{"product_id":"pricing-money-9780471487005","title":"Pricing Money","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThe workings of the City are often shrouded in mystery. This book is a highly practical introduction to the principles of bonds and fixed income for those with little or no previous experience.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgements xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 1: A Beginner's Toolkit 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Money markets 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat is money? 3\u003c\/p\u003e \u003cp\u003eWhy there is a money market? 4\u003c\/p\u003e \u003cp\u003eChoosing a maturity 6\u003c\/p\u003e \u003cp\u003eRepo 7\u003c\/p\u003e \u003cp\u003eCentral-bank money-market operations 9\u003c\/p\u003e \u003cp\u003eTwo money markets 10\u003c\/p\u003e \u003cp\u003eThe euro 12\u003c\/p\u003e \u003cp\u003eWriting money 13\u003c\/p\u003e \u003cp\u003eSettlement details 15\u003c\/p\u003e \u003cp\u003eSummary 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Government bonds 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 17\u003c\/p\u003e \u003cp\u003eThe concept of yield 18\u003c\/p\u003e \u003cp\u003eExample yield calculations 19\u003c\/p\u003e \u003cp\u003eCoupon and yield 22\u003c\/p\u003e \u003cp\u003eThe yield curve 23\u003c\/p\u003e \u003cp\u003ePrimary dealers 24\u003c\/p\u003e \u003cp\u003eGovernment bond markets 24\u003c\/p\u003e \u003cp\u003eRepo as part of the government-bond market 26\u003c\/p\u003e \u003cp\u003eAccrued interest 27\u003c\/p\u003e \u003cp\u003eStrips 27\u003c\/p\u003e \u003cp\u003eOther tradable government debt 29\u003c\/p\u003e \u003cp\u003eNon-government debt 31\u003c\/p\u003e \u003cp\u003eRating agencies 32\u003c\/p\u003e \u003cp\u003eSummary 33\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Futures 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe gold miner's problem 35\u003c\/p\u003e \u003cp\u003eThe gold miner's solution 36\u003c\/p\u003e \u003cp\u003eContract specification 37\u003c\/p\u003e \u003cp\u003eCredit and margin 38\u003c\/p\u003e \u003cp\u003eCash settlement 39\u003c\/p\u003e \u003cp\u003eCash-settling other contracts 40\u003c\/p\u003e \u003cp\u003eThe fixings 41\u003c\/p\u003e \u003cp\u003eThe 3-month interest rate future 43\u003c\/p\u003e \u003cp\u003ePrice action 44\u003c\/p\u003e \u003cp\u003eThe strip and TED spreads 46\u003c\/p\u003e \u003cp\u003eArbitrage 47\u003c\/p\u003e \u003cp\u003eSome trading jargon 48\u003c\/p\u003e \u003cp\u003eSummary 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Swaps 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 51\u003c\/p\u003e \u003cp\u003eAn example 53\u003c\/p\u003e \u003cp\u003eAsset swaps 55\u003c\/p\u003e \u003cp\u003eA typical swap in detail 56\u003c\/p\u003e \u003cp\u003eCredit risk in swaps 58\u003c\/p\u003e \u003cp\u003eTrading jargon 59\u003c\/p\u003e \u003cp\u003eSwaps and interest rate futures 60\u003c\/p\u003e \u003cp\u003eMyth and reality 61\u003c\/p\u003e \u003cp\u003eSummary 62\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Options 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 63\u003c\/p\u003e \u003cp\u003ePuts and calls 63\u003c\/p\u003e \u003cp\u003eWhat is the option worth? 65\u003c\/p\u003e \u003cp\u003eCombinations 66\u003c\/p\u003e \u003cp\u003eUnderlyings 66\u003c\/p\u003e \u003cp\u003eEmbedded options 67\u003c\/p\u003e \u003cp\u003eImplied volatility 68\u003c\/p\u003e \u003cp\u003eSummary 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Foreign exchange 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe basic rationale 71\u003c\/p\u003e \u003cp\u003eSize and conventions 72\u003c\/p\u003e \u003cp\u003eForwards 72\u003c\/p\u003e \u003cp\u003eShake the dice 73\u003c\/p\u003e \u003cp\u003eSummary 75\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Players 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGovernments 77\u003c\/p\u003e \u003cp\u003ePseudo-government issuers 78\u003c\/p\u003e \u003cp\u003eNon-Financial corporations 79\u003c\/p\u003e \u003cp\u003ePension funds 79\u003c\/p\u003e \u003cp\u003eInsurers 81\u003c\/p\u003e \u003cp\u003eMutual funds 82\u003c\/p\u003e \u003cp\u003eHedge funds 83\u003c\/p\u003e \u003cp\u003eCommercial banks 83\u003c\/p\u003e \u003cp\u003eMortgage lenders 85\u003c\/p\u003e \u003cp\u003eCentral banks 86\u003c\/p\u003e \u003cp\u003ePrivate investors 87\u003c\/p\u003e \u003cp\u003eSummary 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 People 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 89\u003c\/p\u003e \u003cp\u003eProprietary traders 89\u003c\/p\u003e \u003cp\u003eMarket makers 91\u003c\/p\u003e \u003cp\u003eBrokers 92\u003c\/p\u003e \u003cp\u003eSalespeople 93\u003c\/p\u003e \u003cp\u003eResearchers 94\u003c\/p\u003e \u003cp\u003eBack office and middle office 94\u003c\/p\u003e \u003cp\u003eInvestment bankers 94\u003c\/p\u003e \u003cp\u003eSummary 95\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Price action 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy do prices move? 97\u003c\/p\u003e \u003cp\u003eNecessity never made a good bargain 99\u003c\/p\u003e \u003cp\u003eStability and leverage 100\u003c\/p\u003e \u003cp\u003eFixed-income prices 101\u003c\/p\u003e \u003cp\u003eA stylised crash in fixed income 103\u003c\/p\u003e \u003cp\u003eForwards, zeros and par yields 104\u003c\/p\u003e \u003cp\u003eTrading the crash 108\u003c\/p\u003e \u003cp\u003eMarket irrationality 109\u003c\/p\u003e \u003cp\u003eSummary 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 2: More detail 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Swaps revisited 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 113\u003c\/p\u003e \u003cp\u003eCredit risk in swaps 113\u003c\/p\u003e \u003cp\u003eReducing the credit risk 114\u003c\/p\u003e \u003cp\u003eCross-currency basis swaps 116\u003c\/p\u003e \u003cp\u003eThe price of a basis swap 117\u003c\/p\u003e \u003cp\u003eA cross-currency issue 118\u003c\/p\u003e \u003cp\u003eReducing credit risk in basis swaps 121\u003c\/p\u003e \u003cp\u003eForward rate agreements 122\u003c\/p\u003e \u003cp\u003eSummary 122\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Non-government issuance 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 125\u003c\/p\u003e \u003cp\u003eBringing a deal to market 126\u003c\/p\u003e \u003cp\u003eThe syndicate 128\u003c\/p\u003e \u003cp\u003eBook-building: taking orders 129\u003c\/p\u003e \u003cp\u003ePricing a swapped deal 130\u003c\/p\u003e \u003cp\u003ePricing an unswapped deal 131\u003c\/p\u003e \u003cp\u003eSome legal details 132\u003c\/p\u003e \u003cp\u003eFree to trade 134\u003c\/p\u003e \u003cp\u003eAn example issue 135\u003c\/p\u003e \u003cp\u003eOpportunistic reopenings 136\u003c\/p\u003e \u003cp\u003eSummary 137\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Yield, duration, repo and forward bond prices 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMeasuring risk 139\u003c\/p\u003e \u003cp\u003eYields: compounding frequencies 140\u003c\/p\u003e \u003cp\u003eDuration continued 142\u003c\/p\u003e \u003cp\u003eDefinition of DV 01 144\u003c\/p\u003e \u003cp\u003eHow coupon affects duration and DV 01 144\u003c\/p\u003e \u003cp\u003eAn example yield curve 145\u003c\/p\u003e \u003cp\u003eA 3s10s flattener 147\u003c\/p\u003e \u003cp\u003eA flattener generates cash 148\u003c\/p\u003e \u003cp\u003eA forward flattener 148\u003c\/p\u003e \u003cp\u003eWhat happens if nothing happens? 149\u003c\/p\u003e \u003cp\u003eWeighting the forward flattener 150\u003c\/p\u003e \u003cp\u003eA barbell 151\u003c\/p\u003e \u003cp\u003eCarry and slide 152\u003c\/p\u003e \u003cp\u003eSummary 153\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Bond futures 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 155\u003c\/p\u003e \u003cp\u003eSpecification 156\u003c\/p\u003e \u003cp\u003eDelivery day 157\u003c\/p\u003e \u003cp\u003eThe delivery process 158\u003c\/p\u003e \u003cp\u003eCheapest to deliver: at par 159\u003c\/p\u003e \u003cp\u003eCheapest to deliver: far from par 160\u003c\/p\u003e \u003cp\u003eCTD calculations before delivery 161\u003c\/p\u003e \u003cp\u003eDelivery tail 162\u003c\/p\u003e \u003cp\u003eSummary 163\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Basic fixed-income arithmetic 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe proportion of a year 165\u003c\/p\u003e \u003cp\u003eYield to price and price to yield 167\u003c\/p\u003e \u003cp\u003eSemi to annual: halve and square 167\u003c\/p\u003e \u003cp\u003eForward yield 168\u003c\/p\u003e \u003cp\u003eForward asset swap 168\u003c\/p\u003e \u003cp\u003eSummary 168\u003c\/p\u003e \u003cp\u003eIndex 169\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402609074519,"sku":"9780471487005","price":54.14,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780471487005.jpg?v=1730480947","url":"https:\/\/bookcurl.com\/products\/pricing-money-9780471487005","provider":"Book Curl","version":"1.0","type":"link"}