Bond Market: An Introduction

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Beschrijving

The debt market is usually categorised into the short-term debt market (STDM) and long-term debt market (LTDM), and includes marketable and non-marketable debt. The money market is comprised of the STDM and the deposit market (which is overwhelmingly of short duration). The bond market is the marketable arm of the LTDM. Bonds are issued by governments (all levels), companies and special purpose vehicles, and there are many types and many risks to holding them. The bond market is an important asset class, yielding returns second to equities. The bottom end of the bond yield curve reflects money market rates (which reflect monetary policy) and its longer end reflects the shorter end, expectati…

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The debt market is usually categorised into the short-term debt market (STDM) and long-term debt market (LTDM), and includes marketable and non-marketable debt. The money market is comprised of the STDM and the deposit market (which is overwhelmingly of short duration). The bond market is the marketable arm of the LTDM. Bonds are issued by governments (all levels), companies and special purpose vehicles, and there are many types and many risks to holding them. The bond market is an important asset class, yielding returns second to equities. The bottom end of the bond yield curve reflects money market rates (which reflect monetary policy) and its longer end reflects the shorter end, expectations in respect of the shorter end (which includes future inflation), as well as confidence.

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Content

  1. Context & Essence
    1. Learning outcomes
    2. Introduction
    3. The financial system in brief
    4. The money market in a nutshell
    5. Essence of the bond market
    6. Essence of the plain vanilla bond
    7. Bond derivatives
    8. Summary
    9. Bibliography
  2. Issuers & Investors
    1. Learning outcomes
    2. Introduction
    3. The economics of long-term finance
    4. Issuers of bonds
    5. Government debt and fiscal policy
    6. Investors in bonds
    7. Summary
    8. Bibliography
  3. Instruments
    1. Learning outcomes
    2. Introduction
    3. Bond instruments
    4. Summary
    5. Bibliography
  4. Organisational structure
    1. Learning outcomes
    2. Introduction
    3. Risks in, and shortcomings of, OTC markets
    4. Advantages of exchange-driven markets
    5. Primary market
    6. Secondary market
    7. Summary
    8. Bibliography
  5. Mathematics
    1. Learning outcomes
    2. Introduction
    3. Present value / future value
    4. Annuities
    5. Plain vanilla bond
    6. Perpetual bonds
    7. Bonds with a variable rate
    8. CPI bonds
    9. Zero coupon bonds
    10. Strips
    11. Summary
    12. Bibliography
  6. Tools
    1. Learning outcomes
    2. Introduction
    3. Other yield measures
    4. Duration
    5. LCC per basis point
    6. The yield curve (term structure of interest rates)
    7. Summary
    8. Bibliography
  7. Endnotes
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