Good Fixed-Income investing book?
What are some good fixed-income investing books? I have the CFA curriculum, which provides a wealth of information, but I'm looking for something a little less academic. Topic of interest include: distressed debt investing, ABS and other structured products
Fabozzi Handbook of Fixed Income Securities
http://www.amazon.com/Handbook-Fixed-Income-Securities/dp/0071440992/re…
Distressed Debt Analysis: Strategies for Speculative Investors
http://www.amazon.com/Distressed-Debt-Analysis-Strategies-Speculative/d…
looks very promising thanks macro
fabozzi is the shit
Agreed. Used one of Fabozzi's CFA books for an FI Analysis class textbook in HK.
Seconded
Fabozzi hands down It IS academic though, not a joke. Lots of mathematical concepts.
Fabozzi was the classic in the 80's and is still the best source of information for fixed income.
rarely have I seen this many folks agreeing on a book.... looks like the publisher is getting my business :)
Are there any good basic Fixed Income books, that introduce the basics of it?
Fixed-income is very math heavy and academic by its nature.
As noted above, Fabozzi is the shit.
The general Fabozzi handbook is great, if you need something more focused on structured products he also has Handbook of Structured Financial Products as well as Structured Products and Related Credit Derivatives. Fabozzi is a major contributors to the CFA curriculum.
what about Tuckman's?
I liked the Tamara Henderson book ..it's very simple and hands on
I think this is just what I was looking for. I may use this as an introductory book before i move on to Fabozzi.
Yes Henderson book is very easy to read and understand. Best book for beginners IMHO (I don't work in FI btw).
Rather than post a new thread, I thought I would revive this one. I've searched through several different topics about fixed income, but haven't found a concrete answer to my inquiry.
I'm looking for a book that can give me a concise yet thorough understanding of fixed income, including pricing, benchmarks, spreads, speeds. I am interested in all types of fixed income as well. I am definitely looking at a beginner's guide/introduction to everything.
I saw that everyone referenced Fabozzi, but I saw that the book is listed as 1500 pages. Several posts mentioned that it was a huge conglomeration of various essays and information, not all written by him, and often poorly organized. I've seen references to Tuckman and now Tamara Henderson's book.
With that being said, is Fabozzi's book still the best option for a beginner, or should I start with Tuckman or Henderson (or even another book) and then move on to Fabozzi after I get the basics down?
Much appreciated.
Henderson is very good.
Would be very interested in a beginner's book as well
Heard Fabozzi lecture for two days, complete and utter failure.
Having said that, the book is quite good.
I'm a beginner who hasn't entered college yet, and I would say Fabozzi's Fixed Income Analysis book is a good starter. The first few chapters provides a good overview of the different types of bonds etc, before it gets more mathematical with all the different calculations when valuing bonds etc.
An easier alternative would be 'The Bond Book' by Annette Thau. It's a lot less technical since its catered for retail investors, though has a lot of relevant concepts. Fabozzi's book covers all the material in 'The Bond Book' though.
I'd be willing to email the pdf version of 'The Bond Book' for a SB. PM me.
First Henderson's (it's like FI for dummies). Then maybe Tuckman's. But I'd stick to just one book. If you are buying just one book I suggest you get Tuckman (60$), there's anew edition coming out soon, since I believe Henderson's book is a bit overpriced (90$ for 222 pages).
However it really depends about your professional expectations. I'd look at Distressed Debt Analysis and Corporate Financial Distress and Bankruptcy
If you're more of a quant you can read The Brigo and Mercurio book and Hull's. But if you go this route you will end up working with papers and developing your own models.
Personally i'd stick to the CFA curriculum.
Of course you can look up these books in your local library and decide which one is better suited for you. They are all available online (not so legal variety) but I'd avoid downloading them if you don't want some lawyers knocking your door and asking you to pay several thousand bucks.
There's also a book with good reviews on amazon from Pietro Veronesi (UChicago professor).
Goods Books on Fixed Income (Originally Posted: 02/15/2007)
I have an internship this summer in the fixed income dept. of a financial services firm and was wondering if anyone had any suggestions of good, informative books that will allow me to get a head start before it begins.
This has been recommended to me by someone at Lehman S&T: Bodie, Investments 6th edition
this book is written by Bruce Tucman. Maybe the spelling of the author's name is wrong, but the pronounciation is exactly the same. this book is recommanded by my professor. I think it's really good entry book. Fabozzi's handbook maybe too thick...
get the fabozzi book and keep it at your desk, you can skip the parts that don't apply to your group.
Fixed Income: books, academic research & advice for a S&T career ? (Originally Posted: 10/30/2013)
Hi everyone,
I'm currently studying and I'm looking for books, academic research & advice to get a deep knowledge of Fixed Income. I used to be a much more in equity market for the past years and I want to move into the fixed income part. I've got some basics but, has I said, I really want to go deeper on the subject.
Thanks,
Vincent
Fixed income bible: http://www.amazon.com/Handbook-Income-Securities-Eighth-Edition/dp/0071…
IMHO, not Fabozzi... Read the "Understanding the Yield Curve" series of papers by Antti Ilmanen. It's a great starting point.
Do you already have an idea of what parts of fixed income interests you-rates, corporate, ASBs, etc? Or is that what you're looking for?
Thanks for all your reply, I still don't know in wich part I want to work...I'm looking for some highlight about this specific market market and how to break in. I give you my email if you have some time I have a lot of questions to ask.
I would start with Interest Rate Markets by Siddhartha Jha.
Flavell is great for interest rate derivatives, but might be a bit technical
Best Books On Fixed Income and Credit Analysis? (Originally Posted: 12/11/2014)
I landed an analyst position at an Asset Management firm and will be working in credit. I'm wondering if anyone has some good book suggestions that can build a foundation before I start?
What type of fixed income will you be in?
Fabozzi - Handbook of Fixed Income.
I was just about to say Fabozzi.
Fabozzi. Fixed Income is a hard topic to go deep into. It might be easier for engi/math students to understand the mechanism
I've done a lot of work with fixed income in an educational capacity and there were two books the group had us read during our first semester in the group: Fabozzi Handbook of Fixed Income Securities and Crescenzi The Strategic Bond Investor. The division of the group I am in focuses completely on corporate, investment grade, debt. I'd recommend also knowing a lot about the macroeconomics of the fixed income market, because you can invest in the right credits, but still get killed if you put your bonds in the wrong maturity buckets.
@Leveraged Bailout: SB+1
By any chance, do you guys know about books more useful for sub investment grade fixed income or ABS? I'm 1st year analyst at fixed income asset manger and Fabozzi from my point of view is pretty much knowing the basics - how the mechanics work etc. I'd be curious if you guys know something useful to read when I'm comfortable with that kind of stuff. Thanks!
Fixed Income Book? (Originally Posted: 08/18/2015)
Any recs. on a "go to" Fixed Income text?
Looking at Petitt and Pinto's "Fixed Income Analysis."
Good going. This is a really good idea. You can search more on this to increase your interest.
frank fabozzi and annette thau
Fabozzi is the gold standard IMHO
Personally, I am not a big fan of Fabozzi...
My recommendation would be Tuckman's "Fixed Income Securities"
not a fan of Fabozzi either..at all
Books/Primers for Incoming Fixed Income Analyst (Originally Posted: 08/25/2015)
Hey WSO,
I'll be starting as as a fixed income analyst at a major AM firm (Fidelity, Vanguard, PIMCO etc.) in the next month in their Investment Grade team and was wondering if any WSO monkeys had some reading suggestions to help me prepare for the job. I've been reading Fabozzi's Handbook of Fixed Income Securities but if anyone has some other suggested readings I would really appreciate if you could share them.
Thanks,
Mogel
bump. any recommendations are appreciated.
interested as well
Fixed Income Analysis 3rd Edition from the CFA Institute Interest Rate Swaps and Other Derivatives by Howard Corb
Read Moyer's Distressed Debt Analysis. Even if you rent not doing distressed, its great for getting you to think about capital structure, issue structure, collateral, implicit options, etc.
Fixed-Income (Originally Posted: 06/16/2011)
anybody know of any good books on fixed-income trading? just looking for a summer read in preparation for a fixed-income class I'm taking in the fall.
Fabozzi's Handbook of Fixed Income Securities is great/comprehensive but somewhat of an encyclopedia. Do you have a specific topic you're interested in/want to learn about?
Fabozzi is usually mentioned.
Although it focuses on mortgages Salomon Smith Barney Guide to Mortgage Backed Securities is a strong choice. It has a strong chapter on duration and covers the MBS and ABS universe in a very clear language with excellent examples which might be helpful as you can see how different fixed income instruments might be structured and how their cashflows might be affected...senior debt, mezz debt, callable, ect.
If you are just starting fixed income you need to learn/know the below topic/terms cold. They will be the foundation on which all fixed income is based.
The first few chapters of any fixed income book will cover those topics, but you should really get down deep into them and start calculating DV01s and hedge ratios, ect so that you understand it better. Duration doesn't mean anything until you start to use it.....trust me.
Fixed Income Securites by Bruce Tuckman. Much more enjoyable read than Fabozzi, although Fabozzi is more comprehensive. IMO read Tuckman, leave Fabozzi as a reference book.
Are any of Fabozzi's fixed income books worth reading beyond the Handbook?
I am reading a great book now.
Interest Rate markets - A Practical Approach to Fixed Income by Siddhartha Jha
-Very easy to understand -Focuses on intuition over calculations -Does not put me to sleep.
How about swaps or other macro rate stuff?
thanks Gekko21. I got a pretty good intro into duration, yield curves and capital structure in my corp finance class. I was looking for a read that expands on these fundamentals and gets into derivatives like swaps, interest rate caps, floors, and options on options. it seems like fabozzi's book is the go-to read here so I'll prob go pick that up.
Most advanced books on Fixed income ? (Originally Posted: 09/15/2016)
Is there a notch up above fabozzi for fixed income with higher level of math & intution ? ................
Andersen & Piterbarg, Brigo & Mercurio, etc etc etc...
Liar's Poker
what sector of Fixed Income exactly? Fibozzi is an intro/primer that covers many different asset classes.
Do you want Swaps, Treasuries, Futures, Mortgages, Inflation, Options, FX, etc....you need to be specific on what you want to learn...you can't just say "everything"
What is your ultimate goal? Are you looking to become a Quant or a trader?
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