Fixed Income Securities

Build or brush up on the foundation you need to be a sophisticated fixed income professional with this proven book.

Fixed Income Securities: Tools for Today’s Markets has been a valued resource for practitioners and students for over 25 years. Clearly written and drawing on a myriad of real market examples, it presents an overview of fixed income markets; explains the conceptual frameworks and quantitative toolkits used in the industry for pricing and hedging; and examines a wide range of fixed income instruments and markets.

The book covers topics such as government bonds, interest rate swaps, repurchase agreements, interest rate futures, note and bond futures, bond options and swaptions, corporate bonds, credit default swaps, and mortgages and mortgage-backed securities.

Appearing a decade after its predecessor, this long-awaited Fourth Edition is comprehensively revised with:

• An up-to-date overview, including monetary policy with abundant reserves and the increasing electronification of the market.
• All new examples, applications, and case studies, including lessons from market upheavals through the pandemic.
• New material on fixed income asset management.
• The global transition from LIBOR to SOFR and other rates.