Product Description

Praise for Fixed Income Securities, Second Edition

"What distinguishes this book from many others on the subject is that Tuckman has skillfully combined intuitive rationale with mathematical analysis to give readers a clear and deep understanding of the market. Tuckman has written a comprehensive reference book that should be found on the desks of both seasoned practitioners and novices alike."
–Gerald Lucas, Senior Government Strategist
Director, Global Securities Research, Merrill Lynch

"This outstanding book offers a well-written and clear tutorial for many of the cutting-edge analytical techniques and models used in practice. Combines a wealth of institutional knowledge, practical tools, and realistic examples, while giving a clear understanding of the underlying theory."
–Francis Longstaff, Professor of Finance
The Anderson School at UCLA

"An excellent reference for anyone intending to bridge the gap between financial mathematics theory and the practice of financial markets."
–Marek Musiela, BNP Paribas

"This is an extremely readable book with a balance between technical detail and practical application. Unlike other books in the area, thorough and tightly knit chapters reflect Tuckman’s unique background as a well-respected academic and market participant."
–Tony D. Kao, Managing Director, Global Fixed Income
GM Asset Management

Product Details

• Amazon Sales Rank: #18778 in Books
• Published on: 2002-08-30
• Original language: English
• Number of items: 1
• Binding: Paperback
• 528 pages

Review
"Required reading for anyone interested in modeling fixed income securities. In my opinion, this edition of Tuckman's book has no match in terms of clarity, accessibility and applicability to today's bond markets." ( Vineer Bhansali, Ph.D. Executive Vice President Head of Portfolio Analytics PIMCO)

From the Publisher
New fixed income securities are being created at a frantic pace and respond to interest rates quite differently than traditional similar securities, making them an increasingly risky investment. Tuckman identifies and describes, in an easy-to follow manner, the latest types of these securities, using modern approaches to fixed income application and risk control. Numerous charts and tables make information immediately accessible.

From the Inside Flap
"The goal of this edition is . . . to present the conceptual framework used for the pricing and hedging of fixed income securities in an intuitive and mathematically simple manner."
–From the Introduction

Intuitive and mathematically simple. From the very first sentences of Fixed Income Securities, Second Edition, author and fixed income veteran Bruce Tuckman explains what makes his book so refreshingly straightforward. Tuckman provides an in-depth examination of the pricing and hedging of fixed income securities–a necessarily complex and calculation-heavy subject–without cutting corners or overlooking crucial concepts. Yet he explains it in terms that all investors, traders, and financial professionals can understand.

Fixed Income Securities, Second Edition presents the essential concepts and tools developed by today’s most renowned and respected practi-tioners and academics, from convexity and the futures-forward difference through mean reversion and risk premium to arbitrage and risk-neutral pricing. Employing a step-by-step and user-friendly strategy to explain one of the financial world’s most complex and competitive fields, Fixed Income Securities, Second Edition addresses many important topics on the pricing and hedging of fixed income securities, including:

Spot and Forward Interest Rates • Curve Fitting • Duration and Partial Durations • The Shape of the Term Structure • Short-Rate Models • Special Financing • Delivery Options • Floating Cash Flows • The Prepayment Option • And more

Fixed Income Securities, Second Edition approaches a theoretically demanding field from the working professional’s point of view. This Second Edition adds a myriad of examples, applications, and case studies to illustrate the practical uses of difficult concepts. From swaps and options to butterfly spreads, spreads of spreads, and basis trades, this hands-on guide goes straight to the heart of fixed income knowledge and provides a template for trading and investing in the twenty-first-century marketplace.

Customer Reviews

Forget Fabozzi, indeed
To add to longhorn24's excellent detailed review,

a) This is not a book about term structure modeling, but Tuckman ofers a very effective, get-to-the-main-issues introduction.

b) Another reviewer has noted that he would buy the book for the four first chapters (discussing basic bond math) alone, and I agree. Even where the subject is familiar, Tuckman impresses with concise and to-the-point presentation, and his analytical approach, which makes Fabozzi look superficial.

PS. Be sure to consider the book by Martellini et al.

GREATEST BOOKSHOP
ITS VERY GOOD BOOKSHOP, BUT WHY BOOKS DELAYED I DONJ NOT RECIVED IT UNTILL NOW. YOU HAVE WOREST SHIPPED SERVICE

A must have for anyone in fixed-income capital markets
I have the 2nd edition and have found it to be ridiculously comprehensive. The text is well-written and organized (I find it better than the Fabozzi texts which usually have many different people contributing, therefore naturally being less fluid and organized). This is by far one of the best fixed-income books available right now--period.

The text is pretty heavy on quant material, however, it's written from a practitioner's perspective so I've found it to be very helpful at work.