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Rating: Summary: Disappointing Review: I found this book to be of marginal usefulness. The writing style is not to the point and at times disorganized. The book does not come with spreadsheets despite all the screenshots in the chapters. What good is that? Additionally, it is quite expensive. There are other much better books out there for the same price.
Rating: Summary: A robust book that covers with breadth and detail Review: I had the pleasure of taking Professor Sundaresan's Debt Markets course at Columbia. He has tremendous experience in the marketplace. This book does a good job of covering the theory while also covering the practical aspects of the marketplace. One of my complaints is that some topics lacked a step-by-step approach, and you found yourself looking at a huge equation and wondering where it came from.Hits: Duration, Convexity,Term Structure, Auctions, Treasuries, Corporates, Mortgages. Misses: Futures, Unsightly 3-dimensional graphs I also have Fabozzi's Handbook and Fabozzi's Bond Markets, Analysis and Strategies. This book is comparable to the latter.
Rating: Summary: Do you need a comprehensive guide to today's bond markets? Review: If so, this book provides a current, state of the art, integrated and self-contained analysis of the market institutions, theory, and empirical evidence in fixed-income securities and derivative securities. The book provides
thorough economic analysis of the implications of various
market phenomena for valuation and includes empirical evidence on the behavior of interest rates, default rates, financial distress and prepayments.
Other topics covered: treasury markets, when-issued markets,
interdealer broker markets, auctions, secondary markets, repo markets, bond mathematics, arbitrage-free models of term
structure, options pricing theory, primary mortgage markets,
value at risk and risk adjusted return on capital models.
The author is a former senior strategist at Lehman Brothers and a current consultant to Banker's Trust, as well as the Chase Manhattan Bank Foundation Professor at the Graduate School of Business at Columbia University. His background includes extensive consulting experience in both the fixed-income and
derivative markets. He has conducted several training programs
for Goldman Sachs, Credit Suisse, Barclays, Lehman Brothers,
and Morgan Stanley.
This book is a must-have reference for any serious professional
money manager.
Brief Contents:
Part I Fixed-Income Securities
Chapter 1 An Overview of Fixed Income Securities
Chapter 2 Organization and Conduct of Debt Markets
Chapter 3 Treasury Auctions and Selling Mechanisms
Chapter 4 Bond Mathematics
Chapter 5 Yield-Curve and Term-Structure Analysis
Chapter 6 No-Arbitrage Principle and the Term Structure
Chapter 7 Options Markets
Chapter 8 Agency and Corporate Debt Securities
Chapter 9 Securitization and Mortgage-Backed Securities
Chapter 10 Tax-Exempt Securities
Chapter 11 Portfolio Management Techniques
Part II Fixed Income Derivatives
Chapter 12 An Overview of Derivatives Markets
Chapter 13 Treasury Futures Contracts
Chapter 14 Eurodollar Futures and Swaps
Chapter 15 Risk Management
Rating: Summary: BORING Review: If you want to waste your money then spend it on Sundaresan. This book is highly disappointing. If your professor tells you buy it then you can tell him or her to ..... If you want to master fixed income securities, then you only need to purchase one and only one book, namely "Fixed Income Securities: Valuation, Risk Management, and Portfolio Strategies" by Martellini and Priaulet. That's the best book out there.
Rating: Summary: Much better books out there, Poorly written :( Review: Only a good book for reference. Difficult to understand author's explaination of analysis of Fixed Income products. Many instances key steps are skipped in problems used for examples. Look for an alternative.
Rating: Summary: technical book focused on the debt markets specificities Review: This very book provides a very objective detailed overview of the debt markets. The author is at his best discussing fixed income securities. Since it is the first edition, there are several minor technical mistakes which I am sure going to be corrected by the author in the second edition. I wish the author had focused more on the derivative side of the fixed income part of the paradise. I also expected to encounter more actual application coverage, i.e. hedging, speculation, arbitrage etc. One chapter in the end of the book encompassing advanced strategies with fixed income derivatives would be very helpful for various segments of readers. Otherwise, it is a very good non-textbook textbook. Vladi Shlepkov St.Petersburg, Russia
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