Fixed Income Analysis (CFA Institute Investment Series) - Hardcover

Petitt, Barbara S.

Hardcover

ISBN 10: 1119627281 ISBN 13: 9781119627289

Publisher: Wiley, 2019

Synopsis

CFA Institute's essential guide to fixed-income portfolio management, revised and updated

Now in its fourth edition, Fixed Income Analysis offers authoritative and up-to-date coverage of how successful investment professionals analyze and manage fixed-income portfolios.

With contributions from a team of financial experts, the text is filled with detailed information from CFA Institute and contains a comprehensive review of the essential topics in the field. Fixed Income Analysis introduces the fundamental concepts of fixed-income securities and markets and provides in-depth coverage of fixed-income security valuation and portfolio management. The book contains a general framework for valuation that is designed to be accessible to both professionals and those new to the field. The fourth edition provides updated coverage of fixed-income portfolio management including detailed coverage of liability-driven and index-based strategies, the major types of yield curve strategies, and approaches to implementing active credit strategies.

The authors include examples that help build the knowledge and skills needed to effectively manage fixed-income portfolios. Fixed Income Analysis gives a real-world understanding of how the concepts discussed are practically applied in client-based scenarios.

Investment analysts, portfolio managers, individual and institutional investors and their advisors, and anyone with an interest in fixed-income markets will appreciate this accessible guide to fixed-income analysis.

About this title

About the Author

Barbara S. Petitt is Director, Curriculum Projects, EMEA, in the Education Division at CFA Institute.

From the Back Cover

The fourth edition of Fixed Income Analysis offers a comprehensive and authoritative resource that includes practical information on the most important issues related to fixed-income analysis.

Fixed Income Analysis has been thoroughly revised and updated. The text covers a wide range of topics including types of fixed-income securities and the markets they trade in, the risk associated with investing in fixed-income securities, and the fundamentals of valuation and interest rate risk. This important resource also examines the principles of credit analysis, the valuation of fixed-income securities with embedded options, and features of structured products. In addition, Fixed Income Analysis, Fourth Edition demonstrates how to build the skills needed to manage fixed-income portfolios in line with investors' objectives.

Drawing on the resources of the acclaimed CFA^® Program, Fixed Income Analysis is appropriate for both experienced professionals and those new to the field. The text introduces fixed-income valuation in a highly accessible manner, and the arbitrage-free framework presented explains and illustrates a general structure for valuing fixed-income securities. It covers modern techniques of analyzing interest rate risk and explains modern professional practice in evaluating credit risk as well as quantitative methods of credit risk analysis.

Included is material on fixed-income securities backed by pools of assets, including mortgage- backed securities and collateralized debt obligations. A section on bonds with embedded options covers the more complex case in which securities include options that the issuer or investor may exercise. The valuation of credit default swaps is explained, and their use in managing credit risk is illustrated.

The fourth edition provides updated coverage of fixed-income portfolio management beginning with an overview of liability-based versus total return mandates, the effects of liquidity, and the use of leverage. Detailed coverage of interest rate immunization in liability-driven investing and index-based strategies is provided. Yield curve positioning strategies and inter-market curve strategies are addressed, and a framework for evaluating yield curve trades is developed. Approaches to implementing active credit strategies involving credit risk, spread risk, and liquidity risk are explained for a variety of different fixed-income categories including investment-grade and high-yield corporates, structured products, and international credit portfolios.

This vital guide contains a wealth of example- driven presentations of all the essential topics, making it useful for self-study, general reference, and classroom use.

From the Inside Flap

The fourth edition of Fixed Income Analysis offers a comprehensive and authoritative resource that includes practical information on the most important issues related to fixed-income analysis.

Fixed Income Analysis has been thoroughly revised and updated. The text covers a wide range of topics including types of fixed-income securities and the markets they trade in, the risk associated with investing in fixed-income securities, and the fundamentals of valuation and interest rate risk. This important resource also examines the principles of credit analysis, the valuation of fixed-income securities with embedded options, and features of structured products. In addition, Fixed Income Analysis, Fourth Edition demonstrates how to build the skills needed to manage fixed-income portfolios in line with investors' objectives.

Drawing on the resources of the acclaimed CFA^® Program, Fixed Income Analysis is appropriate for both experienced professionals and those new to the field. The text introduces fixed-income valuation in a highly accessible manner, and the arbitrage-free framework presented explains and illustrates a general structure for valuing fixed-income securities. It covers modern techniques of analyzing interest rate risk and explains modern professional practice in evaluating credit risk as well as quantitative methods of credit risk analysis.

Included is material on fixed-income securities backed by pools of assets, including mortgage- backed securities and collateralized debt obligations. A section on bonds with embedded options covers the more complex case in which securities include options that the issuer or investor may exercise. The valuation of credit default swaps is explained, and their use in managing credit risk is illustrated.

The fourth edition provides updated coverage of fixed-income portfolio management beginning with an overview of liability-based versus total return mandates, the effects of liquidity, and the use of leverage. Detailed coverage of interest rate immunization in liability-driven investing and index-based strategies is provided. Yield curve positioning strategies and inter-market curve strategies are addressed, and a framework for evaluating yield curve trades is developed. Approaches to implementing active credit strategies involving credit risk, spread risk, and liquidity risk are explained for a variety of different fixed-income categories including investment-grade and high-yield corporates, structured products, and international credit portfolios.

This vital guide contains a wealth of example- driven presentations of all the essential topics, making it useful for self-study, general reference, and classroom use.

Edition details

• Publisher: Wiley
• Publication date: 2019
• Language: English
• ISBN 10: 1119627281
• ISBN 13: 9781119627289
• Binding: Hardcover
• Edition number: 4
• Number of pages: 944