Portfolio Management of Bonds (Part 1, Part 2)

Author: Fabozzi
Publisher:
Publish Date: 2004-03-01
Features: The bond market is the foundation and an important component of the financial market. Due to its "fixed" income characteristics, it is also a relatively easier market for financial researchers to model and analyze. However, it is interesting that the diversity of demands from investors and financiers, as well as other factors leading to the complexity of the financial market, are so elusive. Initially, fixed-income securities were created to provide certainty, and then floating-rate securities were invented because they were too fixed, creating various embedded options. When interest rates truly started to float, they were deemed too uncertain, leading to the emergence of interest rate futures, options, swaps, caps, floors, dual caps, and many other products. As a result, we have today's vast array of bond varieties, along with numerous bond analysis models and methods. This book covers a range of topics, including investment tools, valuation, measurement of potential returns and risk exposure, and portfolio management strategies, encompassing almost all bond-related issues. Even seasoned fixed-income securities professionals on Wall Street may not be fully familiar with all the content discussed in this book. As the author of the CFA Institute's designated textbook for the Registered Financial Analyst (CFA) exam, Frank J. Fabozzi has a broad influence in the global financial industry. With clear and accessible language, this book provides a detailed analysis of the concepts, methods, and related models of bonds, along with specific examples and explanations, making it an encyclopedic guide for those interested in bond investment. The content of this book is appropriately challenging, with a depth slightly above the CFA Institute's designated textbook. For individuals with a bachelor's or master's degree, as well as those working in the fields of finance, securities, insurance, and related industries, this book will greatly benefit them in refining their knowledge structure and enhancing their professional competence!