Bond Evaluation Selection and Management 2nd edition by Stafford Johnson ISBN 0470478357 ‎ 978-0470478356

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ISBN 10: 0470478357

ISBN 13:  ‎ 978-0470478356

Author: Stafford Johnson

A fully revised guide to fixed income securities that reflects current market conditions

The Second Edition of Bond Evaluation, Selection, and Management combines fundamental and advanced topics in the field, offering comprehensive coverage of bond and debt management.

This fully updated and revised edition provides you with the basics needed to understand various strategies, and explanations of cutting edge advanced topics. Focusing on essential concepts, models, and numerical examples, this book will help you quickly become familiar with the tools needed to effectively select, evaluate, and manage bonds.

• Covers both the fundamental and advanced topics in the field, including debt securities, bonds with embedded options, asset-backed securities, and bond derivatives
• Reinforces important concepts through review questions, web exercises, and practice problems in each chapter
• Reviews the history of the credit markets from the 1980s to the present with a retrospective look at the 2008 financial crisis
• Contains “Interview Boxes” consisting of questions and answers with distinguished fixed-income portfolio managers, traders, analysts, and academicians

Filled with in-depth insights and practical advice, this reliable resource offers a solid foundation in understanding the complexities of evaluating and selecting bonds and other fixed income securities.

Bond Evaluation Selection and Management 2nd Table of contents: 

• Introduction to Bonds and Fixed-Income Securities

  • What Are Bonds? Definition and Types of Bonds
  • The Role of Bonds in Financial Markets
  • Bond Market Structure and Key Participants
  • The Importance of Fixed-Income Securities in Investment Portfolios

• Bond Characteristics and Valuation

  • Key Features of Bonds: Par Value, Coupon Rate, Maturity, Yield
  • Present Value and Discounting Cash Flows
  • Bond Pricing: How Bonds are Priced in the Market
  • Yield to Maturity (YTM), Yield to Call (YTC), and Yield to Worst (YTW)
  • Duration and Convexity: Measuring Interest Rate Risk

• Risk Assessment in Bond Investment

  • Types of Risk in Bond Investment (Interest Rate Risk, Credit Risk, Liquidity Risk)
  • Credit Rating Agencies and Their Role in Assessing Risk
  • Evaluating Bond Risk through Financial Ratios and Metrics
  • Macroeconomic Factors and Their Impact on Bond Prices

• Bond Portfolio Management

  • Building a Bond Portfolio: Strategies and Objectives
  • The Role of Duration and Immunization in Portfolio Management
  • Active vs. Passive Bond Portfolio Management
  • Diversification and Risk Management in Bond Portfolios
  • The Role of Bonds in a Broader Investment Strategy

• Evaluating Corporate Bonds

  • Key Considerations for Corporate Bond Investment
  • Credit Analysis: Assessing Issuer Creditworthiness
  • The Role of Financial Statements in Evaluating Corporate Bonds
  • Default Risk and the Impact of Downgrades on Bond Prices

• Government Bonds and Sovereign Debt

  • Types of Government Bonds: Treasuries, Municipal Bonds, and Foreign Sovereign Debt
  • Evaluating Sovereign Debt: Credit Risk and Country Risk
  • The Impact of Central Bank Policies on Government Bonds
  • Inflation-Protected Securities (e.g., TIPS)

• Municipal Bonds and Their Unique Features

  • Characteristics of Municipal Bonds: General Obligation and Revenue Bonds
  • Evaluating Municipal Bonds: Credit Risk and Tax Considerations
  • The Impact of Local and State Government Fiscal Policies
  • Tax-Exempt vs. Taxable Municipal Bonds

• Bond Market Liquidity and Trading

  • Understanding Bond Market Liquidity and its Implications
  • The Role of Market Makers and Bond Dealers
  • How Bonds Are Traded: Over-the-Counter vs. Exchange-Traded Markets
  • Pricing and Trading Costs in the Bond Market

• Bond Market Instruments and Derivatives

  • Convertible Bonds and Callable Bonds
  • Zero-Coupon Bonds and Inflation-Linked Bonds
  • Bond Futures, Options, and Swaps
  • Using Derivatives for Hedging and Speculation

• Macroeconomic and Interest Rate Influences on Bonds

  • How Interest Rates Affect Bond Prices
  • The Role of Central Banks in Setting Interest Rates
  • Yield Curves and Their Interpretation
  • The Impact of Economic Data (e.g., GDP, Employment, Inflation) on Bond Markets

• Evaluating and Selecting Bonds for Investment

  • Key Criteria for Bond Selection: Credit Quality, Yield, Maturity, Liquidity
  • Assessing the Total Return of Bonds
  • Risk-Return Trade-offs in Bond Selection
  • Portfolio Considerations: Matching Bonds to Investment Goals

• Advanced Bond Strategies

  • Hedging Interest Rate Risk in a Bond Portfolio
  • Active Management Strategies in the Bond Market
  • Arbitrage Opportunities in Bond Markets
  • Tactical Asset Allocation in Bond Investments

• Bond Market Trends and Future Outlook

  • Emerging Markets and Global Bond Investing
  • The Impact of Demographic Changes on Bond Markets
  • Technological Developments and Their Effect on Bond Trading
  • Regulatory Changes and Their Implications for Bond Markets

• Conclusion: The Role of Bonds in Investment Strategy

  • Integrating Bonds into a Balanced Investment Portfolio
  • The Future of Bond Markets and Their Role in the Global Economy
  • Final Thoughts on Effective Bond Selection and Management

• Appendices

  • A: Glossary of Key Terms in Bond Markets and Fixed-Income Investing
  • B: Sample Bond Valuation and Risk Assessment Models
  • C: Resources for Further Reading and Study

• Index

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