income markets and bond portfolio strategies
• The design of a strategy benchmark
• Various aspects of fixed-income modeling that will provide key ingredients in the implementation of an efficient portfolio and risk management process
• Interest rate risk and credit risk management
• Risk factors involved in the management of an international bond portfolio

Filled with in-depth insight and expert advice, Advanced Bond Portfolio Management is a valuable resource for anyone involved or interested in this important industry.

Quantitative Management of Bond Portfolios (Advances in Financial Engineering)

Lev Dynkin, Anthony Gould, Jay Hyman, Vadim Konstantinovsky, Bruce Phelps

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Editorial Review:

The practice of institutional bond portfolio management has changed markedly since the late 1980s in response to new financial instruments, investment methodologies, and improved analytics. Investors are looking for a more disciplined, quantitative approach to asset management. Here, five top authorities from a leading Wall Street firm provide practical solutions and feasible methodologies based on investor inquiries. While taking a quantitative approach, they avoid complex mathematical derivations, making the book accessible to a wide audience, including portfolio managers, plan sponsors, research analysts, risk managers, academics, students, and anyone interested in bond portfolio management.

The book covers a range of subjects of concern to fixed-income portfolio managers--investment style, benchmark replication and customization, managing credit and mortgage portfolios, managing central bank reserves, risk optimization, and performance attribution. The first part contains empirical studies of security selection versus asset allocation, index replication with derivatives and bonds, optimal portfolio diversification, and long-horizon performance of assets. The second part covers portfolio management tools for risk budgeting, bottom-up risk modeling, performance attribution, innovative measures of risk sensitivities, and hedging risk exposures.

A first-of-its-kind publication from a team of practitioners at the front lines of financial thinking, this book presents a winning combination of mathematical models, intuitive examples, and clear language.

Handbook for Muni-Bond Issuers (Bloomberg Professional Library)

Joe Mysak

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Customer Reviews:
Total reviews: 1 Average rating: 4.0 of 5

Municipal Bonds 4 out of 5 stars.
0 of 0 people found this review helpful.

Good introduction to players in the muni market and helpful training tool for junior people in the business.

Editorial Review:

The Handbook for Muni-Bond Issuers provides professionals with succinct guidance on what issuers need to know before beginning the issuance process - choosing a method of sale, getting the right financial advice, disclosure and legal guidelines, and lowering the cost of financing. It includes a detailed discussion of what happens prior to a sale through what to expect after the close. Author Joe Mysak takes issuers through the process, step-by-step, with smart answers and pragmatic strategies for success in today's muni-bond market. This book provides an insider's perspective on choosing a method of sale, finding the right financial advisers, what to expect from regulators, and earning a high credit rating.

How the Bond Market Works

New York Institute of Finance

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Duration, Convexity, and Other Bond Risk Measures (Frank J. Fabozzi Series)

Frank J. Fabozzi

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Customer Reviews:
Total reviews: 3 Average rating: 4.5 of 5

Comprehensive review of fundamental concepts. 5 out of 5 stars.
10 of 12 people found this review helpful.

the book gives the fundamentals of risk management. You can grasp the idea of duration, convexity and other commonly used terms. The book especially tells how you will use the terms, not to derive them. I recommend the book, it is indeed useful

Frank's best short story 5 out of 5 stars.
2 of 3 people found this review helpful.

Fabozzi has a lot of intuitive books, but I think this is the best concise book out there that provides a focused discussion on Convexity and Duration. Lucid on all aspects of bond convexity and a very good analysis of option embedded bonds with negative convexity.

Editorial Review:

Duration, Convexity and other Bond Risk Measures offers the most comprehensive coverage of bond risk measures available. Financial expert Frank Fabozzi walks you through every aspect of bond risk measures from the price volatility characteristics of option-free bonds and bonds with embedded options to the proper method for calculating duration and convexity. Whether you're a novice trader or experienced money manager, if you need to understand the interest rate risk of a portfolio Duration, Convexity and other Bond Risk Measures is the only book you'll need.

Corporate Bonds: Structure and Analysis

Richard S. Wilson, Frank J. Fabozzi

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Total reviews: 1 Average rating: 4.0 of 5

Excellent Guide to the Corporate Bond Market... 4 out of 5 stars.
5 of 6 people found this review helpful.

This book is an excellent resource, not only to keep on the desk, but also as concise reading. The analytics of the corporate bond market were covered very well.

One area that could be more detailed was the portfolio management section (Section 13). However the book was still very worth while.

I would especially recommend this book to those trying to get a good understanding of the corporate bond market in lieu of a textbook or larger scale fixed income guide.

Editorial Review:

Corporate Bonds: Structures & Analysis covers every aspect of corporate bonds, including bond structures, credit analysis, and investment strategies. This book discusses state-of-the-art technology for valuing corporate bonds, as well as innovative new products such as step-up notes and range notes. Complete with contributions from today's top financial experts, Corporate Bonds is the definitive reference for this vital market.

How the Bond Market Works

Robert Zipf

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Total reviews: 5 Average rating: 3.5 of 5

Disappointing and of Questionable Reliability 1 out of 5 stars.
13 of 22 people found this review helpful.

I found the book disappointing and I question its reliability.

The following quote is taken directly from page 58 of "How the Bond Market Works", by Robert Zipf:

"However, the Tennessee Valley Authority frequently borrows money from the public. Its securities are not guaranteed by the United States Government, and are not generally exempt from state income taxes.

The following quote is taken directly from the "Tax Matters" section of bond offering circulars issued by the Tennessee Valley Authority.

"A U.S. beneficial owner is subject to federal income taxation on income on a Bond. The Act, however, provides that bonds issued by TVA are exempt both as to principal and interest from all taxation now or hereafter imposed by any state or local taxing authority except estate, inheritance and gift taxes."

(If you care to check it out for yourself, Tennessee Valley Authority offering circulars dating back to 1989 are available online, in PDF format, at the TVA web site.)

Editorial Review:

Completely updated to reflect the latest changes in the debt-instrument market. Provides the most current information available on the different bond instruments, trends in fixed income markets generally, and trends in individual markets. Softcover.