Fixed income investing books
- 23.08.2019
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This book presents all aspects pertaining to fixed income investments, starting from the basics—i. Finally, the book addresses contemporary issues such as their behavior in times of crisis, their relation to debt, their coexistence with equity and the current regulatory environment. This book, providing a look at the broader environment of fixed income alongside the current market structure, will be of interest to students, academics, researchers and practitioners in fixed income and investing strategies.
He holds a Ph. His research focuses on finance, investments, risk management and actuarial science. Rate this book Tell us what you think. It syncs automatically with your account and allows you to read online or offline wherever you are.
Benefit from lessons learned, providing real life examples ofmarket scenarios and trades Prepare fixed income portfolios that can weather any storm Written by Sean P. Simko, an expert on fixed income investing,who shares his investing experiences from the past 16 years Outlines the key principles of the Ladder strategy From strategy to execution, Strategic Fixed IncomeInvesting offers the road map to help investment managersprepare portfolios that will insulate investments against adversemarket conditions.
Simko, published by Wiley December 26, is available in hardcover. Our minimum order quantity is 25 copies. Expedited shipping is also available.
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This is another masterfully written book that blends theory and practice very well. It covers everything you'd expect, from discounted cash flows to interest rate modeling in continuous time. It is also very practitioner friendly, with step-by-step guides to implementing all the models. This title strikes a perfect balance between mathematical rigor and accessibility, and is used by many MFE programs from what I heard.
It uses very little math, but discusses many real-life trading strategies. You can learn a lot of ideas not usually covered in mainstream textbooks. It provides detailed coverage of many interest rate models and their implementations. In my mind, it is almost certainly not a title for beginners, but it's an invaluable reference for those in quantitative roles.
Often, when stocks are declining in value, fixed income is gaining in value, making them an important hedge The bond market also happens to be much larger than the stock market. But deciding on what types of fixed income you should own depends on factors like your age and risk tolerance. What Is Fixed Income? A city wants to build a new school; a company is looking to expand production.
The federal government needs to support poverty-stricken children. A company needs to expand production. These entities borrow money by selling bonds , which is just another word for fixed income. Fixed income debt securities are issued with a specific maturity date and interest rate—the so-called coupon. During the life of the bond, interest payments are made on a regular basis, typically twice a year. At maturity, the issuer repays the principal, or par value , of the security.
Dependable and timely payments is why fixed income is such a desirable asset, especially for older retirees. Of course, there are trade-offs. And if you own a basket of bonds in a mutual or exchange-traded fund, rising interest rates from the Federal Reserve could cause the value of your investment to go down. If an investor purchases a bond directly from Acme, they pay the face value.
Bonds trade in the secondary market, and may trade above par, at a premium, or below par at a discount. Types of Fixed Income There are many different types of fixed income securities, and each one is characterised by unique features, including tax treatment. Government bonds are the most secure fixed income investments, especially those backed by the full faith and credit of the United States.
Treasury bills. Also known as T-bills, treasury bills are issued with maturities between a few days and 52 weeks. They are the shortest-term government bonds, and they do not pay a coupon. Investors buy these bonds at a discount to their par value and the return comes from the difference between the discounted purchase price and the face value received at maturity.
Treasury notes. Also called T-notes, treasury notes are issued in maturities between two and 10 years. Typical maturities are two, three, five, seven and 10 years. The investor will receive semiannual coupon payments during the life of the bond, and the principal at maturity. Treasury bonds. Generally called T-bonds, these are the longest-duration government bonds, issued with maturities of 20 and 30 years. Treasury Inflation-Protected Securities.
Also called TIPS , these fixed-income securities offer investors protection against inflation. The principal increases with inflation and decreases in the event of deflation, as measured by the consumer price index CPI. When the bond matures, the investor receives the greater of the inflation-adjusted principal or original face value.
TIPS pay interest twice annually at a fixed rate. Since the interest rate is applied to the adjusted face value, interest payments rise with inflation and fall with deflation. Municipal bonds. Commonly called munis , state governments, municipalities or other governmental agencies issue this form of fixed income. In most cases, municipal bonds offer significant tax benefits, such as exemption from federal income tax. You receive semi-annual payments and the return of the principal at the date of maturity.
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