An Introduction to Bond Markets by Moorad Choudhry

By Moorad Choudhry

The bond markets are an essential component of the area economic climate. The fourth variation of Professor Moorad Choudhry's benchmark reference textual content An advent to Bond Markets brings readers modern with most up-to-date advancements and marketplace perform, together with the effect of the monetary predicament and problems with relevance for traders. This e-book deals a close but available examine bond tools, and is aimed particularly at rookies to the industry or these strange with glossy fastened source of revenue items. the writer capitalises on his wealth of expertise within the fastened 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 worth trading

Related issues resembling the money markets and ideas of chance administration also are brought as invaluable historical past for college kids and practitioners. The e-book is key interpreting for all those that require an creation to the monetary markets.

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These participants will trade direct with other market professionals and investors, or via brokers. 1 shows a screen from the Bloomberg news and analytics system, widely used by capital market participants such as invest­ ment banks and hedge funds. It is screen DES, which is the descrip­ tion page that can be pulled up for virtually every bond in existence. 25% of 2007. We see that all the key identifying features of the bond, such as coupon and maturity date, are listed, together with a confirmation of the bond’s credit rating of Baa3 and BBþ.

Different markets have different settlement conventions. US Treasuries and UK gilts, for example, normally settle on T þ 1: one business day after the trade date, T. Eurobonds, on the other hand, settle on T þ 3. The term value date is sometimes used in place of settlement date; however, the two terms are not strictly synonymous. A settlement date can fall only on a business day; a bond traded on a Friday, therefore, will settle on a Monday. A value 20 AN INTRODUCTION TO BOND MARKETS date, in contrast, can sometimes fall on a non-business day – when accrued interest is being calculated, for example.

Liquidity issues connected with indi­ vidual bonds can also cause complications. , hard to buy or sell the bond, difficult to find) that do not reflect the market as a whole but peculiarities of that specific bond. The approach, however, is still worth knowing. 2 decrease as the bond’s maturity increases. This makes intuitive sense, since the present value of something to be received in the future diminishes the farther in the future the date of receipt lies. 18 AN INTRODUCTION TO BOND MARKETS BOND PRICING AND YIELD: THE TRADITIONAL APPROACH The discount rate used to derive the present value of a bond’s cash flows is the interest rate that the bondholders require as compensa­ tion for the risk of lending their money to the issuer.

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