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Fixed income analytics bonds in high and low interest rate environments

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Fixed income analytics bonds in high and low interest rate environments

Wolfgang MartyFixed Income AnalyticsBonds in High and Low Interest Rate EnvironmentsWolfgang MartyFixed Income AnalyticsBonds in High and Low Interest

Fixed income analytics bonds in high and low interest rate environmentst Rate Environments0 SpringerWolfgang Marty AgaNola AG Pfacffikon SwitzerlandISBN 978-3-319-48540-9 ISBN 978-3-319-48541-6 (eBook)DOI 10.1007/978-3-31

9 48541 -6Library of Congress Control Number: 2017952064(.<■' Springer International Publishing AG 2017This work is subject to copyright. All rights a Fixed income analytics bonds in high and low interest rate environments

rc reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of ill

Fixed income analytics bonds in high and low interest rate environments

ustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way. and transmission or information storage and retrieval,

Wolfgang MartyFixed Income AnalyticsBonds in High and Low Interest Rate EnvironmentsWolfgang MartyFixed Income AnalyticsBonds in High and Low Interest

Fixed income analytics bonds in high and low interest rate environmentses, registered names, trademarks, service marks, etc. in this publication docs not imply, even in the absence of a specific statement, that such names

arc exempt from the relevant protective laws and regulations and therefore free for general use.The publisher, the authors and the editors are safe t Fixed income analytics bonds in high and low interest rate environments

o assume that the advice and information in this book are believed Io lie true and accurate at the dale of publication. Neither the publisher nor the

Fixed income analytics bonds in high and low interest rate environments

authors or the editors give a warranty, express or implied, with respect Io the material contained herein or for any errors or omissions that may have

Wolfgang MartyFixed Income AnalyticsBonds in High and Low Interest Rate EnvironmentsWolfgang MartyFixed Income AnalyticsBonds in High and Low Interest

Fixed income analytics bonds in high and low interest rate environmentsaperThis Springer imprint is published by Springer NatureThe registered company is Springer International Publishing AGThe registered company address

is: Gcwcrbestrasse 11. 6330 Cham. SwitzerlandForewordIn light of an investment environment characterized by low yields and new regulatory capital regi Fixed income analytics bonds in high and low interest rate environments

mes, it has become increasingly demanding for investors to achieve sustainable returns. Particularly, fixed income investments are called into questio

Fixed income analytics bonds in high and low interest rate environments

n. There is a solution.Since the foundation of AgaNola a decade ago, we have put our interest into convertibles, and at this point we want to thank ou

Wolfgang MartyFixed Income AnalyticsBonds in High and Low Interest Rate EnvironmentsWolfgang MartyFixed Income AnalyticsBonds in High and Low Interest

Fixed income analytics bonds in high and low interest rate environmentsor being a hybrid, convertible bonds offer the ‘’best of both worlds,” the benefits of an equity with the advantages of a corporate bond. AgaNola is c

onsidered a leading provider in this asset class, and to date convertible bonds remain the core competence of US as a specialized asset manager.As we Fixed income analytics bonds in high and low interest rate environments

consider increasingly popular convertible bonds a living and dynamic universe, we arc placing a great importance on research and the exploration of th

Fixed income analytics bonds in high and low interest rate environments

e nature of this asset class. As an internationally renowned expert in the fixed income and bond held. Dr. Wolfgang Marty has contributed valuable ins

Wolfgang MartyFixed Income AnalyticsBonds in High and Low Interest Rate EnvironmentsWolfgang MartyFixed Income AnalyticsBonds in High and Low Interest

Fixed income analytics bonds in high and low interest rate environments Wolfgang Marty lots of success w ith his latest book.Chairman and Founder AgaNola AGStefan HiestandVForewordCompared to other asset classes, fixed in

come investments are routinely considered as a relatively well-understood, transparent, and (above all) safe investment. The notions of yield, duratio Fixed income analytics bonds in high and low interest rate environments

n, and convexity arc referred to confidently and resolutely in the context of single bonds as well as bond portfolios, and the effects of interest rat

Fixed income analytics bonds in high and low interest rate environments

es are generally believed to be well-understood.At the same time, we live in a world where the amount of private, corporate, and sovereign debt is ste

Wolfgang MartyFixed Income AnalyticsBonds in High and Low Interest Rate EnvironmentsWolfgang MartyFixed Income AnalyticsBonds in High and Low Interest

Fixed income analytics bonds in high and low interest rate environmentsefore we start contemplating the enormous uncertainties introduced by negative interest rates.In his book. Dr. Wolfgang Marty covers and expands on cl

assic fixed income theory and terminology with a clarity and transparency that is rare to be found in a world where computerization of accepted facts Fixed income analytics bonds in high and low interest rate environments

often is the norm. Wolfgang highlights obvious but commonly unknown conflicts that can be observed, for example, when applying standard theory outside

Fixed income analytics bonds in high and low interest rate environments

its default setting or when migrating from single to multiple bond portfolios. He also includes the effects of negative interest rates into standard

Wolfgang MartyFixed Income AnalyticsBonds in High and Low Interest Rate EnvironmentsWolfgang MartyFixed Income AnalyticsBonds in High and Low Interest

Fixed income analytics bonds in high and low interest rate environmentsnd it shows that often we understand less than we think when studying bond or bond portfolio holdings purely based on their commonly accepted key metr

ics; Wolfgang encourages to ask questions. Anyone building automated software would benefit from familiarity with the model discrepancies highlighted Fixed income analytics bonds in high and low interest rate environments

as it is to everyone’s disadvantage if we find these too deeply rooted in commonly and widely applied tools.In summary, Wolfgang’s book makes interest

Fixed income analytics bonds in high and low interest rate environments

ing reading for the fixed income novice as well as the seasoned practitioner.Head of Quantitative ResearchDr. Jan Hendrik Witte

Wolfgang MartyFixed Income AnalyticsBonds in High and Low Interest Rate EnvironmentsWolfgang MartyFixed Income AnalyticsBonds in High and Low Interest

Wolfgang MartyFixed Income AnalyticsBonds in High and Low Interest Rate EnvironmentsWolfgang MartyFixed Income AnalyticsBonds in High and Low Interest

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