Managing Credit Risk in Corporate Bond Portfolios: A Practitioner's Guide

Rating:
Summary: A Must Read for all 'Traditional' Fixed Income Managers
Review: This book does indeed fill an important gap in the literature - in bridging the quant and the strategist.
Simply put, the author has assembled a very readable set of ingredients from which one could 'proficiently' manage a corporate bond mandate.
The chapters on credit portfolio risk measurement and optimization are very informative and leave the right questions open to interpretation and future research.
The collection of analytical and simulation based approaches and empirical results is excellent and useful for everyone - no matter what the level of experience or expertise of the reader.
The reason for 4 stars is that I feel too much time was spent on discussing the KMV approach (which although well-known, has a number of weaknesses), not quite enough time was spent on the development of simulation-based approaches, and the author does not attempt to integrate market and credit risks directly.
This being said - there is enough detail in this book to lead the inquisitive reader into these subjects in more detail with a great background.
Excellent book