Bond Markets, Analysis and Strategies, 4th edition, takes a practical real-world approach to bond investing. It includes a detailed discussion of each type of bond and interest rate derivative instrument. The text features a comprehensive discussion of not only the instruments, but also their investment characteristics, the state-of-the-art technology for valuing them, techniques for quantifying interest rate risk, and portfolio strategies for using them. These strategies include active strategies and structured portfolio strategies. New to this edition: Recent developments and information of the analytical techniques in the valuation of bonds with embedded options and measures for assessing the interest rate risk of complex instruments have been included. Strategies for accomplishing investment objectives, particularly employing derivative instruments, have been updated. Information on the latest developments in mortgage-backed securities and asset-backed securities is available.