Bond Book Everything Investors Need to Know about Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More

ISBN-10: 007166470X
ISBN-13: 9780071664707
Edition: 3rd 2010
Author(s): Annette Thau
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List Price: $38.00
Edition: 3rd
Copyright Year: 2010
Publisher: McGraw-Hill Companies, The
Publication Date: 11/17/2010
Binding: Hardcover
Pages: 448
Size: 6.25" wide x 9.25" long x 1.50" tall
Weight: 1.958
Language: English

Annette Thau, Ph.D. is a former municipal bond analyst for Chase Manhattan Bank and visiting scholar at the Columbia University Graduate School of Business. She earned her Ph.D. from Columbia and has received numerous awards, including a Woodrow Wilson Fellowship, a National Endowment for the Humanities Fellowship for Younger Humanists, and University Fellowships from Columbia University.

Preface
Acknowledgments
The Basic Basics
The Life of a Bond
First, What Is a Bond?
How Bonds Are Issued and Traded
Key Terms for Bonds
The Bond Market: An Overview
The Bond Market: An Overview
Bond Pricing: Markups and Commissions
How Bonds Are Sold: Dealers, Brokers, and Electronic Platforms
Terms Used in Buying, Selling, and Discussing Bonds
Volatility: Why Bond Prices Go Up and Down
Interest Rate Risk, or a Tale of Principal Risk
Credit Ratings: How Credit Quality Affects the Value of Your Bonds
A Short History of Interest Rates
The Federal Reserve and Interest Rates
Summary
How Much Will I Earn, or Basic Bond Math
Bond Cash Flows
The Many Meanings of Yield
Total Return
Duration and Bond Price Volatility
Summary
What You Need to Know before Buying Bonds
The Bond Market in the Financial Press and on the Internet
The Treasury Market
"Yield Spreads" and Benchmarks
Investinginbonds.com, FINRA.org/marketdata and EMMA.msrb.org
Summary
Individual Securities
Treasuries, Savings Bonds, and Federal Agency Paper
What Is Unique about Treasuries?
Treasury Bills, Notes, and Bonds
Inflation-Indexed Securities
Buying Treasuries: Treasury Direct
Zero Coupon Bonds
U.S. Savings Bonds
Federal Agencies
Summary
Municipal Bonds
What Is Unique about Municipal Bonds?
Should I Buy Munis? (or, Taxable-Equivalent Yield)
Credit Quality: General Obligation versus Revenue Bonds
The Rise and Fall of Bond Insurance
"Recalibrations" of Municipal Bond Ratings
Municipal Bond Pricing
Shopping for Municipal Bonds Using the Internet
Selecting Municipal Bonds
Summary
Additional References
Appendix: The New York City Default
Corporate Bonds
What Is Unique about Corporate Bonds?
Risk Factors of Corporate Bonds
Corporate Bonds with Special Features
Junk Bonds
Shopping for Corporate Bonds Using the Internet
Summary
Mortgage-Backed Securities
Why GNMAs Are Unique
How Prepayments Affect GNMA Cash Flows
The Vocabulary of GNMA Returns
CMOs and Other Sons of GNMA
Agency Backing of Mortgage-Backed Securities: Ginnie, Fannie, and Freddie
Collateralized Debt Obligations (CDOs) and Collateralized Debt Swaps (CDSs)
The Financial Crisis: 2007-2008
Current State of the Mortgage-Backed and Asset-Backed Securities Market
Summary
Additional References
International Bonds
The International Bond Market: An Overview
Currency Risk
Emerging Markets Debt: Brady Bonds
Buying Individual International Bonds
Is There a Case for Investing in International Bonds?
Obtaining Information on International Bonds
Summary
Investing Through Funds
Bond Mutual Funds: An Overview
Differences between Bond Funds and Individual Bonds
How Much Will I Earn?
The Costs of Investing in Bond Funds
Why the NAV of Your Fund Will Go Up and Down
Selecting, Buying, and Monitoring Bond Funds
Sources of Information Concerning Bond Funds
Taxes and Bond Funds
Summary
Money Market Funds and Tax-Exempt Bond Funds
Money Market Funds
Bond Funds Whose Price Goes Up and Down: "Plain Vanilla" and More Speculative Funds
Municipal Bond Funds
Summary
Taxable Bond Funds
Domestic "Plain Vanilla" Taxable Bond Funds
Treasury Inflation Protected Securities Funds
GNMA (and Other Mortgage) Funds
More Speculative Funds
Miscellaneous Funds
Summary
Closed-End Bond Funds, Exchange-Traded Funds (ETFs), and Unit Investment Trusts
Closed-End Bond Funds
Summary: Closed-End Funds
Sources of Information on CEFs
Exchange-Traded Funds
Advantages and Disadvantages of Bond ETFs
Summary: Exchange-Traded Funds
Unit Investment Trusts
Summary: Unit Investment Trusts
Management of Bond Portfolios and Asset Allocation
Management of Bond Portfolios
When Will I Need the Money?
Portfolio Structures
Finding Attractive Buy Points
Swaps
Managing a Bond Portfolio for Total Return
Portfolio Allocation
Portfolio Allocation
Asset Allocation
The Case for Bonds Revisited
The Current Environment and the Bond Market
Conclusion
Index

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