Bond Markets, Analysis and Strategies (8th Edition)

Book Preface

The first edition of Bond Markets, Analysis, and Strategies was published in 1989. The objective was to provide coverage of the products, analytical techniques for valuing bonds and quantifying their exposure to changes in interest rates, and portfolio strategies for achieving a client’s objectives. In the six editions subsequently published and in the current edition, the coverage of each of these areas has been updated. In the product area, the updating has been primarily for the latest developments in nonagency residential mortgage–backed securities, asset-backed securities, bank loans, and credit derivatives (more specifically credit default swaps). The updating of the coverage on bond portfolio management has been for factor models for constructing bond portfolios and controlling a portfolio’s interest rate risk.

Each edition has benefited from the feedback of readers and instructors using the book at universities and training programs. Many discussions with portfolio managers and analysts, as well as my experiences serving on the board of directors of several funds and consulting assignments, have been invaluable in improving the content of the book.

I am confident that the eighth edition continues the tradition of providing up-to-date information about the bond market and the tools for managing bond portfolios.