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Bonds: An Introduction to the Core Concepts


Praise For Bonds

"An excellent introduction to the most important asset class in financial markets. A worthy text from Dr. Mobius that provides a focused description of all the pertinent issues for bond investors in his trademark accessible style."
--Professor Moorad Choudhry Department of Mathematical Sciences, Brunel University, and author of The Principles of Banking

"Books about bonds aimed at a private investor readership are in short supply. This clear, logical guide from an acknowledged master investor should be read by any investor wanting to make fixed income stocks the cornerstone of his or her portfolio."
--Peter Temple financial journalist and author of Magic Numbers and Magic Numbers for Bonds and Derivatives

"In times when Black Swan events seem to manifest themselves in financial crises with an increasing frequency, it is helpful to understand how the bond markets work, not only in a global big picture, context, but also with regard to investors' asset allocation preferences. Bonds: An Introduction to the Core Concepts provides broad and useful insight into all the key aspects of this asset class, its products, issuer and investor types, ratings considerations as well as investment strategies and portfolio building. Refreshingly written, this book differentiates itself from the conventional yet often intimidating mathematical approach to analyzing bond matters."
--Florian Schmidt Managing Director, Debt Capital Markets, Asia, ING, and author of A Guide to Asian High Yield Bonds

Mark Mobius, Ph.D., Executive Chairman of Templeton Emerging Markets Group, currently directs analysts based in Templeton's 17 emerging markets offices and manages the emerging markets portfolios.

Dr. Mobius has spent more than 40 years working in emerging markets all over the world. He joined Franklin Templeton Investments in 1987 as president of the Templeton Emerging Markets Fund, Inc. In 1999, he was appointed joint chairman of the Global Corporate Governance Forum Investor Responsibility Taskforce of the World Bank and Organization for Economic Cooperation and Development.

Awards include: (1) "50 Most Influential People" by Bloomberg Markets Magazine in 2011, (2) "2010 Africa Investor Index Series Awards" by African Investor, (3) "Emerging Markets Equity Manager of the Year 2001" by International Money Marketing, (4) "Ten Top Money Managers of the 20th Century" in a survey by the Carson Group in 1999, (5) "Number One Global Emerging Market Fund" in the 1998 Reuters Survey, (6) "1994 First in Business Money Manager of the Year" by CNBC, (7) "Closed-End Fund Manager of the Year" in 1993 by Morningstar and, (8) "Investment Trust Manager of the Year 1992" by Sunday Telegraph. Dr. Mobius was also named by Asiamoney magazine in 2006 as one of their "Top 100 Most Powerful and Influential People." Asiamoney said, he "...boasts one of the highest profiles of any investor in the region and is regarded by many in the financial industry as one of the most successful emerging markets investors over the last 20 years. Despite tough times during the financial crisis nine years ago, he still commands a strong following in the investment world and is influencing the direction of billions of investment dollars."

Dr. Mobius earned bachelor's and master's degrees from Boston University, and a Doctor of Philosophy (Ph.D) in economics and political science from the Massachusetts Institute of Technology. He is the author of the books Trading with China, The Investor's Guide to Emerging Markets, Mobius on Emerging Market, Passport to Profits, Equities - An Introduction to the Core Concepts, Mutual Funds - An Introduction to the Core Concept, Foreign Exchange - An Introduction to the Core Concepts and Mark Mobius - An Illustrated Biography.

Acknowledgments vii

1. An Introduction to Bonds 1

2. Bond Markets 11

3. Rating Agencies 29

4. Government Bonds 43

5. Corporate Bonds 57

6. International Bonds 71

7. Bond Calculations 85

8. Risk 93

9. Investing Methods 105

10. Building a Portfolio 119

11. Q&A on Bond Investing 131

Quick Quiz Answers 137

Useful Websites 143

Glossary 145

Index 167