Get An introduction to bond markets PDF

By Moorad Choudhry

ISBN-10: 0470017589

ISBN-13: 9780470017586

ISBN-10: 0470031816

ISBN-13: 9780470031810

This e-book describes and defines bonds in the context of the capital markets and the different sorts of bonds which are traded. It features a certain examine the analytical concepts utilized in the marketplace by means of investors and fund managers. This re-creation will replace the part on swaps and danger administration, replace all routines and examples, upload a brand new part on credits derivatives, upload a bit on dependent finance securities & upload a piece on buying and selling. Contents additionally contain: Bond yield size, rate of interest probability, the united kingdom gilt marketplace and company debt markets, probability administration, Off-balance sheet tools, together with swaps and strategies, and in a foreign country and rising markets.

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If the required yield goes below the coupon rate, the bond price will increase. Bond yield The discussion so far has involved calculating the price of a bond given its yield. This procedure can be reversed to find a bond’s yield where its price is known. This is equivalent to calculating the bond’s internal rate of return (IRR), also known as its ‘yield to maturity’ or ‘gross redemption yield’ (also yield to workout). These are among the various measures used in the markets to estimate the return generated from holding a bond.

That is no longer necessarily the case. Assetbacked bonds, for instance, are issued in a number of tranches – related securities from the same issuer – each of which pays a different fixed or floating coupon. Nevertheless, this is still commonly referred to as the fixed-income market. In the first edition of this book I wrote: Unlike bank loans however bonds can be traded in a market. Actually, the first part of this statement cannot really be said to be accurate anymore. There is a thriving secondary market, certainly for US dollar and pound sterling loans, in bank loans these days.

Specifically, increasing the frequency of discounting lowers the calculated yield, while increasing the frequency of payments raises it. When comparing yields for bonds that trade in markets 28 AN INTRODUCTION TO BOND MARKETS with different conventions, it is important to convert all the yields to the same calculation basis. It might seem that doubling a semiannual yield figure would produce the annualised equivalent; the real result, however, is an underestimate of the true annualised yield. This is because of the multiplicative effects of discounting.

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An introduction to bond markets by Moorad Choudhry

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