Fr. 115.00
CFA Institute, Frank J. Cfa Institute Fabozzi, Frank J. Fabozzi, Barbara Petitt, Barbara S. Pinto Petitt, Jerald E Pinto...
Fixed Income Analysis
Englisch · Fester Einband
Versand in der Regel in 1 bis 3 Wochen (kurzfristig nicht lieferbar)
Beschreibung
The essential guide to fixed income portfolio management, from the experts at CFA
Fixed Income Analysis provides authoritative and up-to-date coverage of how investment professionals analyze and manage fixed income portfolios. With detailed information from CFA Institute, this guide contains comprehensive, example-driven presentations of all essential topics in the field to provide value for self-study, general reference, and classroom use. Readers are first introduced to the fundamental concepts of fixed income before continuing on to analysis of risk, asset-backed securities, term structure analysis, and a general framework for valuation that assumes no prior relevant background. The final section of the book consists of three readings that build the knowledge and skills needed to effectively manage fixed income portfolios, giving readers a real-world understanding of how the concepts discussed are practically applied in client-based scenarios.
Part of the CFA Institute Investment series, this book provides a thorough exploration of fixed income analysis, clearly presented by experts in the field. Readers gain critical knowledge of underlying concepts, and gain the skills they need to translate theory into practice.
Understand fixed income securities, markets, and valuation
Master risk analysis and general valuation of fixed income securities
Learn how fixed income securities are backed by pools of assets
Explore the relationships between bond yields of different maturities
Investment analysts, portfolio managers, individual and institutional investors and their advisors, and anyone with an interest in fixed income markets will appreciate this access to the best in professional quality information. For a deeper understanding of fixed income portfolio management practices, Fixed Income Analysis is a complete, essential resource.
Inhaltsverzeichnis
Foreword xv
Preface xvii
Acknowledgments xix
About the CFA Investment Series xxi
PART I Fixed-Income Essentials
CHAPTER 1 Fixed-Income Securities: Defining Elements 3
Learning Outcomes 3
1. Introduction 3
2. Overview of a Fixed-Income Security 4
3. Legal, Regulatory, and Tax Considerations 10
4. Structure of a Bond's Cash Flows 23
5. Bonds with Contingency Provisions 34
6. Summary 41
Problems 43
CHAPTER 2 Fixed-Income Markets: Issuance, Trading, and Funding 45
Learning Outcomes 45
1. Introduction 45
2. Overview of Global Fixed-Income Markets 46
3. Primary and Secondary Bond Markets 58
4. Sovereign Bonds 66
5. Non-Sovereign Government, Quasi-Government, and Supranational Bonds 69
6. Corporate Debt 71
7. Short-Term Funding Alternatives Available to Banks 80
8. Summary 86
Problems 88
CHAPTER 3 Introduction to Fixed-Income Valuation 91
Learning Outcomes 91
1. Introduction 91
2. Bond Prices and the Time Value of Money 92
3. Prices and Yields: Conventions for Quotes and Calculations 105
4. The Maturity Structure of Interest Rates 128
5. Yield Spreads 136
6. Summary 141
Problems 143
PART II Analysis of Risk
CHAPTER 4 Understanding Fixed-Income Risk and Return 153
Learning Outcomes 153
1. Introduction 154
2. Sources of Return 154
3. Interest Rate Risk on Fixed-Rate Bonds 162
4. Interest Rate Risk and the Investment Horizon 195
5. Credit and Liquidity Risk 201
6. Summary 202
Problems 205
CHAPTER 5 Fundamentals of Credit Analysis 211
Learning Outcomes 211
1. Introduction 211
2. Credit Risk 212
3. Capital Structure, Seniority Ranking, and Recovery Rates 214
4. Ratings Agencies, Credit Ratings, and Their Role in the Debt Markets 220
5. Traditional Credit Analysis: Corporate Debt Securities 229
6. Credit Risk vs. Return: Yields and Spreads 249
7. Special Considerations of High-Yield, Sovereign, and Non-Sovereign Credit Analysis 258
8. Summary 272
Problems 275
CHAPTER 6 Credit Analysis Models 279
Learning Outcomes 279
1. Introduction 279
2. Measures of Credit Risk 281
3. Traditional Credit Models 283
4. Structural Models 289
5. Reduced Form Models 297
6. The Term Structure of Credit Spreads 308
7. Asset-Backed Securities 315
8. Summary 317
References 318
Problems 318
PART III Asset-Backed Securities
CHAPTER 7 Introduction to Asset-Backed Securities 323
Learning Outcomes 323
1. Introduction 323
2. Benefits of Securitization for Economies and Financial Markets 324
3. The Securitization Process 326
4. Residential Mortgage Loans 335
5. Residential Mortgage-Backed Securities 338
6. Commercial Mortgage-Backed Securities 352
7. Non-Mortgage Asset-Backed Securities 355
8. Collateralized Debt Obligations 359
9. Summary 363
References 365
Problems 365
PART IV Valuation
CHAPTER 8 The Arbitrage-Free Valuation Framework 371
Learning Outcomes 371
1. Introduction 371
2. The Meaning of Arbitrage-Free Valuation 372
3. Interest Rate Trees and Arbitrage-Free Valuation 375
4. Monte Carlo Method 393
5. Summary 395
Problems 396
CHAPTER 9 Valuation and Analysis: Bonds with Embedded Options 401
Learning Outcomes 401
1. Introduction 402
2. Overview of Embedded Options 402
3. Valuation and Analysis of Callable and Putable Bonds 407
4. Interest Rate Risk of Bonds with Embedded Options 432
5. Valuation and Analysis of Capped and Floored Floating-Rate Bonds 444
6. Valuation and Analysis of Convertible Bonds 450
7. Bond Analytics 462
8. Summary 463
Problems 465
PART V Term Structure Analysis
CHAPTER 10 The Term Structure and Interest Rate Dynamics 473
Learning Outcomes 473
1. Introduction 474
2. Spot Rates and Forward Rates 474
3. The Swap Rate Curve 493
4. Traditional Theories of the Term Structure of Interest Rates 502
5. Modern Term Structure Models 5
Über den Autor / die Autorin
Jerald E. Pinto, CFA, is Director of Curriculum Projects in the Education Division of CFA Institute. Before coming to CFA Institute in 2002, he consulted to corporations, foundations, and partnerships in investment planning, portfolio analysis, and quantitative analysis. He has also worked in the investment and banking industries in New York City and taught finance at New York University's Stern School of Business. He holds an MBA from Baruch College, a PhD in finance from the Stern School, and earned his CFA charter in 1992.
Zusammenfassung
The essential guide to fixed income portfolio management, from the experts at CFA
Fixed Income Analysis provides authoritative and up-to-date coverage of how investment professionals analyze and manage fixed income portfolios. With detailed information from CFA Institute, this guide contains comprehensive, example-driven presentations of all essential topics in the field to provide value for self-study, general reference, and classroom use. Readers are first introduced to the fundamental concepts of fixed income before continuing on to analysis of risk, asset-backed securities, term structure analysis, and a general framework for valuation that assumes no prior relevant background. The final section of the book consists of three readings that build the knowledge and skills needed to effectively manage fixed income portfolios, giving readers a real-world understanding of how the concepts discussed are practically applied in client-based scenarios.
Part of the CFA Institute Investment series, this book provides a thorough exploration of fixed income analysis, clearly presented by experts in the field. Readers gain critical knowledge of underlying concepts, and gain the skills they need to translate theory into practice.
* Understand fixed income securities, markets, and valuation
* Master risk analysis and general valuation of fixed income securities
* Learn how fixed income securities are backed by pools of assets
* Explore the relationships between bond yields of different maturities
Investment analysts, portfolio managers, individual and institutional investors and their advisors, and anyone with an interest in fixed income markets will appreciate this access to the best in professional quality information. For a deeper understanding of fixed income portfolio management practices, Fixed Income Analysis is a complete, essential resource.
Produktdetails
Autoren | CFA Institute, Frank J. Cfa Institute Fabozzi, Frank J. Fabozzi, Barbara Petitt, Barbara S. Pinto Petitt, Jerald E Pinto, Jerald E. Pinto, Jerald E. Petitt Pinto, Wendy L. Pirie |
Verlag | Wiley, John and Sons Ltd |
Sprache | Englisch |
Produktform | Fester Einband |
Erschienen | 23.01.2015 |
EAN | 9781118999493 |
ISBN | 978-1-118-99949-3 |
Seiten | 752 |
Serien |
The CFA Institute Series The CFA Institute Series |
Thema |
Sozialwissenschaften, Recht,Wirtschaft
> Wirtschaft
> Betriebswirtschaft
|
Kundenrezensionen
Zu diesem Artikel wurden noch keine Rezensionen verfasst. Schreibe die erste Bewertung und sei anderen Benutzern bei der Kaufentscheidung behilflich.
Schreibe eine Rezension
Top oder Flop? Schreibe deine eigene Rezension.