Bond Markets, Analysis And Strategies

Eighth Edition BOND MARKETS, ANALYSIS, AN D S T R A T E G I E S FRANK J. FABOZZI, CFA Professor of Finance EDHEC Business School Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City São Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editor in Chief: Donna Battista Acquisitions Editor: Tessa O’Brien Editorial Project Manager: Amy Foley Editorial Assistant: Elissa Senra-Sargent Director of Marketing: Patrice Jones Senior Marketing Assistant: Ian Gold Senior Managing Editor: Nancy Fenton Senior Production Project Manager: Nancy Freihofer Senior Manufacturing Buyer: Carol Melville Text Designer: S4Carlisle Publishing Services Cover Designer: Jane Conte Manager, Rights and Permissions: Hessa Albader Cover Photo: Zoe/Fotolia Full-Service Project Management: S4Carlisle Publishing Services Composition: S4Carlisle Publishing Services Printer/Binder: Edwards Brothers Cover Printer: Lehigh-Phoenix Color Text Font: Minion Pro Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text or on pages 732–733. Microsoft® and Windows® are registered trademarks of the Microsoft Corporation in the U.S.A. and other countries. Screen shots and icons reprinted with permission from the Microsoft Corporation. This book is not sponsored or endorsed by or affiliated with the Microsoft Corporation. Copyright © 2013, 2010, 2007, 2004, 2000 by Pearson Education, Inc., publishing as Prentice Hall. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Fabozzi, Frank J. Bond markets, analysis, and strategies/Frank J. Fabozzi. — 8th ed. p. cm. Includes index. ISBN-13: 978-0-13-274354-9 ISBN-10: 0-13-274354-X 1. Bonds. 2. Investment a