CONTENTS

About the author vii

Preface viii

Acknowledgements x

PART 1

AN OVERVIEW 1

1 Introduction to bond and money markets 3

PART 2

BOND MARKETS 27

2 Government bonds 29

3 Government bonds around the world 61

4 Corporate bonds 103

5 Credit ratings for bonds 147

6 High-yield and hybrid bonds 175

7 International bonds 205

PART 3

MONEY MARKETS 237

8 Interbank and Eurocurrency 239

9 Treasury bills and commercial paper 263

10 Repurchase agreements and certificates of deposit 279

11 Bills of exchange and banker's acceptances 297

vi CONTENTS

PART 4

VALUING BONDS AND MONEY MARKET INSTRUMENTS 309

12 Financial concepts and mathematics 311

13 Bond valuation 333

14 Money market securities valuation 363

PART 5

SOME VARIATIONS ON A BOND THEME 38i

15 Securitisation 383

16 Central banking influence on interest rates 419

Index 460