Reviews (6)

Hayre is lucid and informative! The Best Prepaymentbook
As other reviewers have mentioned this is a must for anyone involved with MBS ABS markets.Outstanding discussions on prepayment.Very detailed analysis of MBS ABS structures and related processes.A must for all people working with MBS.

Subjects:  1. Accounting - General    2. Asset-backed securities    3. Business & Economics    4. Business / Economics / Finance    5. Business/Economics    6. Investment Analysis    7. Investments & Securities - Bonds    8. Investments & Securities - General    9. Mortgage-backed securities    10. Securities    11. United States    12. Business & Economics / Investments & Securities    13. Investment & securities   

Reviews (4)

Good Book
Very good book, i think the chapters are organized in a way that an individual can understand the subject systematically, I would not highly recommend this book to a starter, but overall i was pretty satisfied

Excellent but Compiled Work
I have seven years of experience selling these products, and I use Fabozzi's book often.This is a good reference, and a good treatment of mortgage and asset backed securities.I only gave it four stars because the fact that this is a compiled work of research material interrupts the flow of ideas.On the other hand, there is some merit to getting different angles on the subject from different viewpoints. A major reference
A vast collection of articles by practitioners on Wall Street, this book covers a broad number of topics on Mortgage Backed Securities. While not ascholarly approach, 'street research' typically aims to educate the fixedincome portfolio manager. ... Read more

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Consumer Finance    5. Finance    6. Investments & Securities - Bonds    7. Investments & Securities - General    8. Mortgage-backed securities    9. Personal Finance - Investing    10. Portfolio management    11. United States    12. Business & Economics / Investments & Securities    13. Investment & securities   

Reviews (3)

A very well written book.
After a few years in waiting, I am glad to see that the Bond Market Association has released the 5th addition of The Fundamentals of Municiple Bonds.The author of this book did a great job capturing the signifigance of the municiple bond, and exaplining it clearly with graphs and charts.I highly recomend this book and give it a 5 star rating.

WOW!
This book was amazing.Not only was it a great read (I couldn't put it down) but I learned more about derivatives and muni bonds in this book than i could have in any classroom or read in any other book on bonds.

WOW!
This book was amazing.Not only was it a great read (I couldn't put it down) but it was also very informative.I learned more about derivatives in this book than I could have in any classroom or any other book on bonds. ... Read more

Subjects:  1. Bonds    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Investments & Securities - Bonds    6. Investments & Securities - General    7. Municipal bonds    8. United States    9. Business & Economics / Finance    10. Investment & securities    11. Public finance    12. USA   

Reviews (6)

I reviewed this book for the publisher (prior edition)
I was a major peer reviewer for the publisher of "Bond Markets, Analysis and Strategies," and have used it several times (perhaps as many as 10 semesters) for both undergrads and MBAs.I have no incentive to give this book any particular rating, but I HIGHLY RECOMMEND IT TO EITHER PRACTITIONERS AND ACADEMICS, AS IT IS AN EXCELLENT TEXT!There are very few weaknesses, and I disagree with most of those cited by the other reviewers listed here. It is clear, concise, loaded with examples, and beautifully written.It is also closely tied to real-world practice without sacrificing the mathematical modeling. Of course, it is no high-level bond pricing text, but it is not supposed to be--it is a broad introduction to bond markets.As such, it succeeds remarkably.In fact, I often refer to it to refresh my own understanding of the structure and pricing of these markets. Lots of Jargon
I am a senior majoring in finance at the Curtis L. Carlson School of Management, at the University of Minnesota-Twin Cities.I just got done taking a bond course called:Financial Markets and Interest Rates.For the class we used this text book.Although it is a well-rounded book on bonds, it is very hard to understand if you do not have other examples describing what is going on.My professor who holds an MBA had alternative notes on Microsoft PowerPoint made for us to supplement the hard to understand text.The examples do not fully give a clear idea of what is happening, especially to the beginner learning bonds.I would rate this book 2/5 stars and would look elsewhere for an easier type of book, perhaps a tutorial.This book is used at high level universities including mine and Princeton University.Fabozzi is not fooling around when displaying info on bonds.

Excellent introduction to Bond Markets - VERY well written
If you think of this as an introductory book to the world of Bonds rather than a field manual for professionals you will find this to be a wonderful book.I find it to be engagingly written (yes, engaging!) with well-chosen examples.It is very nice to be able to read a book about Bonds and find it stimulating. It would have been easy to write a book that could act as a sleep-aid.Instead, this book provides learning objectives for each chapter and the prose is so inviting that I felt the book to be a page-turner.Read more

Subjects:  1. Bonds    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Investment analysis    6. Investments & Securities - Bonds    7. Investments & Securities - General    8. Portfolio management    9. Business & Economics / Investments & Securities    10. Investment & securities   

Reviews (34)

A dry examination of an intriguing story
Connie Bruck's tale of greed on (off) Wall Street in the 1980s, focusing solely on Drexel and its Milken-led rise and fall is thorough.Unfortunately, it is a little too meticulous.To understand the junk bond empire Milken created is to understand the meteoric rise and subsequent fall of both him and the company he led to prominance.But the pages upon pages of specific deal details are best understood by investment banking professionals, financiers, etc.I enjoy reading (and for the most part understand) the inner workings of wall street deals,but the level of detail Bruck provides was a little overwhelming.
Good book to inspire big thinking.
This book is fun to read and it full of interesting stories about specific takeovers and deals that took place.It is lacking however in detailing what happened to Milken in the end.
The Junk Bond King When Much of Corporate America Was His Fiefdom.
"Predator's Ball" follows the rise of the junk bond market, from Michael Milken's ambitions in the 1970s through Drexel Burnham's dominance of the market under Milken's leadership in the 1980s, including Drexel's controversial financing of high-profile hostile takeovers, to the beginning of legal trouble for Drexel in 1986. Author Connie Bruck interviewed hundreds of people over a 2 �-year period, including Drexel employees and Drexel clients, to learn what went on inside "the Department", Drexel's mythic Beverly Hills junk bond offices. Bruck becomes increasingly critical of Michael Milken's tactics as the book progresses, but it is worth noting that she did not set out to write an expos�. Bruck approached the project with sympathies "more toward Milken and his band of renegades than toward the corporate establishment they were attacking", but years of peering inside the Department changed her mind. Regardless of where your sympathies lie, there is a lot of admirable research and fascinating detail in "The Predator's Ball".
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Subjects:  1. Business    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Consolidation and merger of co    6. Consolidation and merger of corporations    7. Corporate & Business History - General    8. Drexel Burnham Lambert Incorpo    9. Economic History    10. Investments & Securities - Bonds    11. Junk bonds    12. Milken, Michael    13. Stockbrokers    14. United States    15. Business & Economics / Economic History    16. Modern fiction   

Subjects:  1. Accounting - General    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Finance    6. Investments & Securities - Bonds    7. Mortgage-backed securities    8. Portfolio management    9. Business & Economics / Investments & Securities    10. Finance & Accounting   

Reviews (5)

Excellent Treatment of Interest Rate Derivatives
I'm an interest rate professional with more than 10 years of successful pricing and trading experience, and I enjoyed and appreciated Riccardo Rebonato's clear presentation of the pricing of these derivatives.I keep this on my desk as one of my key references. why bother
It's hard to believe a reviewer with such a myopic view of Derivatives pricing could go through the whole book, understood it and found time to rate it. Mindblowing waste of time ! rebonato does it again
My avid reading kept jostling out superb hot ideas from this book. Rebonato carries out a comprehensive survey of the LIBOR market model. He tackles historical background, calibration, and effective implementation. The later chapters also cover extensions to the LIBOR market model to take account of smile and skew. In particular, there is extensive discussion of the cutting-edge Joshi-Rebonato stochastic-vol, displaced-diffusion LIBOR market model.Read more

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Finance    5. Interest    6. Interest rate futures    7. Investments & Securities - Bonds    8. Business & Economics / Finance    9. Economics    10. Investment & securities   

Reviews (7)

Yet another masterpiece for the doctor
After reading the Doctors masterpiece three times, i had enough of his theta gamma explanations.I am an avid reader who greatly enjoyed the Doctor's complicated explanations.I totally agree with Elvis.Great work again doctor

Yet another masterpiece for the doctor
After reading the Doctors masterpiece three times, i had enough of his theta gamma explanations.I am an avid reader who greatly enjoyed the Doctor's complicated explanations.I totally agree with Elvis.Great work again doctor

Top class reference
I've been working in Futures & Options research for 3 years now, and this has proven to be the best refernce guide available.Terrence elucidates the concepts and mechanisms underlying the treasury bond basis with eloquence and intellect.His other work, Eurodollar Futures and Options, is also a great reference for the shorter end of the curve. ... Read more

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Finance    5. Futures    6. Government securities    7. Hedging (Finance)    8. Investments & Securities - Bonds    9. United States    10. Business & Economics / Finance    11. Finance & Accounting   

Reviews (6)

Insightful, smart, and relevant
The Strategic Bond Investor is much more thorough and relevant than most bond books.Others who commented discussed the lack of certain strategies, but those reviews miss the point.The book offers strategies and insights that are the most important ones to grasp: those which help investors to forecast what to expect next in the bond market.Sure, laddering, and other traditional strategies are important, but they do not represent the path to big money, understanding trends in the markets is far more important and this book is a major help in that regard.Other books are very weak in talking about the things that move markets.For example, there is an excellent section on the inverted yield curve, and insights into tools for tracking market sentiment and how to use futures to gather market intelligence.Mr. Crescenzi works on Wall Street, so his insights are better than anyone on the outside could deliver.
The Stategic Bond Investor - Disappointing
Although this book contains good information on types of bonds, yield curves and things that affect the bond market and interest rates, I found it disappointing. To me, it was overly wordy and sometimes repetitive. At times, I felt that I was slogging through molasses. My biggest disappointment was that it did not get into the specific bond investing actions that an individual like myself would take using the information presented. There was nothing about things that I was interested in i.e., bond laddering, bond mutual funds, convertible bonds, when to buy or sell short, intermediate and long term bonds, etc.

complements Thau
By far the best introduction to bonds is Annette Thau's The Bond Book.But Thau makes no attempt to explain why the price of a given bond fluctuates over time.Crescenzi, one of the most frequently cited of the legion of professional Fed watchers, tries to make up this deficiency, describing the impact of Fed moves, market perceptions of the state of the economy, the supply of new issues, etc. on bond prices.
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Subjects:  1. Accounting - General    2. Bond market    3. Bonds    4. Business & Economics    5. Business / Economics / Finance    6. Business/Economics    7. Investments & Securities - Bonds    8. Investments & Securities - General    9. Personal Finance - Investing    10. United States    11. Business & Economics / Personal Finance / Investing    12. Investment & securities   

Reviews (21)

Primer on Fixed Income Products
Am nearly finished reading the 2nd printing of this excellent tutorial.Although I have been an avid buyer & seller of fixed income products for many years, the author did a superb job of furthering my mid-level expertise especially in the area of municipal bonds.Her plain language explanations were most welcome as opposed to the plethora of financial techno-babble tomes that share the bookshelf.5 Stars without reservation.

Too Complicated
Thau over complicates her points.The book is too difficult to understand.I am an attorney who has been investing in stocks and bonds for over 10 years.This book is not appropriate for any level investor.

Highly Recommended!
This is an accessible introduction to bonds by a financial professional whose first book - as unlikely as it may seem - was a study of Max Jacob, the French poet. The literary background of the author, Annette Thau, may account for her book's clear, easy-to-read style. Most authors who write about bonds tend to get lost in the complex mathematics and specialized jargon of the bond markets. Not Annette Thau. Whether you are an individual investor trying to balance your portfolio with bonds, or a student of finance looking for a more lucid explanation of the subject than you can find in your textbooks, we highly recommend this book to you. ... Read more

Subjects:  1. Bonds    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Investments    6. Investments & Securities - Bonds    7. Investments & Securities - General    8. Personal Finance - Investing    9. Personal Finance - Retirement Planning    10. Portfolio management    11. Business & Economics / Personal Finance / Investing    12. Investment & securities   

Features

• Illustrated

Reviews (2)

introduces the key ideas like Black-Sholes option modelling
Starting from scratch, assuming just a basic knowledge of calculus and the summation of series, Choudhry explains important ideas about how securities and derivatives are priced. Crucial concepts like how to model interest rates, and the various models that do exist for this purpose, are also gone into. This is built upon with the use of interest rate swaps, of varying complexity.
Really good for newbie
By saying newbie, I mean at least you should know some basic terminology like duration, convexity, interest rake risk, etc. It's really for those who have some basic knowledge on fixed income securiteis and want to explore more in depth. I personally read some chapters from Fabozzi's handbook, and feel like it's not very technical oriented and I prefer this one.
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Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Derivative securities    5. Finance    6. Fixed-income securities    7. Investments & Securities - Bonds    8. Business & Economics / Investments & Securities    9. Investment & securities   

Reviews (11)

Close to useless
Sometimes reads like a smorgasbord of topics and facts. Don't see the key topics and themese show through in a consistent manner. Never even talks about other models and risk management/hedging challenges in these respects...

The best of a very bad bunch
It's amazing that nobody has written a decent book on convertible bonds. This is the best in a very weak selection. Excellent.
This is a very good book.Connolly starts from the beginning, assuming you know nothing, but accelerates at just the right rate to hang on to beginners and not to annoy people who already know the basics.Admittedly, if you're a quant you'll know all this stuff (anyway, if you're already a quant you shouldn't need to buy a book on the subject in the first place).If you're not a quant, it's a fine introduction to how to model convertibles.In fact, there's enough information here for you to have a go at writing your own toy model that takes into account most of the complexities of CBs (including puts and resets), although you'd be a trifle crazy - or extremely confident - to start trading off a model you implemented *only* having read this book.Read more

Subjects:  1. Bonds    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Convertible bonds    6. Convertible preferred stocks    7. Finance    8. Investments & Securities - Bonds    9. Option (Contract)    10. Business & Economics / Finance    11. Investment & securities   

Reviews (2)

The best HY book.
I can't say enough about this book.The book is suprisingly easy to read, and uncovers insights from some of the most prominent names in HY research.A must for HY analysts, MBAs, and CFOs.

The Best Guide Book to High Yield Bonds Ever
I have had the privilege of reading the galley proofs of this book and find it to be THE definitive word on High Yield Investing. This book develops the blueprint for how to navigate, understand, and analyze High Yield Bonds.A must for MBA students, a requirement for anyone in the field already, and a vital tool for investors.Read more

Subjects:  1. Bonds    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Credit    6. Investments & Securities - Bonds    7. Investments & Securities - General    8. Junk bonds    9. Portfolio Management    10. Business & Economics / Investments & Securities    11. Investment & securities   

Reviews (3)

Good book
This a good basic introduction.Also try Interest Rate Risk Modeling: A Fixed Income Valuation Course byNawalkha et. al, and the website www.fixedincomerisk.com with a free forum and free software download.

Frank's best short story
Fabozzi has a lot of intuitive books, but I think this is the best concise book out there that provides a focused discussion on Convexity and Duration.Lucid on all aspects of bond convexity and a very good analysis of option embedded bonds with negative convexity.

Comprehensive review of fundamental concepts.
the book gives the fundamentals of risk management. You can grasp the idea of duration, convexity and other commonly used terms. The book especially tells how you will use the terms, not to derive them. I recommend the book,it is indeed useful ... Read more

Subjects:  1. Bonds    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Finance    6. Investments & Securities - Bonds    7. Investments & Securities - General    8. Portfolio Management    9. Business & Economics / Investments & Securities    10. Fiction    11. Finance & Accounting    12. Investment & securities   

Reviews (2)

Finally... a road map to interest rate models!!!
I had a strong background in equity derivative models but found the leap to interest rate models difficult.What are the relationships between short rates, forward rates, and term structure?How do assumptions translate into restrictions on our ability to model the "stylized facts" of interest rates?How are assumption violations "corrected" by practitioners? Begin your BGM, Libor & Swap market model journey here.
If you want a concise, clearly written and excellently explained introduction to the cutting edge interest rate models used in dealing rooms today. Look no further. With an elementary stochastic calculus background from Rennie & Baxter, this book is very readable, even on a crowded train! For those who want more details & case studies, have Interest Rate Models by Brigo & Mercurio as a companion text. With useful tips on Libor & swap market model implementation, and a whole chapter devoted to convexity correction. One of the best texts on the subject I have read. ... Read more

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Derivative securities    5. General    6. Interest    7. Investment Analysis    8. Investments & Securities - Bonds    9. Investments & Securities - General    10. Securities    11. Business & Economics / Finance    12. Investment & securities    13. Mathematical finance    14. Stochastic modelling   

Reviews (13)

Best book for bonds out there

Bonds following Modern Portfolio Theory concepts
I find this book on bonds very unique. It goes over the traditional material on bonds, but what makes it unique is that it looks at bond investments from a Modern porfolio Theory, i.e., you cannot time the market, build a bond portfolio that works under any future interest rate conditions. For those that believe in MPT, it is a great book.

Great Bond Book
As difficult as it is to understand stocks and equity investing, bonds are more complicated and it seems less information is available. "The Only Guide to a Winning Bond Strategy You'll Ever Need" is just that, a helpful and concise guide written so that the novice investor will come to understand bonds and investing alternatives. From this practical information one can structure his own portfolio in an intelligent and informed manner.I appreciate the investment tools and strategies this guide has given me and am using the knowledge I have acquired in my current financial planning.For the bond investor I highly recommend this book.
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Subjects:  1. Bond    2. Education    3. Education / Teaching    4. Finance    5. Investments    6. Investments & Securities - Bonds    7. Portfolio management   

Reviews (2)

Me thinks some reviewers protest too much
This book has been damned for being too simplistic, therefore consign it to the trash cart, or so we are expected to do. But given the relative novelty of these financial products simplicity in the best sense of word could be seen as a virtue in any work dealing with this topic. So, why the evident annoyance from some. Could it be that this work dissolves some of the mystery involved, and threatens some closed shop in these markets ?

Outdated and Shallow
The book easily shows its age in its focus on standards and issues which have long ago fallen by the wayside in this dynamic market.Far worse is that the book is preciously short on quantitative and analytic methods, andlong on third-grade-teacher types of admonishments.I read the whole bookbecasue I paid for it, there are better, more up-to-date volumes out there. Could possibly be re-named "Swaps for English Majors", although,English majors as a group might correctly be upset at this association. ... Read more

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Finance    5. Financial Markets    6. Interest    7. Interest rate futures    8. Interest rate swaps    9. Investments & Securities - Bonds    10. Swaps (Finance)    11. Business & Economics / Finance    12. Investment & securities   

Features

• Illustrated

Reviews (7)

Best PIPE book out there
The most informative book about Private Investments in Public Equity out there. In particular, Richard Gormley's chapter on the emergence of the PIPEs market is brilliant. Gormley's knowledgeable discussion of the market, structure and dynamics of PIPEs is both informative and practical, and leaves the reader with a good understanding of this important, developing financing alternative.

Superb Introduction to PIPES through 2002
Seldom have I read as informative and as easy to understand a book as this one on a little understood area of private finance.PIPEs (Private Investments in Public Equity) mainly appear in the business press when something goes spectacularly wrong, so they have had a spotty reputation.With a weak stock market since 1999, it?s been harder to make money on PIPEs as an investor.But PIPEs have been even more important to those smaller companies which need equity financing before they can do a public offering.So PIPEs are here to stay, and this book is a superb way to begin your introduction. Get connected to PIPEs
More and more companies are using PIPEs to raise capital, and this book is both the definitive guide to this growing field. The contributors clearly know their stuff--and the book covers all the relevant topics, from deal structures to legal issues and the industry outlook. I was most impressed with the chapter on due diligence and the case studies. If you need to understand this field (and if you work in finance, you do or will very soon), this is the book to get. ... Read more

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Corporations    5. Finance    6. Investments & Securities - Bonds    7. Investments & Securities - General    8. Investments & Securities - Stocks    9. Private investments in public equity    10. United States    11. Business & Economics / Investments & Securities    12. Equity & trusts    13. Investment & securities   

Subjects:  1. Bonds    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Finance    6. Investments & Securities - Bonds    7. Portfolio management    8. Business & Economics / Finance    9. Business strategy    10. Investment & securities   

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Education    5. Graduate School Guides - Business    6. Investments & Securities - Bonds    7. Economics, Finance, Business and Industry