Debt Markets and Investments provides an overview of the dynamic world of markets, products, valuation, and analysis of fixed income and related securities. Experts in the field, practitioners and academics, offer both diverse and in-depth insights into basic concepts and their application to increasingly intricate and real-world situations. This volume spans the entire spectrum from theoretical to practical, while attempting to offer a useful balance of detailed and user-friendly coverage. The volume begins with the basics of debt markets and investments, including basic bond terminology and market sectors. Among the topics covered are the relationship between fixed income and other asset classes as well as the differences in fundamental risk. Particular emphasis is given to interest rate risk as well as credit risks as well as those associated with inflation, liquidity, reinvestment, and ESG.
Authors then turn to market sectors, including government debt, municipal bonds, the markets for corporate bonds, and developments in securitized debt markets along with derivatives and private debt markets. The third section focuses on models of yield curves, interest rates, and swaps, including opportunities for arbitrage. The next two sections focus on bond and securitized products, from sovereign debt and mutual funds focused on bonds to how securitization has increased liquidity through such innovations as mortgaged-and asset- backed securities, as well as collateralized debt-,
bond-, and loan obligations. Authors next discuss various methods of valuation of bonds and securities, including the use of options and derivatives. The volume concludes with discussions of how debt can play a role in financial strategies and portfolio creation.
Readers interested in a broad survey will benefit as will those looking for more in-depth presentations of specific areas within this field of study. In summary, the book provides a fresh look at this intriguing and dynamic but often complex subject.
Table of Contents Chapter 1: Debt Markets and Investments: An Overview H. Kent Baker, Greg Filbeck, Andrew C. Spieler Chapter 2: Debt Fundamentals and Indices Ryan J. Dodge, Steven T. Petra, Andrew C. Spieler Chapter 3: Interest Rate Risk, Measurement, and Management Tom Barkley Chapter 4: Other Risks Associated with Debt Securities Randolph D. Nordby Chapter 5: Government Debt Keith Pareti, Rob Kennedy Chapter 6: Municipal Bonds Xiaohu Deng, Christopher Goebert, Gershon Morgulis, Isaac Yates Chapter 7: Corporate Bond Markets Kelly E. Carter Chapter 8: Securitized Debt Markets Senay Agca, Saiyid S. Islam Chapter 9: Derivatives Markets Halil Kiymaz, Koray D. Simsek Chapter 10: Short-Term Funding and Financing Alternatives Benjamin Aguilar, Alit Jain, Kevin Neaves Chapter 11: Private Debt Markets Douglas Cumming, Grant Fleming, Zhangxin (Frank) Liu Chapter 12: Yield Curves, Swap Curves, and Term Structure of Interest Rates Tom P. Davis, Dmitri Mossessian Chapter 13: Models of the Yield Curve and Term Structure Tom P. Davis, Dmitri Mossessian Chapter 14: International Bonds Soutonnoma Ouedraogo, David Scofield, Garrett C. Smith Chapter 15: Floating Rate Notes Aby Abraham, John Casares, Jibran Ali Shah Chapter 16: Bonds with Embedded Options Christopher J. Barnes, Gaurav Gupta, Joseph F. Abinanti Chapter 17: Bond Mutual Funds, Closed-end Bond Funds, and Exchange-Traded Funds Halil Kiymaz, Koray D. Simsek Chapter 18: Other Bond Products: Social Impact Bonds, Death Bonds, Catastrophe Bonds, Green Bonds, and Covered Bonds Erik Devos, Robert Karpowicz, Andrew C. Spieler Chapter 19: Inflation-Linked Bonds John Lettieri, Gerald O'Donnell, Seow-eng Ong, Desmond Tsang Chapter 20: Securitization Process Mark Ferguson, Joseph McBride, Kevin Tripp Chapter 21: Mortgage-Backed Securities Mingwei Liang, Milena Petrova Chapter 22: Asset-Backed Securities Massimo Guidolin, Manuela Pedio Chapter 23: Collateralized Debt Obligations, Collateralized Bond Obligations, and Collateralized Loan Obligations Robert Eckrote, Christopher Milliken, Eshan Nikbakht, Andrew C. Spieler Chapter 24: Factors Affecting Bond Pricing and Valuation Mark Wu, Xiang Gao, Bob Wieczorek Chapter 25: Valuing and Analyzing Bond with Embedded Options Yiying Cheng Chapter 26: Valuing and Analyzing Mortgage-Backed and Asset-Backed Securities Matthew Dyer Chapter 27: Valuing and Analyzing Fixed Income Derivatives Koray D. Simsek, Halil Kiymaz Chapter 28: Credit Analysis and Ratings Peter Dadalt, Michael Gueli, Rafay Khalid, Ling Zhang Chapter 29: Bond Auctions Mark Wu, Patrick Herb, Shishir Paudel Chapter 30: Bond Accounting Oluwa Seyi Adebayo Awoga Chapter 31: High Yield Bonds: Byron C. Barnes, Tony Calenda, Elvis Rodriguez Chapter 32: Distressed Debt Seoyoung Kim Chapter 33: Microstructure of Fixed Income Trading Matthew John Jerabeck, Marc Perkins, David Petruzzellis Chapter 34: Debt Investment Strategies Steven Cosares, Taylor Riggs, Andrew C. Spieler Chapter 35: Debt Portfolio Management Zachary Jersky, He Li Chapter 36: Debt Trends and Future Outlook Dianna Preece
"H. Kent Baker, CFA, CMA, is a University Professor of Finance in the Kogod School of Business at American University. He is an award-winning author/editor of 31 books and more than 180 refereed articles. Professor Baker holds a BSBA from Georgetown University; M.Ed., MBA, and DBA degrees from the University of Maryland; and an MA, MS, and two PhDs from American University. Greg Filbeck, CFA, FRM, CAIA, CIPM, and PRM, is a Samuel P. Black III Professor of Finance and Risk Management at Penn State Behrend and serves as the Director for the Black School of Business. Professor Filbeck has authored or edited 10 books and published more than 95 refereed academic journal articles. He received a BS from Murray State University; an MS from Penn State University, and a DBA (finance) from the University of Kentucky. Andrew C. Spieler, CFA, FRM and CAIA, is a Professor of Finance in the Frank G. Zarb School of Business at Hofstra University. Professor Spieler has authored over 40 scholarly articles and book chapters. In addition, he has received two ""Researcher of the Year"" and two ""Teacher of the Year"" awards. He received a BS from Binghamton University, MBA from Binghamton University, MS from Indiana University and PhD from Binghamton University."
Reviews for Debt Markets and Investments
"""For scholars, teachers, students, and investors, Debt Markets and Investments is a comprehensive yet accessible guide to all types of debt securities and the markets in which they trade. I'm already revising lecture notes for my MBA-level investments course to reflect insights from this volume."" -- Scott Smart, Fettig/Whirlpool Finance Faculty Fellow, Kelley School of Business, Indiana University ""This book is very comprehensive in its coverage, making it a great reference-almost any fixed income related topic has its own chapter. The continual incorporation of theory, practical implications, and empirical evidence into the chapters is impressive, and makes the book suitable for novice and expert alike."" -- Alexander W. Butler, Professor of Finance, Rice University"
