Fixed Income Markets and Their Derivatives (Current Issues in Finance)

By Suresh Sundaresan and Sundaresan

Book Overview

The third edition of this well-respected textbook continues the tradition of providing clear and concise explanations for fixed income securities, pricing, and markets. Fixed Income Markets and Their... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 032400446X
• ISBN13: 9780324004465
• Release Date: July 2001
• Publisher: South-Western College Pub
• Length: 736 Pages
• Weight: 3.00 lbs.
• Dimensions: 9.3" x 1.3" x 7.5"

Customer Reviews

Good book

FIMD is a good book but there is no practice problems at the end of each chapter. Also, it needs some knowledge of Excel.

Comprehensive MBA-level textbook on fixed income

The book gives outstanding step-by-step introduction to fixed income, written by one of the most well-known academic experts in the field. It provides the right balance between technical detail and practical application. While both novices and experts will find the book extremely useful, it is particularly suitable for MBA students taking a fixed income class. Discussion of recent events is insightful and deep. Highly recommended both to students and professors. Ilya Strebulaev Graduate School of Business Stanford University

would consider adopting if I were teaching an undergraduate or generalist graduate course in fixed i

Suresh Sundaresan's "Fixed Income Markets and Their Derivatives, 3rd" (FIM & D3) continues to provide a welcome introductory teaching text on the vast topic of "fixed income" (FI). My review is limited to four stars, however, because of some obvious additions that would have made the work more useful. This edition has improved grammar and editing and clarity and organization over previous editions. Sundaresan' FIM & D3 is appropriate for teaching an undergraduate course in fixed income (both for business and finance majors) and for graduate students in generalist MBA programs (but NOT finance MBA). It is necessary to compare competing texts to discover their merits and flaws, and given the vastness of the topic "fixed income" or "credit" no one text could hope to cover it all. The quickest comparison is to (never cited) Martellini and the Priaulet brothers' "Fixed Income Securities: Valuation, Risk Management, and Portfolio Strategies" (M & P's FIS). [Full disclosure: I am a colleague of both Priaulets and a student of Martellini]. Priaulet and Martellini take a direct, technical, and mathematical approach, in keeping with their own backgrounds in theoretical mathematics of FI. Sundaresan's FIM & D3 takes a more narrative approach, gently introducing analysis and functions. The texts aim at different audiences, and for those beginning on FI and then continuing on to a more advanced technical stream then M & P's FIS is the obvious choice; while those continuing on to a module on "marketing" would probably want to stick with Sundaresan's FIM & D3. Which leads to another curious omission in citation in this otherwise fine book: Frank J. Fabozzi is never mentioned nor is a single text of his ever cited. Academic jealousy being what it is (Sundaresan is at Columbia and Fabozzi at Yale) and competitive publishing being tooth and nail probably explain it. Still, as the author or editor of over fifty titles on fixed income Fabozzi's absence is glaring, especially in light of the fact Duffie and Singleton are cited throughout. The gymnastic gyrations necessary to avoid citing Fabozzi boggle the mind. Fobozzi's texts often suffer from being two different kinds of monsters: a "Frankenbook" or a Hydra. For Fabozzi's Frankenbooks, he WordPastes previously published chapters of other books, adds a single specialized chapter on the title's topic, and slaps a new cover on it and shops it well. Customers are often disappointed that they previously owned 90% of a "new" book from Fabozzi simply because they already own a few other of his titles. "Hydra" books are multi-headed monsters, trying to straddle the two horses of the demands of market practitioners, with those of teaching academics (who in turn need undergraduate, graduate generalist (MBA) and graduate specialist (MSFE, PhD) texts. Fabozzi's titles reach for all markets and often end up pleasing no one. And so Sundaresan's FIM & D3 plays specifically to a more limited audience and is a success in con

A robust book that covers with breadth and detail

I had the pleasure of taking Professor Sundaresan's Debt Markets course at Columbia. He has tremendous experience in the marketplace. This book does a good job of covering the theory while also covering the practical aspects of the marketplace. One of my complaints is that some topics lacked a step-by-step approach, and you found yourself looking at a huge equation and wondering where it came from.Hits: Duration, Convexity,Term Structure, Auctions, Treasuries, Corporates, Mortgages.Misses: Futures, Unsightly 3-dimensional graphsI also have Fabozzi's Handbook and Fabozzi's Bond Markets, Analysis and Strategies. This book is comparable to the latter.

technical book focused on the debt markets specificities

This very book provides a very objective detailed overview of the debt markets. The author is at his best discussing fixed income securities. Since it is the first edition, there are several minor technical mistakes which I am sure going to be corrected by the author in the second edition. I wish the author had focused more on the derivative side of the fixed income part of the paradise. I also expected to encounter more actual application coverage, i.e. hedging, speculation, arbitrage etc. One chapter in the end of the book encompassing advanced strategies with fixed income derivatives would be very helpful for various segments of readers. Otherwise, it is a very good non-textbook textbook. Vladi Shlepkov St.Petersburg, Russia