Bond and Money Markets: Strategy, Trading, Analysis by Moorad Choudhry PDF

By Moorad Choudhry

ISBN-10: 0750660783

ISBN-13: 9780750660785

The Bond and cash Markets is a useful connection with all features of fastened source of revenue markets and tools. it truly is very hot as an creation and a sophisticated textual content for execs and graduate students.Features complete assurance of: * executive and company bonds, Eurobonds, callable bonds, convertibles * Asset-backed bonds together with mortgages and CDOs * by-product tools together with futures, swaps, strategies, established items* Interest-rate probability, period research, convexity, and the convexity bias * the money markets, repo markets, foundation buying and selling, and asset/liability administration * time period constitution types, estimating and reading the yield curve * Portfolio administration and strategies,total go back framework, developing bond indices * A stand by myself reference publication on rate of interest swaps, the cash markets, monetary marketplace arithmetic, interest-rate futures and technical research * contains introductory assurance of very specialized issues (for which one formerly required numerous texts) reminiscent of VaR, Asset & legal responsibility administration and credits derivatives * Combines obtainable type with complicated point themes

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Sample text

Throughout 2003, the maximum maturity for corporate bond issues was three years. , LIBOR) or paid out as a percentage of principal on an annual basis. Three of four issues had multiple coupons, while the smallest issue did not. 0001 percent of the face value of the bond (for more detail, see Table 23). According to the prospectus, the BCR Leasing bond has a maturity of three years and will pay 6 percent semi-annually. It is a lei-denominated bond with calculations linked to the Euro, to mitigate investor perceptions of exchange rate risk.

As per Table 7, insurance depth is low in Romania, although it is growing. Pension reform when initiated will add to general market development, but it will take several years before reaching the 30 percent of private pension assets-to-GDP threshold figure currently exhibited in the EU. 7 percent of the relative assets to GDP Capital Markets and Non-bank Financial Institutions in Romania 15 Table 7. 2 Notes: Bank net assets is a capital figure for system at year-end 2003; net assets for insurance is capital figure for sector at year-end 2003; Net assets are the same figures as for the net assets taking into consideration for determining of solvency margin; pension fund is state PAYG; leasing assets are depreciated assets in 2003 based on 2002 ratio converted at year-end exchange rates; net leasing assets = contract value; factoring assets from 2002; BVB listed companies do not include 10 bonds listed; RASDAQ companies do not include suspended companies not yet formally de-listed; RASDAQ market capitalization from December 19, 2003.

The concentration of insurance companies is high. The 10 largest companies in 2002 represented 82 percent of the total market in terms of gross premium income, 83 percent in terms of assets, and 74 percent in terms of capital. In 2003, the 10 largest companies also 30. The SIFs were interested in the International Leasing issue (2002), valued at ROL 15 billion. However, the issue sold out so quickly that the SIFs were too late in purchasing the bonds. Individual investor demand was a function of the high coupon rate (42 percent annualized), and the small principal amount of each bond (principal was ROL 25,000, less than one US dollar).

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Bond and Money Markets: Strategy, Trading, Analysis by Moorad Choudhry

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