# Moorad Choudhry's An Introduction to Bond Markets PDF

By Moorad Choudhry

ISBN-10: 047068724X

ISBN-13: 9780470687246

ISBN-10: 0470973366

ISBN-13: 9780470973363

ISBN-10: 0470976284

ISBN-13: 9780470976289

ISBN-10: 0470976292

ISBN-13: 9780470976296

ISBN-10: 1118371968

ISBN-13: 9781118371961

The bond markets are an integral part of the realm economic climate. The fourth variation of Professor Moorad Choudhry's benchmark reference textual content *An advent to Bond Markets* brings readers modern with newest advancements and industry perform, together with the effect of the monetary trouble and problems with relevance for traders. This e-book bargains a close but available examine bond tools, and is aimed particularly at rookies to the marketplace or these unexpected with smooth fastened source of revenue items. the writer capitalises on his wealth of expertise within the fastened source of revenue markets to provide this concise but in-depth insurance of bonds and linked derivatives.

Topics lined include:

- Bond pricing and yield
- Duration and convexity
- Eurobonds and convertible bonds
- Structured finance securities
- Interest-rate derivatives
- Credit derivatives
- Relative worth trading

Related subject matters reminiscent of the money markets and rules of possibility administration also are brought as worthy historical past for college students and practitioners. The publication is key studying for all those that require an creation to the monetary markets.

**Read Online or Download An Introduction to Bond Markets PDF**

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**Additional resources for An Introduction to Bond Markets**

**Example text**

Assuming a steady, uniform increase between stan dard periods, the required rate can be calculated using the formula for straight line interpolation, which apportions the difference equally among the stated intervals. 10): r ¼ r1 þ ðr2 � r1 Þ � where n � n1 n 2 � n1 ð1:10Þ r ¼ Required odd-date rate for n days; r1 ¼ Quoted rate for n1 days; r2 ¼ Quoted rate for n2 days. 75%. If a customer wishes to borrow money for 40 days, the bank can calculate the required rate using straight line interpolation as follows: the difference between 30 and 40 is one third that between 30 and 60, so the increase from the 30-day to the 40-day rate is assumed to be one-third the increase between the 30-day and the 60-day rates, giving the following computation: 5:25% þ ð5:75% � 5:25%Þ ¼ 5:4167% 3 What about the interest rate for a period that is shorter or longer than the two whose rates are known, rather than lying between them?

For example, market makers usually quote two-way prices at which they will buy or sell particular bonds, but it is the yield at which the bonds are trading that is important to the market maker’s customers. This is because a bond’s price does not tell buyers anything useful about what they are getting. Remember that in any market a number of bonds exist with different issuers, coupons and terms to maturity. It is their yields that are compared, not their prices. The yield on any investment is the discount rate that will make the present value of its cash ﬂows equal its initial cost or price.

Essentially, it is the present value relationship expressed in terms of $1. 11): dn ¼ where 1 ð1 þ rÞn ð1:11Þ n ¼ Period of discount. For instance, the 5-year discount factor for a rate of 6% compounded annually is: d5 ¼ 1 ð1 þ 0:06Þ5 ¼ 0:747 258 The set of discount factors for every period from 1 day to 30 years and longer is termed the discount function. Since the following discus sion is in terms of PV, discount factors may be used to value any ﬁnancial instrument that generates future cash ﬂows.

### An Introduction to Bond Markets by Moorad Choudhry

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