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How to build a framework for forecasting interest rate market movements
With trillions of dollars worth of trades conducted every year in everything from U.S. Treasury bonds to mortgage-backed securities, the U.S. interest rate market is one of the largest fixed income markets in the world.
Interest Rate Markets: A Practical Approach to Fixed Income details the typical quantitative tools used to analyze rates markets; the range of fixed income products on the cash side; interest rate movements; and, the derivatives side of the business.
- Emphasizes the importance of hedging and quantitatively managing risks inherent in interest rate trades
- Details the common trades which can be used by investors to take views on interest rates in an efficient manner, the methods used to accurately set up these trades, as well as common pitfalls and risks?providing examples from previous market stress events such as 2008
- Includes exclusive access to the Interest Rate Markets Web site which includes commonly used calculations and trade construction methods
Interest Rate Markets helps readers to understand the structural nature of the rates markets and to develop a framework for thinking about these markets intuitively, rather than focusing on mathematical models
- Sales Rank: #107398 in Books
- Published on: 2011-03-28
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.30" w x 6.40" l, 1.25 pounds
- Binding: Hardcover
- 368 pages
From the Inside Flap
With trades worth trillions of dollars annually, the U.S. interest rate markets are some of the largest and most important markets in the world. These markets attract a wide variety of participants, from individuals and corporations to governments, and offer numerous financial instruments that include bonds, swaps, futures, and options. Each of these instruments requires careful understanding of unique risks.
Growing out of the author's experience as a fixed income strategist, Interest Rate Markets equips the reader with the knowledge and tools needed to rationally assess those risks for informed investment decisions. Toward this end, the book discusses the structural drivers and the main players of fixed income markets; explains how to understand and forecast the yield curve and spreads; and elaborates on the trades in cash and derivative products. To develop a complete picture of fixed income space, it analyzes rate options and volatility trading.
A detailed primer, Interest Rate Markets starts from the first principles to acquaint newcomers with interest rate products, mathematical tools, and intuitive understanding of market concepts. It then expands upon these basics and provides an in-depth understanding of the drivers of rates markets and interest rate volatility. The experienced professional will find this book an indispensable resource on trading, hedging, and market indicators. Seasoned professionals and novices alike will also find value on the companion website, including example sets, commonly used calculations, and trade construction methods.
From the Back Cover
An indispensable tool of the trade
Written by a leading fixed-income market strategist, Interest Rate Markets provides you with a comprehensive framework for forecasting interest rates and thinking critically about fixed income trading. Siddhartha Jha draws upon his experience as a fixed income strategist at a top-tier investment bank to offer both seasoned professionals and newcomers a deep understanding of opportunities and risks in interest rate markets. Common mathematical models and statistical tools are blended with intuitive ideas to predict yield curve movements and to discover effective trades.
Concise yet thorough, Interest Rate Markets provides:
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Quantitative tools for valuing and assessing financial market risks
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Practical insights into rates products, including bonds and derivatives
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Dynamic approaches to understanding interest rates and related variables such as swap spreads
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Techniques for hedging and managing risks inherent in rate trades
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Assessments of common pitfalls of interest rate trades
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Lessons from previous market crises
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Effective methods for understanding the rate volatility market
Your complete guide to trading one of the largest and most liquid markets, Interest Rate Markets is truly an indispensable tool of the trade.
About the Author
Siddhartha Jha is a Senior Analyst with Arrowhawk Capital Partners. Previously, as part of J. P. Morgan's Fixed Income Strategy Team, he covered a wide range of rates markets—from municipals to liquid products including Treasuries, swaps, futures, and options—analyzing macroeconomic trends as well as short-term technical factors. He spent five years there developing trade ideas, building quantitative models, and discussing market trends with institutional investors. He graduated cum laude with a dual bachelor's and master's in applied mathematics and statistics from Harvard University.
Most helpful customer reviews
21 of 21 people found the following review helpful.
Good book, fresh perspective on the market!
By NYGiantsRangers
Interest rate markets is a different book than many published for the rates space as it focuses on intuition. Unlike many rates books on the market, the aim is not to price complex securities, but rather to understand and forecast the movement of liquid rate products such as Treasuries, mortgages and swaps. There are very few equations in the book and the emphasis is on a logical thought process to forming views on rates.
The book starts out with an introduction to the wide range of liquid products traded in the rates space including bonds, swaps, and futures. Once the basics of these products have been described, basic frameworks around taking views on the outright direction of rates is described. This includes both very long term factors as well as short term data releases. After the basic framework is outlined, common types of rates trades are discussed which allow traders to express more specific views. Examples include swap spreads and carry trades which are not discussed frequently in other books. In addition to trades related to underlying securities, the book addresses interest rate options and their place in a rate portfolio. Finally, practical hedging strategies are expanded upon including pros and cons of using empirical methods such as regression.
Overall, I believe this book would be useful to anyone trying to gain a more intuitive understanding of interest rates and fulfills a needed niche in the space of fixed income books which tend to be either very model intensive or very basic in their discussion.
12 of 12 people found the following review helpful.
A Fixed Income text for AFTER Business School
By NYC Guy
As a former rates trader at a major institution, in my estimation, this book is simply the best text & reference for practitioners in the interest rates markets. For rates traders/salespeople, this book essentially replaces three books (Fabozzi's "Handbook of Fixed Income Securities", Belton's "The Treasury Bond Basis" and Burghardt's "The Eurodollar Futures and Options Handbook") you may have on your desk at work.
While the other three texts (particularly the last two if you're an MBA student), may cover their respective material in more depth, Mr. Jha's book approaches the material with a traders view in mind. His casual, and often humorous tone makes the material approachable and easy to comprehend for the 1st year Analyst you're about to give this book to. His analogy of Chevy's vs. Ferrari's in describing the Cheapest to Deliver option in Treasury futures was both entertaining AND lucid.
Although the rates markets have been written about extensively (unsurprisingly as it exists as the most fundamental of fixed income markets), Mr. Jha's book closes a major hole in the outstanding literature and should be required reading for any incoming Sales and Trading Analyst or Associate.
8 of 9 people found the following review helpful.
Another Book Review from The Aleph Blog
By David Merkel
I was surprised by this book. There is very little math in this book, which would make it a popular book for giving someone an introduction the bond markets.
It covers all of the non-credit, non-mortgage markets. It will not replace Handbook of Fixed Income Securities 7th Edition, but it will supplement it, because this is an easier read on the areas that it covers.
Swaps, futures, rolls, options -- this book gives a friendly introduction to all of them.
Quibbles
The flipside of no math is that many things are not explained as well as they should be, or get glossed over. It would be better to ignore principal components analysis than to mention it and not give much explanation. (A brief appendix, maybe? Same for other math topics?)
Who would benefit from this book:
Beginners with a serious interest in the fixed income markets would benefit. No one else.
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