Interest Rate Markets: A Practical Approach to Fixed Income 1st Edition

This is a great book for anyone who wants to successfully trade interest rate products. In the initial chapters, Jha motivates the intuition and math critical to understanding the interest rate markets. Then, he describes the enormous range and uses of interest rate instruments and the numerous factors and issues that must be understood. This leads to a thorough discussion of convexity, duration, yield curve, hedging, swaps, futures contracts, carry, risks, etc.For a trader or anyone interested in the markets, this book goes beyond the math and points out that a purely mathematical understanding is not enough to be successful. Often, as Jha amply demonstrates, the great opportunities and risks arise when the assumptions underlying the math or human behavior break down. There are examples from 2007 and 2008 that serve as guides and warnings. Jha also discusses the less obvious and frequent opportunities that present themselves because of more subtle factors such as excess supply and demand, yield curve shifts, regulatory constraints, futures contract expiration, futures contract definition, and volatility to name just a few.I bought this book because many traders recommended it in various trading discussion groups and forums. In this book, Jha provides a practical framework for understanding and profiting from trading in the interest rate markets.

This book is hands-down the best intro to the world of fixed income products. It gives you enough information on various aspects of the industry and the products traded to keep you interested. My personal favorite are the chapters on Swap Spreads, Basis and Conditional Spread trading.

Great book for an introduction of the interest rate products from sell side perspective. If you have a chance to read books from buy side and/or interest rate trading in other countries, say China, besides reading this one, would be far more interesting.

I have read about eight books on the bond market in my life, written by Frank Fabozzi, the CFA institute, Bruce Tuckman, and the like. This book easily ranks in the top 2 of that list, in terms of clarity and comprehensiveness.Strengths:- Written mostly in plain english. The prose is not too dull, and not wordy at all- Most of the liquid bond markets are covered. The obvious lack of emphasis on bond options, but Bruce Tuckman does a fantastic job on that front.- Great sections on swaps and curve trading for beginners.Weaknesses:- Perhaps it would have been better if there was more math in the appendix or at the end of each sectionsQualifications:Former VP of Trading at Morgan Stanley

Stellar and palatable tome on fixed income. Would highly recommend this as core book for any practitioner in fixed income, whether they are a novice or a veteran in the field. The one thing this book teaches you that I’ve yet to come across in any other book is the intuition needed to think like a fixed income practitioner. In other words, the book develops the thought process and critical thinking that is unique to fixed income.

It is very well written. However it did not discuss Swap Execution Facilities, which are now a major part of the swaps market.

Awesome book for anyone wanting a better understanding of what drives interest rates, and the tools available to trade them. Loved it!

Im a trader at a global macro fund and this book has been instrumental in developing a solid framework in understanding the rates markets. It's allowed me to build my thought process in a very clear and concise manner. The author provides and great depth of knowledge in a very clear manner from first hand experiences. After having read thru the book several times i still keep it handy on the trading desksad a reference. I would without question recommend this book to anyone from experiences traders/analysts to folks who are just interested in fixed income with little to no prior knowledge.