As western governments issue increasing amounts of debt, the fixed income markets have never been more important. Yet the methods for analyzing these markets have failed to keep pace with recent developments, including the deterioration in the credit quality of many sovereign issuers. In Fixed Income Relative Value Analysis, Doug Huggins and Christian Schaller address this gap with a set of analytic tools for assessing value in the markets for government bonds, interest rate swaps, and related basis swaps, as well as associated futures and options.

Taking a practitioner's point of view, the book presents the theory behind market analysis in connection with tools for finding and expressing trade ideas. The extensive use of actual market examples illustrates the ways these analytic tools can be applied in practice.

The book covers: Statistical models for quantitative market analysis, in particular mean reversion models and principal component analysis.An in-depth approach to understanding swap spreads in theory and in practice.A comprehensive discussion of the various basis swaps and their combinations.The incorporation of credit default swaps in yield curve analysis.A classification of option trades, with appropriate analysis tools for each category.Fitted curve techniques for identifying relative value among different bonds.A multi-factor delivery option model for bond future contracts.

"Fixed Income Relative Value Analysis" provides an insightful presentation of the relevant statistical and financial theories, a detailed set of statistical and financial tools derived from these theories, and a multitude of actual trades resulting from the application of these tools to the fixed income markets. As such, it's an indispensable guide for relative value analysts, relative value traders, and portfolio managers for whom security selection and hedging are part of the investment process.

SOFR Futures and Options is the practical guide through the maze of the transition from LIBOR. In the first section, it provides an in-depth explanation of the concepts involved: The repo market and the construction of SOFR SOFR-based lending markets and the term rate The secured-unsecured basis SOFR futures and options and their spread contracts Margin and convexity Applying these insights, the second section offers detailed worked-through examples of hedging loans, swaps, bonds, and floors with SOFR futures and options, supported by interactive spreadsheets accessible on the web. The gold standard resource for professionals working at financial institutions, SOFR Futures and Options also belongs in the libraries of students of finance and business, as well as those preparing for the Chartered Financial Analyst exam.

According to the Latin American political analysts and scholars who contributed to this volume, free elections during the 1980s largely served to disguise rather than diminish institutional repressiveness and the reality of economic, political, and social disintegration that is occurring in many Latin American countries. This book is the first work of research to deal with the violence--on the part of both states and citizens--that is the most visible expression of that breakdown.

Describing the nature and causes of Latin American vigilantism, the authors explore its impact within the larger sociopolitical system and the relationship between vigilantism and political transition. Part I is devoted to citizen violence, including mob lynchings; the work of the justiceiros (self-appointed or privately employed enforcers); and citizen uprisings against the police. Part II is a discussion of death squads in Peru, Guatemala, and Colombia and their use by the state to achieve specific social or political objectives. Part III explores the debate over violence, legislative solutions, and national security. The final section examines on-duty extra-legal police violence in several countries and the contribution of U.S. police training to state-supported terror. The authors' analyses indicate that vigilantism results from and at the same time fosters authoritarian state structures whose economic dependence on foreign powers deepens the cycle of poverty, repression, and violence. An important source of data and analysis on a largely neglected topic, this work will be of interest to a general audience concerned with human rights, to policymakers and their critics, and to scholars in the fields of criminology, comparative justice, and Latin American studies.