By Patrick J. Brown
This booklet offers an creation to the bond markets for practitioners and new entrants who have to comprehend what they're, how they paintings and the way they are often used, yet don't want to be intimidated through mathematical formulae. by means of the tip of the publication readers should be capable of come to a decision even if to speculate within the bond industry. The mathematical formulae could be relegated to the appendices and supplemented by means of a spouse site which permits clients to go into their very own bond marketplace investments, to simulate expected occasions and spot the results.Patrick Brown is famous as Chairman of the eu Bond fee (recently retired)The basically bond booklet that doesn't count seriously on mathematical formulae
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Extra info for An Introduction to the Bond Markets (The Wiley Finance Series)
R r r r r r r r The bond could have a fixed-rate coupon, a floating-rate one, an index-linked coupon or no coupon at all. Depending on the investor’s requirements, some of these options may not be appropriate. For example, a zero-coupon bond is not appropriate for an investor who wants a regular income, but it might be ideal for a pension fund or insurance company manager that has a future liability that coincides with the redemption of the bond. What is the coupon payment frequency of the bond?
30 An Introduction to the Bond Markets r What is the coupon going to be on the bond? r r r r r r r r The bond could have a fixed-rate coupon, a floating-rate one, an index-linked coupon or no coupon at all. Depending on the investor’s requirements, some of these options may not be appropriate. For example, a zero-coupon bond is not appropriate for an investor who wants a regular income, but it might be ideal for a pension fund or insurance company manager that has a future liability that coincides with the redemption of the bond.
This is different to the period of the loan. For example, compare a zero-coupon 10 year bond where you do not get any money back for 10 years with a 10 year bond that has an 8 % coupon. In the latter case the investor gets 8 % each year until the final year when he gets 108 %. The duration of the loan measures the weighted average time the investor will have to wait to get the money back. This is obviously less for the 8 % bond than the zero-coupon one. What options has the issuer given himself or herself?
An Introduction to the Bond Markets (The Wiley Finance Series) by Patrick J. Brown