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"Fixed-income securities traditionally promised fixed cash flows (like bonds), but there have been many newly-created fixed income securities for which the promised cash flows depend on the level of interest rates, making them hard to value. This revised book covers the most advanced thinking in the field and comprehensively shows how to value the complete universe of fixed income securities. Included are all the latest fixed income securities valuation models and techniques, and their applications in real world situations. The fourth edition will include a completely new intro chapter on global markets that reflects the numerous changes since the Crash of 2008, and updates throughout the rest of the book"--

A concise yet comprehensive guidebook to understanding fixed income investments. This authoritative guide provides all the information that both the professional and individual investor will need to succeed in today's fixed income market, including: - The various types of fixed income vehicles, including floating rate notes, zero coupon bonds, and bonds with embedded options - Calendar conventions and yield conversions - Advanced yield measures that incorporate reinvesting, taxes, and inflation - Creating the spot curve and using it to value bonds - Fixed income analytics, including duration, convexity, and option-adjusted spread - Pricing credit risk and determining true credit spreads - Passive portfolio management techniques, including dedicated and immunized portfolios - Active portfolio management techniques, including interest rate strategies, volatility strategies, and yield curve plays.

This book presents new approaches to fixed income modeling and portfolio management techniques. Taking into account the latest mathematical and econometric developments in finance, it analyzes the hedging securities and structured instruments that are offered by banks, since recent research in the field of fixed incomes and financial markets has raised awareness for changes in market risk management strategies. The book offers a valuable resource for all researchers and practitioners interested in the theory behind fixed income instruments, and in their applications in financial portfolio management.--