For undergraduate or graduate-level courses in Bonds and Investments, and other upper-level collegecourses in Economics or Finance that focus on bond markets. This comprehensive textbook on bonds takes a practical real-world approach to the subject. It contains detailed presentations of each type of bond and includes a wide range of products. Extensive discussions include not only the instruments, but also their investment characteristics, the state-of-the art technology for valuing them, and portfolio strategies for using them.* NEW-Updated analytical techniques - In the valuation of bonds with embedded options and measures. * NEW - Strategies for accomplishing investment objectives - In particular coverage on employing derivative instruments has been updated to reflect recent developments. * NEW - Recent product information. * Offers detailed coverage of various market sectors. * Includes mortgage-backed securities, asset-backed securities, technologies for valuing complex bond structures, actual bond portfolio management strategies and interest rate derivatives. * Excerpts from weekly trade publications. * Links between theory and practice. * Explains the bond strategies that are used by institutional investors. * Explains Portfolio strategies employing interest rate derivative instruments. * Numerous problems in each chapter.