Details

<p>Preface ix</p> <p>Acknowledgments xiii</p> <p><b>Part I: Bond Evaluation and Selection</b></p> <p>Chapter 1 Overview of the Financial System 3</p> <p>Chapter 2 Overview and Guide to the Bloomberg System 29</p> <p>Chapter 3 Bond Value and Return 85</p> <p>Chapter 4 The Level and Structure of Interest Rates 135</p> <p>Chapter 5 Bond Risk 179</p> <p>Chapter 6 Bond Investment Strategies 225</p> <p><b>Part II: Debt Markets and Securities</b></p> <p>Chapter 7 Corporate Debt Securities 267</p> <p>Chapter 8 Government Securities and Markets: Treasury, Agencies, Municipals, and Sovereign Debt Securities 319</p> <p>Chapter 9 Intermediary Debt Securities, Investment Funds, and Markets 369</p> <p>Chapter 10 Mortgage-Backed and Asset-Backed Securities and Securitization 413</p> <p><b>Part III: Debt Derivatives</b></p> <p>Chapter 11 Bond and Interest Rate Futures Contracts 479</p> <p>Chapter 12 Bond and Interest Rate Option Contracts 517</p> <p>Chapter 13 The Valuation of Bonds with Embedded Options and Debt Options—The Binomial Interest Rate Tree 565</p> <p>Chapter 14 Interest Rate and Credit Default Swaps 613</p> <p><b>Supplemental Appendices</b></p> <p>Appendix A: Primer on Return, Present Value, and Future Value 667</p> <p>Appendix B: Uses of Exponents and Logarithms 679</p> <p>Appendix C: Directory Listing of Bloomberg Screens by Menu and Function 685</p> <p>Index 697</p>

<p><b>R. STAFFORD JOHNSON</b> is Professor of Finance at the Williams College of Business, Xavier University. He is the coauthor of <i>Options and Futures</i>, and author of <i>Introduction to Derivatives</i> as well as the first two editions of <i>Bond Evaluation, Selection, and Management</i>. <i>Debt Markets and Analysis</i> is the first of three books in a series: upcoming are <i>Derivatives</i>, and <i>Equity Markets and Portfolio Analysis</i>. Johnson has written many articles appearing in journals such as <i>Applied Economics</i>, <i>Journal of Financial Education</i>,<i> International Review of Economics and Business</i>,<i> Journal of Economics</i>, the <i>Financial Review</i>, and the <i>Review of Quantitative Finance and Accounting</i>.

<p><b>Over the past two decades,</b> the investment and management of bonds and debt securities by financial and non-financial institutions have experienced significant developments. Managing fixed-income securities in this dynamic investment environment requires a solid understanding of debt markets as well as the uses for an increasing number of securities, markets, strategies, and methodologies. R. Stafford Joh nson is well versed in the various aspects of this discipline, and now, with <i>Debt Markets and Analysis</i>, he shares his extensive insights with you. <p>Written in a straightforward and accessible style, this practical guide provides both practicing financial professionals and students with an informative look at bonds and debt management that will take them from basic bond investment theories and fundamentals to a more in-depth understanding of their markets and strategies. And given the widespread use of the Bloomberg system, this book also includes detailed coverage of how Bloomberg information and analytical functions can be applied to the fixed-income and debt market topics addressed here. <p>Divided into three comprehensive parts, <i>Debt Markets and Analysis</i> opens with an overview of the current investment environment and previews the Bloomberg system. Part One also examines bonds in terms of their characteristics, from value, rate of return, and types of risk to the investment management strategies associated with them. Part Two moves on to delineate the different debt securities and their markets in terms of the rules, participants, and forces that govern them, as well as investment strategies related to specific securities. Here, you'll become familiar with the types of, and markets for, government securities—Treasury, federal agencies, municipals, and sovereigns—learn about intermediary securities and investment funds, and discover more about mortgage-backed and asset-backed securities as well as securitization. <p>Part Three rounds out the discussion with concise coverage of bond derivatives. It skillfully describes the markets, uses, and pricing of bond and interest rate futures and option contracts. Then it examines embedded options using a binomial interest rate tree and explores interest rate and credit default swaps. <p><i>Debt Markets and Analysis</i> is an essential guide to this important field. Combining fundamental and advanced topics with Bloomberg information and analytics, it provides you with a better understanding of the complexities and subtleties of the debt markets, and will put you in a better position to apply that knowledge to real-world investment decisions.

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