By Moorad Choudhry
The bond markets are an essential component of the realm economic climate. The fourth version of Professor Moorad Choudhry's benchmark reference textual content An creation to Bond Markets brings readers brand new with newest advancements and industry perform, together with the impression of the monetary obstacle and problems with relevance for traders. This publication bargains an in depth but available examine bond tools, and is aimed particularly at newbies to the industry or these unusual with smooth mounted source of revenue items. the writer capitalises on his wealth of expertise within the mounted source of revenue markets to provide this concise but in-depth insurance of bonds and linked derivatives.
Topics lined include:
- Bond pricing and yield
- Duration and convexity
- Eurobonds and convertible bonds
- Structured finance securities
- Interest-rate derivatives
- Credit derivatives
- Relative price trading
Related themes corresponding to the money markets and rules of hazard administration also are brought as priceless history for college kids and practitioners. The e-book is vital analyzing for all those that require an creation to the monetary markets.
Read Online or Download An Introduction to Bond Markets PDF
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Extra resources for An Introduction to Bond Markets
Financial arithmetic: The time value of money Bond prices are expressed ‘per 100 nominal’ – that is, as a percentage of the bond’s face value. 00, this means that for every $100 of the bond’s face value, a buyer would pay $98. The principles of pricing in the bond market are the same as those in other ﬁnancial markets: the price of a ﬁnancial instrument is equal to the sum of the present values of all the future cash ﬂows from the instrument. The interest rate used to derive the present values of the cash ﬂows, known as the discount rate, is key, since it reﬂects where the bond is trading and how its return is perceived by the market.
The most common bond is the conven tional (or plain vanilla or bullet) bond. This is a bond paying a regular (annual or semiannual) ﬁxed interest rate over a ﬁxed period to maturity or redemption, with the return of principal (the par or nominal value of the bond) on the maturity date. All other bonds will be variations on this. There is a wide range of parties involved in the bond markets. We can group them broadly into borrowers and investors, plus the institu tions and individuals who are part of the business of bond trading.
89%. 96%. Which bond has the higher yield to maturity in practice? The effective annual yield of the Treasury is: rma ¼ ð1 þ 12 � 0:0489Þ2 � 1 ¼ 4:9498% Comparing the securities using the same calculation basis reveals that the European government bond does indeed have the higher yield. 25% 2007 as at 29 November 2005. P. All rights reserved. Used with permission. The market convention is sometimes simply to double the semi annual yield to obtain the annualised yields, despite the fact that this produces an inaccurate result.
An Introduction to Bond Markets by Moorad Choudhry