债券市场分析与策略第7版答案1.docxVIP

PAGE PAGE 1 Copyright ? 2010 Pearson Education, Inc.?Publishing as Prentice Hall. OVERVIEW OF CONTENTS Chapter 1 introduces the text. Chapters 2-5 set forth the basic analytical framework necessary to understand the pricing of bonds and their investment characteristics. Chapter 6 describes the treasury market. Chapters 7-9 explain the investment characteristics and special features of U.S. corporate debt, municipal securities, and non-U.S. bonds. Chapters 10-13 focus on residential mortgage-backed securities. Chapter 14 covers commercial mortgage loans and commercial mortgage-backed securities. Chapters 15-16 look at asset-backed securities and collateralized debt obligations. Chapters 17-20 describe methodologies for valuing bonds. Chapters 21 and 22 deals with corporate bond credit risk. Chapters 23-26 discuss portfolio strategies. Chapters 27-30 explain the various instruments that can be used to control portfolio risk. CHAPTER 1 INTRODUCTION CHAPTER SUMMARY This introductory chapter will focus on the fundamental features of bond, the type of issuers, and risk faced by investors in fixed-income securities. A bond is a debt instrument requiring the issuer to repay to the lender the amount borrowed plus interest over a specified period of time. A typical (“plain vanilla”) bond issued in the United States specifies (1) a fixed date when the amount borrowed (the principal) is due, and (2) the contractual amount of interest, which typically is paid every six months. The date on which the principal is required to be repaid is called the maturity date. Assuming that the issuer does not default or redeem the issue prior to the maturity date, an investor holding this bond until the maturity date is assured of a known cash flow pattern. SECTORS OF THE U.S. BOND MARKET The U.S. bond market is divided into six sectors: U.S. Treasury sector, agency sector, municipal sector, corporate sector, asset-backed securities, and mortgage sector. The Treasury Sector The Treasury sec