Book Review: Interest Rate Markets

I was surprised by this book.  There is very little math in this book, which would make it a popular book for giving someone an introduction the bond markets.

It covers all of the non-credit, non-mortgage markets.  It will not replace Handbook of Fixed Income Securities 7th Edition, but it will supplement it, because this is an easier read on the areas that it covers.

Swaps, futures, rolls, options — this book gives a friendly introduction to all of them.


The flipside of no math is that many things are not explained as well as they should be, or get glossed over.  It would be better to ignore principal components analysis than to mention it and not give much explanation.  (A brief appendix, maybe?  Same for other math topics?)

Who would benefit from this book:

Beginners with a serious interest in the fixed income markets would benefit.  No one else.

If you want to, you can buy it here: Interest Rate Markets: A Practical Approach to Fixed Income (Wiley Trading).

Full disclosure: I asked the publisher for this book, and they sent it to me.  I read and review ~80% of the books sent to me, but I never promise a review, or a  favorable review.

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