{"product_id":"bond-math-website-the-theory-behind-the-formulas-hardback-9781118866320","title":"Bond Math, + Website; The Theory Behind the Formulas (Hardback) 9781118866320","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eBond Math, + Website\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eThe Theory Behind the Formulas\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eDonald J. Smith (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781118866320, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 30 December 2014\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e304 pages\u003cbr\u003e23.9 x 15.8 x 4.6 cm, 0.499 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cb\u003eA bond calculation quick reference, complete with context and application insights\u003c\/b\u003e  \u003cp\u003e\u003ci\u003eBond Math\u003c\/i\u003e is a quick and easy resource that puts the intricacies of bond calculations into a clear and logical order. This simple, readable guide provides a handy reference, teaching the reader how to think about the essentials of bond math. Much more than just a book of formulas, the emphasis is on how to think about bonds and the associated math, with plenty of examples, anecdotes, and thought-provoking insights that sometimes run counter to conventional wisdom. This updated second edition includes popular Bloomberg pages used in fixed-income analysis, including the Yield and Spread Analysis page, plus a companion website complete with an Online Workbook of multiple choice questions and answers and spreadsheet exercises. Detailed coverage of key calculations, including thorough explanations, provide practical guidance to working bond professionals.\u003c\/p\u003e \u003cp\u003eThe bond market is the largest and most liquid in the world, encompassing everything from Treasuries and investment grade corporate paper to municipals and junk bonds, trading over $900 billion daily in the U.S. alone. \u003ci\u003eBond Math\u003c\/i\u003e is a guide to the inevitable calculations involved in managing bonds, with expert insight on the portfolios and investment strategies that puts the math in perspective. Clear and concise without sacrificing detail, this book helps readers to:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eDelineate the characteristics of different types of debt securities\u003c\/li\u003e \u003cli\u003eCalculate implied forward and spot rates and discount factors\u003c\/li\u003e \u003cli\u003eWork with rates of return, yield statistics, and interest rate swaps\u003c\/li\u003e \u003cli\u003eUnderstand duration-based risk measures, and more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eMemorizing formulas is one thing, but really learning how to mentally approach the math behind bonds is something else entirely. This approach places calculations in context, and enables easier transition from theory to application. For the bond professional seeking a quick math reference, \u003ci\u003eBond Math\u003c\/i\u003e provides that and so much more.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003ePreface to the Second Edition xi\u003c\/p\u003e \u003cp\u003ePreface to the First Edition xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Money Market Interest Rates 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInterest Rates in Textbook Theory 2\u003c\/p\u003e \u003cp\u003eMoney Market Add-On Rates 3\u003c\/p\u003e \u003cp\u003eMoney Market Discount Rates 6\u003c\/p\u003e \u003cp\u003eTwo Cash Flows, Many Money Market Rates 9\u003c\/p\u003e \u003cp\u003eA History Lesson on Money Market Certificates 12\u003c\/p\u003e \u003cp\u003ePeriodicity Conversions 13\u003c\/p\u003e \u003cp\u003eTreasury Bill Auction Results 15\u003c\/p\u003e \u003cp\u003eThe Future: Hourly Interest Rates? 19\u003c\/p\u003e \u003cp\u003eConclusion 21\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Zero-Coupon Bonds 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Story of TIGRS, CATS, LIONS, and STRIPS 24\u003c\/p\u003e \u003cp\u003eYields to Maturity on Zero-Coupon Bonds 27\u003c\/p\u003e \u003cp\u003eHorizon Yields and Holding-Period Rates of Return 30\u003c\/p\u003e \u003cp\u003eChanges in Bond Prices and Yields 32\u003c\/p\u003e \u003cp\u003eCredit Spreads and the Implied Probability of Default 34\u003c\/p\u003e \u003cp\u003eConclusion 38\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Prices and Yields on Coupon Bonds 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMarket Demand and Supply 40\u003c\/p\u003e \u003cp\u003eBond Prices and Yields to Maturity in a World of No Arbitrage 44\u003c\/p\u003e \u003cp\u003eSome Other Yield Statistics 48\u003c\/p\u003e \u003cp\u003eHorizon Yields 52\u003c\/p\u003e \u003cp\u003eSome Uses of Yield-to-Maturity Statistics 53\u003c\/p\u003e \u003cp\u003eImplied Probability of Default on Coupon Bonds 55\u003c\/p\u003e \u003cp\u003eBond Pricing between Coupon Dates 56\u003c\/p\u003e \u003cp\u003eA Real Corporate Bond 59\u003c\/p\u003e \u003cp\u003eConclusion 63\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Bond Taxation 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Bond Taxation 66\u003c\/p\u003e \u003cp\u003eMarket Discount Bonds 68\u003c\/p\u003e \u003cp\u003eA Real Market Discount Corporate Bond 70\u003c\/p\u003e \u003cp\u003ePremium Bonds 74\u003c\/p\u003e \u003cp\u003eOriginal Issue Discount Bonds 77\u003c\/p\u003e \u003cp\u003eMunicipal Bonds 79\u003c\/p\u003e \u003cp\u003eConclusion 82\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Yield Curves 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAn Intuitive Forward Curve 84\u003c\/p\u003e \u003cp\u003eClassic Theories of the Term Structure of Interest Rates 87\u003c\/p\u003e \u003cp\u003eAccurate Implied Forward Rates 91\u003c\/p\u003e \u003cp\u003eMoney Market Implied Forward Rates 93\u003c\/p\u003e \u003cp\u003eCalculating and Using Implied Spot (Zero-Coupon) Rates 96\u003c\/p\u003e \u003cp\u003eMore Applications for the Implied Spot and Forward Curves 99\u003c\/p\u003e \u003cp\u003eDiscount Factors 105\u003c\/p\u003e \u003cp\u003eConclusion 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Duration and Convexity 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eYield Duration and Convexity Relationships 112\u003c\/p\u003e \u003cp\u003eYield Duration 115\u003c\/p\u003e \u003cp\u003eThe Relationship between Yield Duration and Maturity 118\u003c\/p\u003e \u003cp\u003eYield Convexity 121\u003c\/p\u003e \u003cp\u003eBloomberg Yield Duration and Convexity 125\u003c\/p\u003e \u003cp\u003eCurve Duration and Convexity 129\u003c\/p\u003e \u003cp\u003eConclusion 138\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Floaters and Linkers 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFloating-Rate Notes in General 140\u003c\/p\u003e \u003cp\u003eA Simple Floater Valuation Model 141\u003c\/p\u003e \u003cp\u003eA Somewhat More Complex Floater Valuation Model 146\u003c\/p\u003e \u003cp\u003eAn Actual Floater 149\u003c\/p\u003e \u003cp\u003eInflation-Indexed Bonds: C-Linkers and P-Linkers 157\u003c\/p\u003e \u003cp\u003eLinker Taxation 162\u003c\/p\u003e \u003cp\u003eLinker Duration 165\u003c\/p\u003e \u003cp\u003eConclusion 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Interest Rate Swaps 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePricing an Interest Rate Swap 174\u003c\/p\u003e \u003cp\u003eInterest Rate Forwards and Futures 178\u003c\/p\u003e \u003cp\u003eInferring the Forward Curve 181\u003c\/p\u003e \u003cp\u003eValuing an Interest Rate Swap 185\u003c\/p\u003e \u003cp\u003eInterest Rate Swap Duration 188\u003c\/p\u003e \u003cp\u003eCollateralized Swaps 192\u003c\/p\u003e \u003cp\u003eTraditional LIBOR Discounting 193\u003c\/p\u003e \u003cp\u003eOIS Discounting 196\u003c\/p\u003e \u003cp\u003eThe LIBOR Forward Curve for OIS Discounting 198\u003c\/p\u003e \u003cp\u003eConclusion 202\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Bond Portfolios 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBond Portfolio Statistics in Theory 205\u003c\/p\u003e \u003cp\u003eBond Portfolio Statistics in Practice 208\u003c\/p\u003e \u003cp\u003eA Real Bond Portfolio 213\u003c\/p\u003e \u003cp\u003eThoughts on Bond Portfolio Statistics 223\u003c\/p\u003e \u003cp\u003eConclusion 225\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Bond Strategies 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eActing on a Rate View 228\u003c\/p\u003e \u003cp\u003eAn Interest Rate Swap Overlay Strategy 233\u003c\/p\u003e \u003cp\u003eClassic Immunization Theory 237\u003c\/p\u003e \u003cp\u003eImmunization Implementation Issues 242\u003c\/p\u003e \u003cp\u003eLiability-Driven Investing 245\u003c\/p\u003e \u003cp\u003eClosing Thoughts: Target-Duration Bond Funds 246\u003c\/p\u003e \u003cp\u003eTechnical Appendix 249\u003c\/p\u003e \u003cp\u003eAcronyms 267\u003c\/p\u003e \u003cp\u003eBibliographic Notes 269\u003c\/p\u003e \u003cp\u003eAbout the Author 275\u003c\/p\u003e \u003cp\u003eAcknowledgments 277\u003c\/p\u003e \u003cp\u003eAbout the Companion Website 279\u003c\/p\u003e \u003cp\u003eIndex 281\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Bloomberg Press","offers":[{"title":"Brand New","offer_id":52165880119576,"sku":"9781118866320","price":69.29,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781118866320_260599.jpg?v=1781101373","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/bond-math-website-the-theory-behind-the-formulas-hardback-9781118866320","provider":"Freshly Printed Books","version":"1.0","type":"link"}