Top 7 Best Fixed Income Books

fixed income booksTop Best Fixed Income Books – Traditionally, fixed income securities are considered as rather low-income instruments but of late there has been a tremendous shift in the fixed income markets which have become increasingly attractive to modern investors in terms of strategic growth and returns made possible. This has largely been made possible due to changes in the markets themselves along with availability of complex tools to tackle the element of risk efficiently, thus making fixed income markets more accessible and appealing to average investors. Here, we present a handpicked selection of titles on fixed income investments and analysis with a wealth of useful information for students as well as professionals.

#1 – The Handbook of Fixed Income Securities

Eighth Edition Hardcover – Import, 1 Jan 2012


by Frank J. Fabozzi (Author), Steven V. Mann (Author)

Book Review

This is a highly organized work on fixed income securities market which introduces readers to the fundamental concepts, strategies and principles which can not only help understand and evaluate fixed income securities better but enhance the returns as well. In an increasingly competitive financial industry where investing is all about returns, the authors of this brilliant work go out of their way to lay down an easy-to-follow approach for investors to profit from fixed income securities, usually considered a low-return category of instruments. However, what makes this work stand apart is the manner in which readers are made aware of the complex workings and underlying risks of fixed income securities market. Some of the key topics covered in this work include macroeconomic dynamics and corporate bond market, risk analysis and multifactor fixed income models, high-yield bond portfolio management and hedge fund fixed income strategies among other things. Investors as well as financial professionals can gain clearer understanding of fixed income securities market with this work and can very well utilize the analytical tools and methodologies presented for identifying profitable opportunities in this complex market.

Best Takeaway from this Best Fixed Income Book

  • This top fixed income securities book is a complete guide on the risks and possibilities awaiting an investor in the fixed income securities market.
  • The work presents complex ideas and highly technical concepts related to evaluation of fixed income instruments and investing strategies with a great deal of clarity.
  • The authors have taken care to include strategies, techniques and tools which work in today’s market along with stressing on the significance of the fixed income securities market in terms of its potential to generate healthy returns.
  • The readers would learn how to weigh the risk underlying investing in bonds and debt securities along with effective strategies to manage them effectively.
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#2 – Fixed Income Mathematics, 4E:

Analytical & Statistical Techniques Hardcover – Import, 1 Jan 2006


by Frank J. Fabozzi  (Author)  

Book Review

This fixed income securities book is an excellent work on mathematical and statistical tools available to study and evaluate fixed income securities for avid investors. The author offers a detailed coverage of evaluation methods for mortgage-backed-securities, asset-backed securities as well as other fixed income securities for investors and finance professionals. A realistic assessment of risks involved in fixed income securities and managing that risk effectively is another area which this work deals with. Some of the key concepts covered in this updated fourth edition include interest rate modeling, credit risk concepts and measures for corporate bonds, time value of money, bond pricing, conventional yield measures and price volatility for option-free bonds. The author helps readers become acquainted with the latest analytical techniques and the framework for credit risk modeling which plays a critical role in study of fixed income securities. A highly commendable work which deals with mathematical approaches to understanding and evaluating fixed income instruments along with strategizing and investing with this complex market with confidence.

Best Takeaway from this Top Fixed Income Book

  • This top fixed income book is a thoroughly professional reference guide on statistical and mathematical strategies to invest in fixed income securities for higher returns.
  • The biggest achievement of the author is elucidating complex nature of risks and methodologies to evaluate fixed income instruments and mitigate risks effortlessly and how to utilize available tools in personalized investment strategies.
  • A highly recommended read for finance professionals and investors with a keen interest to understand and invest better in fixed income securities market.
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#3 – Fixed Income Securities:

Tools for Today′s Markets (Wiley Finance) Hardcover – Import, 16 Dec 2011


by Bruce Tuckman  (Author), Angel Serrat (Author)  

Book Review

This fixed income book is an excellent manual on practical application of strategies, principles and methodologies available for assessing and evaluating fixed income securities. Anyone interested in quantitative techniques would find this work very informative and of great practical utility describing most of the quantitative concepts in an easy-to-understand manner along with practical illustrations for most of them. Some of the key topics covered include arbitrage pricing, interest rates, risk metrics, repo, rate and bond forwards and futures, interest rate and basis swaps and credit markets. This work presents a complete overview of global fixed income markets and can help readers better understand how these markets function and how to make use of advanced quantitative tools and techniques for accurate valuations of fixed income securities. The current third edition offers a lot of additional information on areas of key relevance to today’s markets, making it a valuable asset for finance professionals.

Best Takeaway from this Best Fixed Income Book

  • This best fixed income book is a practical quantitative manual on study and evaluation of fixed income securities which provides a unique perspective on global fixed income markets as well.
  • This work acquires greater value for professionals by providing practical illustrations for a number of advanced quantitative tools and techniques for assessment and valuation of fixed income instruments.
  • Anyone interested in practical application of quantitative techniques would find relevant and useful information here.
  • A must-read for financial professionals as well as amateurs interested in enhancing their understanding of fixed income markets.
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#4 – Fixed Income Securities:

Valuation, Risk, and Risk Management


by Pietro Veronesi  

Book Review

This fixed income book is a complete guide on evaluation and assessment of various fixed income instruments with an added emphasis on enhancing the conceptual understanding of risk management practices in the field. The author engages in a detailed discussion of the forces which shape the markets and affect the prices along with ways to define risks accurately and what kind of risk management practices can be adopted for desired results. Important methodologies for evaluating such instruments and associated risks are outlined which require detailed understanding of concepts to be able to adapt them for individual needs and preferences. The complex nature of fixed income securities is demystified for an average reader, making the markets that much more accessible. Along with that, a number of useful tools for studying fixed income instruments are also discussed. Bringing theoretical aspects to bear upon the practical applications in terms of evaluating fixed income securities and making strategic risk decisions while investing is what makes this work unique in its appeal. A highly recommended work on valuation of instruments and risk management practices in fixed income markets.

Best Takeaway from this Best Fixed Income Book

  • A useful guide to theory and practice of fixed income instruments’ evaluation and risk management for professionals as well as laymen.
  • The author makes an exceptional effort at describing the underlying concepts of risk management as applicable to fixed income instruments.
  • Some of the key valuation methodologies are also explained in detail for those looking to acquire a basic understanding of these ideas.
  • A commendable work on evaluation and risk management of fixed income  instruments for professionals as well as amateurs.
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#5 – Fixed-Income Securities:

Valuation, Risk Management and Portfolio Strategies


by Lionel Martellini, Philippe Priaulet  

Fixed Income Book Review

This work provides comprehensive textbook material for fixed income securities courses including MBA and MSc Finance. The authors have extensively covered traditional as well as alternative investment strategies for fixed income market, thus enhancing the breadth and scope of this work. A building block approach has been adopted in describing and illustrating concepts to make it an ideal learning resource for students in the field. Numerous worked examples in excel are included for practical guidance of readers along with PowerPoint slides for additional learning assistance. Some of the key knowledge areas covered in the work include fixed income hedge fund strategies, derivation of zero yield curve and credit spreads along with interest rate and credit derivatives. Authored by acclaimed fixed income experts, this work presents nothing less than a treasure-trove of information on fixed income investment strategies for students as well as professionals.

Best Takeaway from this Top Fixed Income Book

  • An unofficial textbook for fixed income students of MBA and MSc Finance which basically covers the entire gamut of investment strategies for fixed income instruments and illustrates them with numerous practical examples.
  • This work excels as a learning resource which can not also provide reference material for anyone interested in acquiring a detailed understanding of traditional and alternative investment strategies for fixed income securities.
  • A highly recommended resource for students as well as finance professionals.
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#6 – Fixed Income Analysis

(CFA Institute Investment Series) [Kindle Edition]


Barbara S. Petitt (Author), Jerald E. Pinto (Author), Wendy L. Pirie (Author), Bob Kopprasch (Foreword)  

Book Review

The CFA Institute investment guide methodically introduces readers to fundamental concepts of fixed income before describing a general framework for valuation of securities. This work is aimed at describing how investment professionals analyze securities and manage fixed income portfolios by successfully synthesizing a number of complex factors. The authors have adopted a method of stepwise engagement with readers on how to develop the necessary skills for analysis of risk, asset-backed securities and term structure analysis, before going ahead with valuation and management of investment portfolios in a client-based scenario. These are some of the key features which make this work a valuable resource for students and finance professionals alike. Essentially developed for CFA students, this is nothing less than a compendium of theoretical and practical knowledge on fixed income markets.

Best Takeaway from this Best Fixed Income Book

  • A specialized guide to fixed income analysis by CFA Institute, designed not only for CFA students but for financial professionals and non-finance individuals as well.
  • This is an excellent resource for anyone willing to acquire complete working knowledge of strategies, principles and risk management for fixed income investments.
  • Readers would learn a great deal not only about how fixed income markets work but also about analyzing fixed income securities and managing fixed income portfolios as a professional.
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#7 – Interest Rate Risk Modeling:

The Fixed Income Valuation Course (Wiley Finance) Hardcover – Import, 3 Jun 2005


by Sanjay K. Nawalkha  (Author), Gloria M. Soto (Author), Natalia A. Beliaeva (Author)  

Book Review

This work is part of a trilogy on fixed income valuation and risk analysis but this volume specifically focuses on interest rate risk modeling which explores various interest rate risk models for fixed income securities and their derivatives. This is essentially a work on the interest rate risk and how to measure and manage it strategically, which is not possible without interest rate risk modeling. Some key components of interest rate risk management discussed in this work include duration, convexity, M-absolute, M-square, duration vector, key rate durations and principal rate duration among others. Authors have illustrated the application of models to various fixed income instruments including regular bonds, callable bonds, T-bill futures, T-bond futures, Eurodollar futures, interest rate swaps, forward rate agreements, bond options, various yield options, swaptions and mortgage-backed-securities along with others. This work comes with a companion CD-ROM containing a great deal of useful information including formulas and programming tools to implement various risk model and valuation techniques for fixed income securities. A thorough treatise on interest rate risk modeling for students, financial professionals and anyone else interested enough to learn and apply the concepts without much effort.

Best Takeaway from this Best Fixed Income Book

  • A specialized work on interest rate risk modeling which explains the concept of interest rate risk and details the methodologies adopted for measuring and managing interest rate risk.
  • This work illustrates how to apply risk models to an entire spectrum of fixed income instruments and a digital companion to the work enhances its value further.
  • This companion guide includes a wealth of information on valuation and risk management of fixed income securities along with programming tools and excel/VBA spreadsheets for hands-on analysis. In short, an ideal work for anyone interested in learning theoretical and practical aspects of interest rate risk modeling for fixed income securities.
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