Fixed Income Analysis (CFA Institute Investment Series)

By Frank J. Fabozzi

Book Overview

The essential guide to fixed income portfolio management, from the experts at CFA Fixed Income Analysis is a new edition of Frank Fabozzi's Fixed Income Analysis, Second Edition that provides authoritative and up-to-date coverage of how investment professionals analyze and manage fixed income portfolios. With detailed information from CFA Institute, this guide contains comprehensive, example-driven presentations of all essential topics in the field to provide value for self-study, general reference, and classroom use. Readers are first introduced to the fundamental concepts of fixed income before continuing on to analysis of risk, asset-backed securities, term structure analysis, and a general framework for valuation that assumes no prior relevant background. The final section of the book consists of three readings that build the knowledge and skills needed to effectively manage fixed income portfolios, giving readers a real-world understanding of how the concepts discussed are practically applied in client-based scenarios. Part of the CFA Institute Investment series, this book provides a thorough exploration of fixed income analysis, clearly presented by experts in the field. Readers gain critical knowledge of underlying concepts, and gain the skills they need to translate theory into practice. Understand fixed income securities, markets, and valuation Master risk analysis and general valuation of fixed income securities Learn how fixed income securities are backed by pools of assets Explore the relationships between bond yields of different maturities Investment analysts, portfolio managers, individual and institutional investors and their advisors, and anyone with an interest in fixed income markets will appreciate this access to the best in professional quality information. For a deeper understanding of fixed income portfolio management practices, Fixed Income Analysis is a complete, essential resource.

• Format: Hardcover
• Language: English
• ISBN: 1118999495
• ISBN13: 9781118999493
• Release Date: February 2015
• Publisher: Wiley
• Length: 752 Pages
• Weight: 2.74 lbs.
• Dimensions: 0.9" x 7.4" x 10.2"

Customer Reviews

Superb at Building on Fundamentals

Fabozzi succeeded writing a good book. In his preface, he shared his challenge of writing a book that CFA candidates could clearly understand. In his words, "this book has been the most difficult to write". It's clear he took the time to make sure readers would benefit from this material. I certainly came away with a better understanding of fixed income analysis. The book has 15 chapters, divided into two parts. The first part is considered "Level I" material and covers: 1) Features of Debt Securities 2) Risks Associated with Investing in Bonds 3) Overview of Bond Sectors and Instruments 4) Understanding Yield Spreads 5) Valuing Debt Securities 6) Yield Measures, Spot Rates and Forward Rates 7) Measuring Interest Rate Risk Chapter to chapter concepts seemed to fold together, unifying fundamentals of fixed income analysis and setting the stage very nicely for Level II studies. I wish I bought this book right from the start, but am glad I "backtracked" and read these initial chapters. They consistently provided much-needed detail that the Schweser books (great as they are) seemingly glossed over. Part II jumps around a lot more than Part I. Despite this,this book examines the term structure of interest rates, valuing bonds with embedded options (think "prepayment"), mortgage-backed securities and their valuation, and also asset-backed securities, interest rate derivatives and basic credit analysis. In a nutshell, some very practical stuff. I'm in the mortgage sector and learned a lot about this area of fixed income analysis. My only criticism is that the chapters on asset backed securities and credit analysis seemed to be a bit shallower compared to his other chapters. The best part of this book is the chapter end questions and answers. They provide practical opportunities to apply concepts covered in the chapter material. I really enjoyed going through the exercises. The answers were really additional instruction, providing more insight to the subject matter. A great book and a good read - I give it 4 1/2 stars.