CHANGES FROM THE NINTH EDITION
In the ninth edition there were 32 chapters; in the tenth edition there are also 32, four of which are new. Two chapters were removed, the former chapters 17 (“Interest Rate Models”) and 21 (“Measuring Credit Spread Exposures of Corporate Bonds” ). Chapter 17 was removed based on feedback from adopters who felt that the material was too technical (the chapter is still available on the MIT Press website at
https://mitpress.mit.edu/bond-markets-tenth-edition). Chapter 21 was divided between chapter 4 (“Bond Price Volatility”), and the new chapter 26 (“Managing a Corporate Bond Portfolio”).
The two completely new chapters are chapters 5 (“The Theory and History of Interest Rates”) and 18 (“Liquidity and Trading of Credit/Spread Products”). Chapter 5 describes the different theories about the determination of the level of interest rates and addresses two important issues: the existence of a safe or riskless asset (referred to as the “safe asset controversy”) and negative interest rates. Chapter 18 deals with the issues associated with the trading of bonds, particularly non–U.S. Treasury
securities. Trading bonds is far more challenging than in the equity market, and we discuss why in the chapter. Also covered in this new chapter is the processing of trades and the critical services provided by third-party vendors.
Two chapters that have been completely revised are chapters 10 (“International Bonds”), which now also has an appendix on foreign-exchange rates, and 26 (“Managing a Corporate Bond Portfolio”). In chapter 26 we explain how some bond portfolio managers are using style factors that are now regularly used in equity portfolio management. All of the other chapters have been updated.
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