O'Reilly logo

Fixed Income Securities: Tools for Today's Markets, 3rd Edition by Bruce Tuckman, Angel Serrat

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Preface to the Third Edition

The goal of this book is to present conceptual frameworks for pricing and hedging a broad range of fixed income securities in an intuitive, mathematically simple, and applied manner. Conceptual frameworks are necessary so as to connect ideas across products and to learn new material more easily. An intuitive and mathematically simple approach is certainly useful to students and practitioners without very advanced mathematical training, but it is also really a good way for everyone to learn new material. Finally, an applied approach is crucial for several reasons. First, examples go a long way in solidifying conceptual understanding. The introduction of practically every concept in this book is followed by an example taken from the markets or, at the very least, by an appropriately calibrated example. Second, important details emerge from applications. Third, only by working through real or realistic examples can orders of magnitude be learned and appreciated. For example, a study of DV01 is not complete without having absorbed that the sensitivity of a 10-year bond is about 8 cents per 100 face amount per basis point, as opposed to 0.8 cents, 80 cents, or 8 dollars.

The book begins with an Overview of global fixed income markets. This section provides institutional descriptions of securities and market participants along with data designed to illustrate absolute and relative sizes of markets and players. A well-informed fixed income market professional ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required