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THE BOND BOOK THIRD EDITIONTHAU ANNETTEwydawnictwo: MCGRAW-HILL , rok wydania 2010, wydanie IIIcena netto: net price + 5% vat. The financial crisis of 2008 caused major disruptions to every sector of the bond market and left even the savviest investors confused about the safety of their investments. To serve these investors and anyone looking to explore opportunities in fixed-income investing, former bond analyst Annette Thau builds on the features and authority that made the first two editions best-sellers in the thoroughly revised, updated, and expanded third edition of The Bond Book." "This is a one-stop resource for both seasoned bond investors looking for the latest information on the fixed-income market and equities investors planning to diversify their holdings. Writing in plain English, Thau presents cutting-edge strategies for making the best bond-investing decisions, while explaining how to assess risks and opportunities. She also includes up-to-date listings of online resources with bond prices and other information." From how bonds work to how to buy and sell them to what to expect from them, The Bond Book, third edition, is a must-read for individual investors and financial advisers who want to enhance the fixed-income allocation of their portfolios. Table of Contents Preface Acknowledgments PART ONE THE BASIC BASICS 1 Chapter 1 The Life of a Bond 3 First, What is a Bond? 3 How Bonds Are Issued and Traded 3 Key Terms for Bonds 4 Chapter 2 The Bond Market: An Overview 7 The Bond Market: An Overview 7 Bond Pricing: Markups and Commissions 8 How Bonds Are Sold: Dealers, Brokers, and Electronic Platforms 11 Terms Used in Buying, Selling, and Discussing Bonds 17 Chapter 3 Volatility: Why Bond Prices Go Up and Down 25 Interest Rate Risk, or a Tale of Principal Risk 25 Credit Ratings: How Credit Quality Affects the Value of Your Bonds 31 A Short History of Interest Rates 43 The Federal Reserve and Interest Rates 48 Summary 50 Chapter 4 How Much Will I Earn, or Basic Bond Math 51 Bond Cash Flows 51 The Many Meanings of Yield 55 Total Return 62 Duration and Bond Price Volatility 65 Summary 71 Chapter 5 What You Need to Know before Buying Bonds 73 The Bond Market in the Financial Press and on the Internet 73 The Treasury Market 74 "Yield Spreads" and Benchmarks 81 Investinginbonds.com, FINRA.org/marketdata and EMMA.msrb.org 85 Summary 94 PART TWO INDIVIDUAL SECURITIES 97 Chapter 6 Treasuries, Savings Bonds, and Federal Agency Paper 99 What is Unique about Treasuries? 100 Treasury Bills, Notes, and Bonds 102 Inflation-Indexed Securities 105 Buying Treasuries: TreasuryDirect 110 Zero Coupon Bonds 112 U.S. Savings Bonds 117 Federal Agencies 124 Summary 126 Chapter 7 Municipal Bonds 129 What is Unique about Municipal Bonds? 129 Should I Buy Munis? (or, Taxable-Equivalent Yield) 130 Credit Quality: General Obligation versus Revenue Bonds 133 The Rise and Fall of Bond Insurance 136 "Recalibrations" of Municipal Bond Ratings 139 Municipal Bond Pricing 147 Shopping for Municipal Bonds Using the Internet 149 Selecting Municipal Bonds 165 Summary 169 Additional References 170 Appendix: The New York City Default 170 Chapter 8 Corporate Bonds 173 What is Unique about Corporate Bonds? 173 Risk Factors of Corporate Bonds 175 Corporate Bonds with Special Features 178 Junk Bonds 181 Shopping for Corporate Bonds Using the Internet 186 Summary 202 Chapter 9 Mortgage-Backed Securities 205 Why GNMAs Are Unique 206 How Prepayments Affect GNMA Cash Flows 211 The Vocabulary of GNMA Returns 213 CMOs and Other Sons of GNMA 224 Agency Backing of Mortgage-Backed Securities: Ginnie, Fannie, and Freddie 229 Collateralized Debt Obligations (CDOs) and Collateralized Debt Swaps (CDSs) 232 The Financial Crisis: 2007-2008 235 Current State of the Mortgage-Backed and Asset-Backed Securities Market 236 Summary 239 Additional References 241 Chapter 10 International Bonds 243 The International Bond Market: An Overview 244 Currency Risk 248 Emerging Markets Debt: Brady Bonds 250 Buying Individual International Bonds 254 Is There a Case for Investing in International Bonds? 260 Obtaining Information on International Bonds 261 Summary 262 PART THREE INVESTING THROUGH FUNDS 263 Chapter 11 Bond Mutual Funds: An Overview 265 Differences between Bond Funds and Individual Bonds 265 How Much Will I Earn? 267 The Costs of Investing in Bond Funds 273 Why the NAV of Your Fund Will Go Up and Down 277 Selecting, Buying, and Monitoring Bond Funds 285 Sources of Information Concerning Bond Funds 288 Taxes and Bond Funds 297 Summary 299 Chapter 12 Money Market Funds and Tax-Exempt Bond Funds 301 Money Market Funds 301 Bond Funds Whose Price Goes Up and Down: "Plain Vanilla" and More Speculative Funds 310 Municipal Bond Funds 314 Summary 324 Chapter 13 Taxable Bond Funds 327 Domestic "Plain Vanilla" Taxable Bond Funds 328 Treasury Inflation Protected Securities Funds 336 GNMA (and Other Mortgage) Funds 339 More Speculative Funds 341 Miscellaneous Funds 354 Summary 358 Chapter 14 Closed-End Bond Funds, Exchange-Traded Funds (ETFs), and Unit Investment Trusts 361 Closed-End Bond Funds 361 Summary: Closed-End Funds 372 Sources of Information on CEFs 373 Exchange-Traded Funds 374 Advantages and Disadvantages of Bond ETFs 385 Summary: Exchange-Traded Funds 390 Unit Investment Trusts 392 Summary: Unit Investment Trusts 394 PART FOUR MANAGEMENT OF BOND PORTFOLIOS AND ASSET ALLOCATION 395 Chapter 15 Management of Bond Portfolios 397 When Will I Need the Money? 398 Portfolio Structures 399 Finding Attractive Buy Points 401 Swaps 405 Managing a Bond Portfolio for Total Return 407 Chapter 16 Portfolio Allocation 411 Portfolio Allocation 411 Asset Allocation 413 The Case for Bonds Revisited 414 The Current Environment and the Bond Market 415 Conclusion 419 Index 421 426 pages, Hardcover
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