Fixed Income Analysis

Jerald E. Pinto 지음

Wiley 2015년 02월 06일 출간

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The essential guide to fixed income portfolio management, fromthe experts at CFA Fixed Income Analysis provides authoritative andup-to-date coverage of how investment professionals analyze andmanage fixed income portfolios. With detailed information from CFAInstitute, this guide contains comprehensive, example-drivenpresentations of all essential topics in the field to provide valuefor self-study, general reference, and classroom use. Readers arefirst introduced to the fundamental concepts of fixed income beforecontinuing on to analysis of risk, asset-backed securities, termstructure analysis, and a general framework for valuation thatassumes no prior relevant background. The final section of the bookconsists of three readings that build the knowledge and skillsneeded to effectively manage fixed income portfolios, givingreaders a real-world understanding of how the concepts discussedare practically applied in client-based scenarios.Part of the CFA Institute Investment series, this book providesa thorough exploration of fixed income analysis, clearly presentedby experts in the field. Readers gain critical knowledge ofunderlying concepts, and gain the skills they need to translatetheory into practice.Understand fixed income securities, markets, and valuationMaster risk analysis and general valuation of fixed incomesecuritiesLearn how fixed income securities are backed by pools ofassetsExplore the relationships between bond yields of differentmaturitiesInvestment analysts, portfolio managers, individual andinstitutional investors and their advisors, and anyone with aninterest in fixed income markets will appreciate this access to thebest in professional quality information. For a deeperunderstanding of fixed income portfolio management practices,Fixed Income Analysis is a complete, essential resource.

목차

Foreword xvPreface xviiAcknowledgments xixAbout the CFA Investment Series xxiPART I Fixed-Income EssentialsCHAPTER 1 Fixed-Income Securities: Defining Elements3Learning Outcomes 31. Introduction 32. Overview of a Fixed-Income Security 42.1. Basic Features of a Bond 52.2. Yield Measures 103. Legal, Regulatory, and Tax Considerations 103.1. Bond Indenture 103.2. Legal and Regulatory Considerations 183.3. Tax Considerations 214. Structure of a Bond&-s Cash Flows 234.1. Principal Repayment Structures 234.2. Coupon Payment Structures 285. Bonds with Contingency Provisions 345.1. Callable Bonds 345.2. Putable Bonds 365.3. Convertible Bonds 376. Summary 41Problems 43CHAPTER 2 Fixed-Income Markets: Issuance, Trading, andFunding 45Learning Outcomes 451. Introduction 452. Overview of Global Fixed-Income Markets 462.1. Classification of Fixed-Income Markets 462.2. Fixed-Income Indices 552.3. Investors in Fixed-Income Securities 563. Primary and Secondary Bond Markets 583.1. Primary Bond Markets 583.2. Secondary Bond Markets 634. Sovereign Bonds 664.1. Characteristics of Sovereign Bonds 664.2. Credit Quality of Sovereign Bonds 674.3. Types of Sovereign Bonds 675. Non-Sovereign Government, Quasi-Government, and SupranationalBonds 695.1. Non-Sovereign Bonds 695.2. Quasi-Government Bonds 705.3. Supranational Bonds 706. Corporate Debt 716.1. Bank Loans and Syndicated Loans 726.2. Commercial Paper 726.3. Corporate Notes and Bonds 757. Short-Term Funding Alternatives Available to Banks 807.1. Retail Deposits 807.2. Short-Term Wholesale Funds 817.3. Repurchase and Reverse Repurchase Agreements 828. Summary 86

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저자(글) Jerald E. Pinto

BARBARA S. PETITT, PHD, CFA, is Director, Curriculum Projects, EMEA, in the Education Division at CFA Institute. She holds a master's in management from EDHEC Business School as well as a master's in research and a PhD in finance from the University of Grenoble. She is a member of CFA Institute and CFA Society of the UK.JERALD E. PINTO, PHD, CFA, has been at CFA Institute since 2002 as Visiting Scholar, Vice President, and now Director, Curriculum Projects, in the Education Division for the CFA and CIPM programs. He holds an MBA from Baruch College and a PhD in finance from the Stern School and is a member of CFA Virginia.WENDY L. PIRIE, PHD, CFA, is Director, Curriculum Projects, in the Education Division at CFA Institute. She holds a PhD in accounting and finance from Queen's University at Kingston, Ontario, and MBAs from the Universities of Toronto and Calgary. She is a member of CFA Institute, New York Society of Security Analysts, and CFA Society of Chicago.