fixed income

Fixed: Why Personal Finance is Broken and How to Make it Work for Everyone

by John Y. Campbell and Tarun Ramadorai  · 25 Jul 2025

many merits, target date funds are not perfect. Some of these funds err on the side of caution and assign too high a weight to fixed-income markets for young investors. Others charge high fees for active equity management with little gain in performance. And while they condition asset allocation on an

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. I’ve been doing so.… They want full payout for the house and that is something that I don’t have. I’m on a fixed income.… They are able to take people’s homes by asking for large sums of money and proceeding with foreclosure once they don’t get it

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to solve the investor’s lifecycle asset allocation problem, by leaning more heavily towards equities early in working life and becoming more conservative—shifting toward fixed-income securities—as the investor approaches retirement. Funds like this, made available within a retirement savings account, make it easier to fund retirement and provide households

Our Dollar, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance, and the Road Ahead

by Kenneth Rogoff  · 27 Feb 2025  · 330pp  · 127,791 words

secondary market at a small discount. At the time of the Russian default, LTCM held a position in an astounding 5 percent of the global fixed-income market, which led to a liquidity panic that briefly froze the U.S. Treasury bill market, the world’s largest and most liquid financial market

Gambling Man

by Lionel Barber  · 3 Oct 2024  · 424pp  · 123,730 words

’t know’ or, even more irritating, ‘OK, so let me tell you how this goes …’ Anshu Jain was known at Deutsche as ‘the father of fixed income’, better known as bond trading. After Edson Mitchell died in a plane crash just before Christmas 2000, leaving a gaping hole in Deutsche’s senior

Corporate Finance: Theory and Practice

by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann le Fur and Antonio Salvi  · 16 Oct 2017  · 1,544pp  · 391,691 words

the system is flawed because the real return to investors is zero or negative. Their savings are insufficiently rewarded, particularly if they have invested in fixed-income vehicles. The savings rate in a credit-based economy is usually low. The savings that do exist typically flow into tangible assets and real property

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risky and the β of Orange is now below 1. 2. Parameters behind beta By definition, the market b is equal to 1. β of fixed-income securities ranges from about 0 to 0.5. The β of equities is usually higher than 0.5, and normally between 0.5 and 1

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and valuation of securities After having studied the yield curve, it is easier to understand that the discounting of all the cash flows from a fixed-income security at a single rate, regardless of the period when they are paid, is an oversimplification, although this is the method that will be used

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throughout this text for stocks and capital expenditure. It would be wrong to use it for fixed-income securities. In order to be more rigorous, it is necessary to discount each flow with the interest rate of the yield curve corresponding to its

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conditions that are very likely to have changed since the original issue. Section 20.3 Floating-rate bonds So far we have looked only at fixed-income debt securities. The cash flow schedule for these securities is laid down clearly when they are issued, whereas the securities that we will be describing

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; market rates: the lower the level of market rates, the higher a bond’s modified duration. Modified duration represents an investment tool used systematically by fixed-income portfolio managers. If they anticipate a decline in interest rates, they opt for bonds with a higher modified duration, i.e. a longer time to

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fall in interest rates leads to a loss on the reinvestment of coupons and to a capital gain. Intuitively, it seems clear that for any fixed-income debt portfolio or security, there is a period over which: the loss on the reinvestment of coupons will be offset by the capital gain on

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. Agrawal, C. Mann, Explaining the rate spread on corporate bonds, Journal of Finance, 56(1), 247–278, February 2001. F. Fabozzi, The Handbook of European Fixed Income Securities, 8th edn, McGraw-Hill, 2011. J. Finnerty, D. Emery, Debt Management: A Practitioner’s Guide, Oxford University Press, 2001. J. Hand, R. Holthausen, R

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yield spreads: Default risk or liquidity? New evidence from the credit default swap market, Journal of Finance, 60(5), 2213–2247, October 2005. P. Veronesi, Fixed Income Securities: Valuation, Risk, and Risk Management, John Wiley & Sons, Inc., 2010. And also: www.fitchratings.com www.moodys.com www.standardandpoors.com www.spreadresearch.com

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. Stein, Convertible bonds as backdoor equity financing, Journal of Financial Economics, 32(1), 3–21, August 1992. On exchangeable bonds: F. Fabozzi, The Handbook of Fixed Income Securities, 8th edn, McGraw-Hill, 2011. On hybrid securities: F. Black, M. Scholes, The pricing of options and corporate liabilities, Journal of Political Economy, 81

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, who coordinates all aspects of an offering; the global coordinator is also lead manager and usually serves as lead and book-runner as well. For fixed-income issues, the global coordinator is called the arranger; the lead manager is responsible for preparing and executing the deal. The lead helps choose the syndicate

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de l’association française de finance, 31(2), 51–92, December 2010. J. Helwege, P. Kleiman, The pricing of high-yield debt IPOs, Journal of Fixed Income, 8(2), 61–68, September 1998. R. Taggart, The growing role of junk bonds in corporate finance, in D. Chew (Ed.), The New Corporate Finance

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on corporate investment, Journal of Finance, 54(6), 1939–1967, December 1999. P. Fernandez, Levered and unlevered beta, Journal of Applied Finance, 2005. K. Garbade, Fixed Income Analytics, MIT Press, 2002. L. Jui, R. Merton, Z. Bodie, Does a firm’s equity returns reflect the risk of its pension plan?, Journal of

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in market value of the underlying asset (or a fall in interest rates). The notion of position is very important for banks operating on the fixed-income and currency markets. Generally speaking, traders are allowed to keep a given amount in an open position, depending on their expectations. However, clients buy and

Stigum's Money Market, 4E

by Marcia Stigum and Anthony Crescenzi  · 9 Feb 2007  · 1,202pp  · 424,886 words

model for options pricing. This model, which was developed for the pricing of options on equities, must be modified in order to be applied to fixed-income securities. Also, theoreticians—rocket scientists or quants to the Street—are constantly tinkering with this model to improve its accuracy and extend its reach.

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in immunizing portfolios, in hedging trading positions, in comparing investment alternatives, and in performing various other analyses. Duration has become a key measurement for fixed-income securities; and it is a key element in the investment decision-making process. It’s impossible to derive results concerning duration without using simple calculus

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sentiment can occur in any market, including the bond market in which tracking market sentiment is helped immensely by tracking the collective duration levels of fixed-income portfolios. Since the bond market is largely an institutional business, aggregate duration surveys conducted by Wall Street firms and economic research firms are a

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microcosm of the risk profiles of the universe of fixed-income portfolios. Indeed, most duration surveys include portfolios that have a combined total of several hundred billion dollars or more in assets. The best and

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curve to display over its entire price-yield range. REVIEW IN BRIEF • Duration and convexity are key considerations in the decision to buy and sell fixed-income securities. • Duration measures a bond’s price sensitivity to changes in interest rates, although not precisely. Nevertheless, duration provides a close approximation if the

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when calculating price changes that will occur when yield changes are large. • Duration can be used as a gauge of market sentiment, which can help fixed-income portfolio managers in the investment decision-making process. PART TWO The Major Players Copyright © 2007, 1990, 1983, 1978 by The McGraw-Hill Companies, Inc.

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of risk that a trading operation can take. These can be defined as either market risks or credit risks. In a money market or other fixed-income portfolio, these risks can be defined by portfolio duration, average maturity, convexity, foreign-exchange exposure, or credit ratings, for example. In a large organization

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used for a variety of purposes other than as pure investments. One of these is for the financing of Wall Street’s large holdings of fixed-income securities. The Street’s primary dealers finance their holdings via repurchase agreements (repos), which are essentially short-term loans secured by collateral deemed safe

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a notional value of over $200 billion (2 million contracts × $100,000 of notional value per contract). No other futures contract on any other fixed-income security comes close. For example, the number of federal agency futures outstanding is scant at only a few thousand contracts. Many loans granted to both

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Greenspan’s tenure had been institutionalized. The Fed’s Impact on Spread Products The Federal Reserve can greatly influence the performance of spread products, or fixed-income securities other than Treasuries such as agency securities, corporate bonds, mortgage-backed securities, and emerging markets securities. These securities are called “spread” products because

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, or, as it is formally called, the Bloomberg Professional system, has arguably been the most important information, analytics, and trading system used by the fixed-income community over the past two decades. The Bloomberg system is crammed with a deep database and functionality, but in its infancy it was initially blocked

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a vital role in the money market, connecting participants throughout the world. • Information, analytics, and trading systems such as Bloomberg are widely used in the fixed-income community, providing an array of tools for professionals. CHAPTER 11 The Investors: Running a Short-Term Portfolio Copyright © 2007, 1990, 1983, 1978 by The

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U.S. Aggregate Index. Indeed, Lehman claims that over 90% of U.S. investors use one or more of its fixed-income benchmarks to assist in analyzing their portfolios. Fixed-income managers use the indices largely to compare how their portfolios are constructed and to compare performance. The indices are an important resource

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knowledgeably buy a lesser-grade commercial paper that other portfolio managers wouldn’t touch. Portfolio managers face many choices with respect to what type of fixed-income security they should buy. The decision often rests on expectations regarding the economy and hence the outlook for monetary policy. 2 Commercial paper, as

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$2.29 trillion in reverses. During the quarter, over $99.5 trillion in repo trades were submitted by the Government Securities Division of the Fixed Income Clearing Corporation (FICC), an SEC-registered clearing agency that facilitates orderly settlements in the U.S. government securities market and tracks repo trades settled through

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two things. First, dealers were running huge matched books. Second, in March 2006, dealers were borrowing money to fund other activities including their holdings in fixed-income securities. Data from the New York Fed, which collects such statistics on a weekly basis, show that dealers were short $113 billion Treasuries, but

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appear to suggest that dealer financing has increased sharply during the period. Adrian and Fleming counter this simplistic analysis, arguing that dealer borrowing involving fixed-income securities grew only modestly in recent years and that the increase is unrelated to an increase in net positions held.12 The researchers assert that

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Current Issues in Economics and Finance, March 2005. sharp increase in net repo financing—the net amount of money primary dealers borrow through repos on fixed-income securities (calculated as repos minus reverses)—net repo financing is an incomplete and potentially misleading measure of dealer leverage. One reason is that net repo

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financing, which is measured as securities out minus securities in. Net financing measures the net amount of funds that primary dealers borrow through all fixed-income security financing transactions. Figure 13.11 shows the sharp difference between the amount of net repo financing and net financing during the period 1994–2004

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amount of bond issuance increased compared to the previous year, a factor that tends to boost volume. Record amounts of foreign purchases of U.S. fixed-income assets also boosted volume. Over time, three of the biggest factors affecting trading volume in Treasuries include: the Federal Reserve, the state of the

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half of Treasuries are held by foreign investors. Another factor that boosts Treasury volume is its transparency. Treasury prices are more transparent than any other fixed-income instrument, meaning that both the price and size of the bids and offers for Treasury securities are readily discerned. Moreover, the bid and offer

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prices for Treasuries tend to be quite narrow relative to other fixed-income securities, which also boost their attractiveness. In fact, in a study the Federal Reserve estimates that the average bid-ask spread for Treasuries is

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their trading activities, cash, futures, and financing market positions in Treasury and other securities. Primary dealers tend to carry larger amounts of inventories of fixed-income securities and a greater variety of these securities. The dealers also tend to have a greater ability than smaller market participants to participate in offerings

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bidders take delivery of their Treasury securities directly from the Treasury, although about 75% of all auction deliveries are made to dealers indirectly through the Fixed Income Clearing Corporation (FICC), which is a clearing agency registered with the Securities and Exchange Commission that acts as the central clearing corporation for Treasury

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their respective clearing banks. Now, trades done through brokers are to be cleared via a netting process run by the Government Securities Division of the Fixed Income Clearing Corporation, which we discussed earlier. The Government Securities Division clears, nets, settles, and manages risk arising from a broad range of U.S.

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type of system, the dealers act as principals, meaning that they buy and sell securities for their own account. The full range of major fixed-income products are currently being offered through this system. This system enables investors to peruse a dealer’s inventory of bonds, thereby helping customers locate bonds

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led by the explosive growth of TradeWeb, a New York-based online trading firm that enables institutional customers to buy and sell various types of fixed-income securities electronically with multiple primary dealers. In early 2006, over 2,200 of the largest buy-side institutions were using TradeWeb to both price

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themselves reports on inflation. Inflation, after all, is the bane of the bond market because it erodes the value of the cash flows associated with fixed-income securities. Yields are therefore greatly affected by inflation expectations, which are influenced daily by many factors. The inflation data are enormously influential on the

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7% would be the more attractive investment. Factors That Cause Real Yields to Fluctuate There are many factors that determine the real yield on a fixed-income security. (For simplicity, we again focus on government bonds rather than corporate and other types.) Here is the list of factors: • Inflation expectations • Opportunity

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much more than bills, at $997 billion, and bonds, at $526 billion. • Primary dealers customarily hold net short positions in Treasuries as hedges against other fixed-income securities that they hold. Indeed, dealers were net short in every week during the 4½ years ending March 2006. • In various studies, the yield curve

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accelerated pace at which federal regulators began to approve new contracts led to a rapid expansion in the menu of securities—financial futures, options on fixed-income securities, and options on futures—being traded. The specifications of the principal financial futures contracts and of options on those contracts that are traded

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. Commercial traders in Treasuries are the true end users of the contracts: the hedgers and those who are in the business of buying and selling fixed-income securities. Commercial traders are known as “smart money.” They can be primary dealers, insurance companies, pension funds, and the like. Noncommercials are considered speculators.

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speculative traders have relatively less information in hand than do commercial traders with respect to market fundamentals and the true level of underlying demand for fixed-income securities. In addition, speculators frequently have a herd mentality and are therefore more likely to alter their positions when commercial players ignite a change

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segments of the bond market, including the mortgage and corporate securities markets. • Futures are also used as a vehicle for boosting the returns of fixed-income portfolios via strategies designed to take advantage of volatility in the interest-rate environment, yield curve shifts, and so on. Calendar spreads and the NOB

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Massachusetts Institute of Technology. Alex Edmans is a Ph.D. candidate in financial economics at the Massachusetts Institute of Technology and previously worked in both fixed income and investment banking for Morgan Stanley. FIGURE 17.1 Puts and calls: rights, contingent obligations, and features (European call) or up to the maturity

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May 2005, a number of prominent international bond issuers known to draw significant buying interest from the world’s central banks, issued more SEC-registered fixed-income securities than nonregis-tered securities (Table 18.1). For example, the Republic of Italy registered over 90% of its dollar issues during the period.

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terms. For issuers, the growth of the asset-backed securities market has significantly expanded the pool of funding sources to include the broad array of fixed-income investors, a market consisting of $26 trillion in mid-2006. Commercial banks have become increasingly reliant upon securitization as a way of diversifying their

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for all projects, debt issuance costs, and the cost of purchasing commercial bond insurance. Moving to Book Entry and Real-Time Reporting As with other fixed-income securities, municipal notes used to be issued as bearer notes (Figure 25.1). For securities of such short duration, registration wasn’t worth the

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free money fund companies to purchase securities from their portfolios to prevent losses to investors. Earlier in 1994, which was a tumultuous year in the fixed-income markets with yields rising sharply, more than 20 money funds were negatively impacted by investments in money market derivatives. Many of these funds needed

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trading. actuals: The cash commodity as opposed to the futures contract. actual/360: The day-count convention applied to the calculation of interest on a fixed-income security. Calculations are based on a 360-day calendar. This day-count convention is applied in the Eurosystem’s monetary policy operations. ACUs (Asian

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provision that permits conversion to the issuer’s common stock at some fixed exchange ratio. convexity: The slope of the price-yield relationship for a fixed-income security. Convexity is normally positive, but it can be negative. corporate bond equivalent: See equivalent bond yield. corporate taxable equivalent: Rate of return required

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selling the proceeds of the investment forward for dollars. credit default swap (CDS): A credit derivative that enables parties to exchange the credit risk of fixed-income securities. CDS buyers purchase protection against a bond’s default, paying a fee to protection sellers. credit enhancement: The backing of paper with collateral,

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bids through the Federal Reserve Bank of New York, as well as any customer who submits through a primary dealer. inflation-index security: A fixed-income security whose cash flows and principal value are linked to an inflation index such as to a particular consumer price index. interbank: When interbank refers

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Fedwire Funds Transfer Service vs. CHIPS FFB (see Federal Financing Bank) FHCs (see financial holding companies) FHLB (see Federal Home Loan Bank System) FICC (see Fixed Income Clearing Corporation) FICO (see Financing Corporation) Financial Accounting Standards Board (FASB) asset-backed paper loan participations financial futures (see also futures) financial holding companies (

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financial stability, Fed Financing Corporation (FICO) S&L crisis financing gap financing use, Treasury fine-tuning quotes, brokers’ market First Report on the Public Credit Fixed Income Clearing Corporation (FICC), Treasury securities float, Fed floating-rate CDs floating-rate MTNs floating-to-floating swaps, money market swaps flower bonds, Treasury securities FOMC

Security Analysis

by Benjamin Graham and David Dodd  · 1 Jan 1962  · 1,042pp  · 266,547 words

of the investment analyst may be thought to have little or no concern with market prices. His typical function is the selection of high-grade, fixed-income-bearing bonds, which upon investigation he judges to be secure as to interest and principal. The purchaser is supposed to pay no attention to their

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common stocks, whereas, so far as investment practice is concerned, the former undoubtedly belong with bonds. The typical or standard preferred stock is bought for fixed income and safety of principal. Its owner considers himself not as a partner in the business but as the holder of a claim ranking ahead of

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world hadn’t yet heard of Warren Buffett, for example, and only a small circle recognized his teacher at Columbia, Ben Graham. The world of fixed income bore little resemblance to that of today. There was no way to avoid uncertainty regarding the rate at which interest payments could be reinvested because

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dogma and too many formulas incorporating numerical constants like “multiply by x” or “count only y years.” My more recent reading of the chapters on fixed income securities in the 1940 edition of Security Analysis served to remind me of some of the rules I had found too rigid. But it also

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of investment standards. • At least through 1940, there were well-accepted and very specific standards for what was proper and what was not, especially in fixed income. Rules and attitudes governed the actions of fiduciaries and the things they could and could not do. In this environment, a fiduciary who lost money

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turn toward what we would consider very modern thinking—it references some absolute standards but dismisses many others and reflects an advanced attitude toward sensible fixed income investing. Investment Absolutes The 1940 edition certainly contains statements that seem definite. Here are some examples: Deficient safety cannot be compensated for by an abnormally

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apparent quality and safety alone shouldn’t be expected to make some things successful investments or rule out others. Here are several examples: [Given that fixed income securities lack the upside potential of equities,] the essence of proper bond selection consists, therefore, in obtaining specific and convincing factors of safety in compensation

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followed by intelligent risk bearing (as opposed to knee-jerk risk avoidance). Our Methodology for Bond Investing To examine the relevance of Security Analysis to fixed income investments, I reviewed Graham and Dodd’s process for bond investing, and I compared their approach to the one applied by my firm, Oaktree Capital

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an insurance company. (pp. 165–166) To wrap up on the subject of investment approach, we feel the successful assumption of credit risk in the fixed income universe depends on the successful assessment of the company’s ability to service its debts. Extensive financial statement analysis is not nearly as important as

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refute existing rules of investing, substituting common sense for “accepted wisdom,” that great oxymoron. To me, this represents the greatest strength of the section on fixed income securities. In the end, Graham and Dodd remind us, “Investment theory should be chary of easy generalizations.” (p. 171) Security Analysis through the Years Many

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returns. Graham and Dodd were among the first to apply careful financial analysis to common stocks. Until then, most serious investment analysis had focused on fixed income securities. Graham and Dodd argued that stocks, like bonds, have a well-defined value based on a stream of future returns. With bonds, the returns

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I decided it was time to pick up Graham and Dodd and see what all the buzz was about. The first 300 pages dealt with fixed income securities, which I have seldom owned and were of little interest to me. The equity section seemed dated: topics such as determining the earnings power

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1980s. The inflationary spiral ultimately led to higher interest rates and large losses for bond investors. Second was the expansion of the fixed income markets and the proliferation of innumerable fixed income securities that created opportunities for value investing in the bond market for those willing to sift through vast numbers of similar instruments

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yourself full-time to researching investments, you’re probably better off engaging some professional assistance. The prolific pair also advised institutions to invest solely in fixed income investments, if doing so would fulfill their needs. Fortunately, for universities such as Harvard, Yale, and Princeton, men such as Jack Meyer, David Swensen, and

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first glance, those two ideas appear to be antithetical, but Marks says that’s not the case. His introduction to Part II, which is about fixed income investments, explains how the ideas in Security Analysis can be applied profitably to today’s corporate bond market. J. Ezra Merkin, managing partner of Gabriel

House of Cards: A Tale of Hubris and Wretched Excess on Wall Street

by William D. Cohan  · 15 Nov 2009  · 620pp  · 214,639 words

account was “one or two million light.” In 2007, Peloton's asset-backed securities fund returned 87 percent to investors and was named the best fixed-income fund of the year by EuroHedge magazine. But the fund closed in February 2008 after its investments in Alt-A mortgages fell precipitously in the

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it was. “February 29 was the day Peloton blew up,” explained Paul Friedman, a Bear senior managing director and the chief operating officer of the fixed-income division, “and so you had a huge liquidation, us and others, of really high-quality stuff that went at really distressed prices. There were a

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we think the P&L's going to be, and the status of funding and liquidity. Nothing formally prepared, just brief discussions around equity repo, fixed-income repo, commercial paper, bank funding, some of the things that were still hanging in.” Rumors were now rife about how other Wall Street firms' clients

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other senior Bear executives joined the party, including Elizabeth Ventura, head of media relations, Mike Solender, general counsel, and Ken Kopelman, general counsel of the fixed-income division. There was “lots of talk with lots of lawyers,” Friedman said, “but to take this firm and have a rational bankruptcy plan in six

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market environment.” Moody's and Fitch also cut their ratings on Bear Stearns's debt. “What their rating is now is irrelevant,” Andrew Harding, chief fixed-income investment officer at Allegiant Asset Management, in Cleveland, told Bloomberg. “Whether it's BB, AAA or A, I just think it's a response to

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heard from Steve Begleiter and Sam Molinaro that the board had approved the $2 deal. Then Jeff Mayer, one of the two heads of the fixed-income division, called everyone together. “Mayer got up on the trading desk and called everybody over and told them about it,” Friedman said. “He said, ‘

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out of body experience.” Just after midnight, as the few remaining Bear Stearns stalwarts were trickling out of 383 Madison, James Egan, head of Global Fixed-Income Sales, sent an e-mail to his bosses, Craig Overlander and Jeff Mayer, and a few others, including Tom Marano. “I had always heard

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focus on cost and risk controls. Only those business lines that had proven an ability to make money—such as clearing, the brokerage, and the fixed-income division—were given more capital, albeit parsimoniously. “A firm philosophy was to never anticipate what businesses would be good or bad,” explained one longtime senior

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of revelatory information about the firm, the vast majority of which had never before been public. The filing revealed that the firm was primarily a fixed-income shop—involved in the buying, selling, trading, and underwriting of debt securities issued by the U.S. Treasury, affiliated government agencies, municipalities, and corporations—

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got rid of the third guy.” Paul Friedman had a ringside seat for Cayne's seriatim and ruthless eviscerations of Friedman's bosses in the fixed-income division. “He forced out over the years a list of extraordinarily bright people—who could have provided big amounts of leadership—because they threatened him

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,” said Friedman, who now works for Michaelcheck at Mariner Capital. “My first boss, Denis Coleman, who when I got there was head of fixed income, was viewed by many as the ultimate successor to what was then Ace and Jimmy, but Jimmy was already taking command. He was forced out

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Bill Michaelcheck, forced out by Jimmy in a to-do over compensation, partnership points, hierarchy, succession, who knows? Eased out. Whoever was the head of fixed income, he always took the number two and strengthened them, and used him to push out the head. Then the number two would become the number

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highly self-assured former national high school bridge champion, was one of the people Cayne spotted and then nurtured. Spector was a trader in the fixed-income department when Cayne marked him for future greatness. “What appealed to me is this guy's making a lot of money,” Cayne said. “I

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expressed their disappointment with Sites's decision. In truth, Sites left because Cayne had picked Spector to be sole head of the firm's powerful fixed-income division. “Warren is a very brilliant guy but very nervous,” said one of his former partners. “Bites his nails down to the quick.” In

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make this into some kind of power struggle between Warren and John is totally ridiculous.” There were other departures, too: Both Matthew Mancuso, who headed fixed-income sales, and R. Blaine Roberts, who was co-head of the structured transactions group, left in 1995. THEN, IN SEPTEMBER 1995, another member of

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equity franchise,” explained Guy Moszkowski, then a research analyst at Salomon Smith Barney, covering the financial services industry. “They were still driven very much by fixed income.” In the days after UBS announced its deal for PaineWebber, as part of his job covering the financial services industry, Moszkowski went to see Cayne

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predicted, after the bursting of the Internet and emerging telecom bubbles in 2000 and 2001, the businesses that were important again on Wall Street were fixed-income sales and trading and clearing—Bear's two stalwarts—rather than investment banking. While the firm's revenue from its capital markets businesses stayed flat

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divisions— investment banking, clearing, asset management, and institutional equities—was down meaningfully from the third quarter of the year before, with one exception: fixed income. Net revenues for fixed income were $416.1 million, up 78.4 percent from $233.3 million in the previous year's third quarter. “Although down from last quarter

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's record results, fixed income revenues remained strong year-over-year, with solid performances in the mortgage-backed securities, high yield and credit derivatives areas,” the firm announced. In short

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order, Bear Stearns's fixed-income division accounted for one-third of the firm's revenues in the first nine months of 2001, up from 18 percent in the first nine

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presumably of Dimon,” Muolo wrote. “Bear Stearns could also make an especially good fit with a commercial bank because it is well-known for its fixed-income business, and its highly lucrative clearing business.” (In the end, Dimon sold Bank One to JPMorgan Chase in 2004 for $58 billion in stock;

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future water, phone, and power outages. THAT SAME MONTH, shortly after announcing quarterly net income of $181 million—powered yet again by the firm's fixed-income businesses, “with [a] particularly strong performance from our industry-leading mortgage-backed securities department,” Cayne emphasized in an SEC filing—Cayne decided to start writing

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the spate of positive coverage of the firm was the question of why Cayne had not diversified the firm away from its huge concentration in fixed income and clearing. True, that decision had proved lucrative to Bear Stearns in the wake of September 11 and Fed Chairman Alan Greenspan's aggressive

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classes. Give me yield, give me leverage, give me return.” Bear Stearns put itself at the epicenter of those consequences because of its reliance on fixed income—specifically mortgage-backed and other asset-backed securities—for its profitability and because of its failure to diversify when it had numerous chances. The blame

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that we want to bring in here.” The intense and solidly built Cioffi, then forty-seven, had joined Bear Stearns in 1985 as an institutional fixed-income salesman, specializing in structured finance products, after stints at Merrill Lynch, Dean Witter Reynolds, and Institutional Direct. He grew up in South Burlington, Vermont,

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near Lake Champlain. From 1989 to 1991, Cioffi was the New York head of fixed-income sales and then, for the next three years, served as global product and sales manager for high-grade credit products. “He was involved in the

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covered that account got really rich.” Cioffi was making around $4 million, year after year, as a salesman. “He was the top fixed-income salesman in a firm where fixed income was king,” said one senior managing director. Then Cioffi got promoted to the job of institutional sales manager. He was a disaster. “He

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had a guy, Rich Marin, running an asset management division that was the traditional asset management business—long only, primarily equities with a trace of fixed income—who suddenly inherits this high-octane mortgage guy and doesn't have any idea what to make of him,” Friedman explained. “Every time Marin and

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on the expertise of Warren Spector, who himself was becoming more imperious and distant. Spector was the architect of the strategy to bulk up the fixed-income division—not that he did anything without the approval of the executive committee—and he was also the person who had enabled Ralph Cioffi to

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build a hedge fund devoted to the exotic securities the fixed-income division was manufacturing. Cayne, the former broker, had only a vague understanding of all these exotic financial instruments that Spector's salesmen and traders

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depth and its “reputation as a sharp-elbowed mercenary trading house that associates with dubious characters,” there was also the acknowledgment that the firm's fixed-income engine was firing on all cylinders, with revenue tripling in the past three years. The most interesting revelation in the article was not about Bear

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line of competitive and flexible affordable mortgage products. This transaction enables us to continue to aggressively serve those markets.” Her colleague Owen Williams, on the fixed-income side of the bank, hailed the seemingly limitless investor demand for the securities. “We are extremely pleased by how well this transaction was received by

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highly regarded salesman but short on managerial skills. In a pattern that Friedman had witnessed firsthand from Cioffi's time as a manager in the fixed-income department, in 2006 Cioffi's awkwardly named High-Grade Structured Credit Strategies Fund started getting very sloppy in its paperwork regarding trades (securities bought and

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think it will, the mortgage business won't be a contributor to their earnings. It will cause some deterioration in their results.” But Spector—the “fixed-income guru,” Paulden called him—remained confident. “We are not afraid of a bear market,” he said. “We've gained market share in these cycles.”

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performance announcement caused the firm's stock to rally to near $149 per share. “Even though Bear's bread-and-butter has historically been in fixed income, given the slowdown in the residential mortgage market—meaning lower demand for mortgage-backed securities—we were impressed that Bear's credit derivative and distressed

…

same quarter a year earlier, “in part because of the implosion in the market for subprime mortgages.” The results showed definitively that the firm's fixed-income engine had slowed considerably, with revenue of $962 million, down 21 percent from the same period a year earlier. On the conference call about the

…

experienced trader and Grateful Dead lover, moved over to help manage the unwinding of the High-Grade Fund. That left a big hole in the fixed-income department but was thought to be necessary under the circumstances. Marano was going to work with Paul Friedman, whom Spector had already asked to go

…

figure out what to do. There was a considerable cast of characters, from Marin and Cioffi of BSAM to the leaders of the firm's fixed-income business—Craig Overlander, Jeff Mayer, Tommy Marano, and Paul Friedman. “The group dynamics were fascinating,” Friedman said. “By this time, Jimmy had allowed Warren

…

also on their confidence. “The stock drops like a stone,” Upton said. “CDS [credit default swap] spreads start blowing out again. Everyone's concerned. Our fixed-income investors and repo counterparties and banks are calling in. Molinaro comes racing down to my office at like ten-thirty and says, ‘We've got

…

what had caused the rapid decrease in liquidity in the debt markets in June and July. “There's a great deal of uncertainty in the fixed income markets over the level of default and loss expectations in the subprime mortgage market and … generally in the broader mortgage market,” Molinaro answered. In

…

the firm, that Molinaro would add the title of chief operating officer to that of chief financial officer, and that Jeffrey Mayer, co-head of fixed income, would replace Spector on the executive committee. Schwartz tried to convince Spector to stay on in some capacity, as a consultant of sorts to the

…

of $1.4 billion had already surpassed the 2006 annual total. Understandably, he spoke about Bear's bright spots, not its problem areas, such as fixed income (the home of its increasingly toxic assets) and asset management (the home of its problem hedge funds). In his presentation, Molinaro focused on the progress

…

cause. But he would have helped his own cause, probably, if he would have come right back.” Then there were the bankers and traders in fixed income who remained quite unhappy that Cayne had fired Spector unceremoniously and then brought embarrassing media attention to the firm. “Around us, firms are getting rid

…

very not all there. He wanted to hear that he needed to stay on.” Before the Christmas break, Schwartz called together the senior executives of fixed income, equities, and banking and, according to one of the participants, gave them a pep talk. He did not want all the bankers and traders going

…

all seemed like that made sense. Even through February.” With Spector long gone, both Cayne and Schwartz—neither of whom really knew very much about fixed income or exotic securities or how to make them or sell them—started spending more and more time on the seventh floor of 383 Madison trying

…

at the Credit Suisse conference, Upton was in Europe reassuring Bear's creditors. “Let's be honest,” he said. “There was creditor angst. There was fixed-income investor and creditor concern about Bear Stearns. It was particularly bad in overseas markets, arising first from the hedge funds, second from the belief—right

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real estate books to see if they felt comfortable putting together financing to facilitate Barclays's acquisition of the rest of Lehman, including its global fixed-income, equities, investment banking, and asset management businesses, which totaled some $600 billion of assets. Fuld and Lowitt had announced on Wednesday that the commercial

…

745 Seventh Avenue and two data centers in New Jersey that Barclays wanted to buy. Barclays wanted all of Lehman's U.S. investment banking, fixed income, equity sales and trading, research, and certain support functions. Barclays did not want the investment management division or any of the commercial real estate assets

Principles of Corporate Finance

by Richard A. Brealey, Stewart C. Myers and Franklin Allen  · 15 Feb 2014

in such cases were called consols. Consols are perpetuities. These are bonds that the government is under no obligation to repay but that offer a fixed income for each year to perpetuity. The British government is still paying interest on consols issued all those years ago. The annual rate of return on

…

debt maturing in a year or less. These short-term securities are known as Treasury bills. Treasury bonds, notes, and bills are traded in the fixed-income market. Let’s look at an example of a U.S. government bond. In 1985 the Treasury issued 11.25% notes maturing in 2015. These

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promising to pay higher rates of interest. ● ● ● ● ● FURTHER READING Two good general texts on fixed income markets are: F. J. Fabozzi and S. V. Mann, Handbook of Fixed Income Markets, 8th ed. (New York: McGraw-Hill, 2011). S. Sundaresan, Fixed Income Markets and Their Derivatives, 3rd ed. (San Diego, CA: Academic Press, 2009). Schaefer’s paper

…

nature of the inefficiency. Trading Opportunities—Are They Really There for Nonfinancial Corporations? Suppose that the treasurer’s staff in your firm notices mispricing in fixed-income or commodities markets, the kind of mispricing that a hedge fund would attempt to exploit in a convergence trade. Should the treasurer authorize the staff

…

. Its competition included the trading desks of all the major investment banks, hedge funds, and fixed-income portfolio managers. P&G had no special insights or competitive advantages on the fixed-income playing field. There was no evident reason to expect positive NPV on the trades it committed to. Why was it trading at

…

paper but are sold in a similar way. ● ● ● ● ● FURTHER READING A useful general work on debt securities is: F. J. Fabozzi (ed.), The Handbook of Fixed Income Securities, 8th ed. (New York: McGraw-Hill, 2011). For nontechnical discussions of the pricing of convertible bonds and the reasons for their use, see: M

…

pension plans) and wealthy individuals. In mid-2014 RA had about £1.1 billion under management, invested in a wide range of common-stock and fixed-income portfolios. Its management fees average 55 basis points (.55%), so RA’s total revenue for 2014 will be about .0055 × £1.1 billion = £6.05

…

as time passes and interest rates change. Also explain why SPX’s proposal is not advisable for a conservative company like Tintagel. RA manages several fixed-income portfolios. For simplicity, you decide to propose a mix of the following three portfolios: • A portfolio of long-term government bonds with an average duration

…

compensating balances and toward direct fees. 30-5 Marketable Securities In September 2011 Apple was sitting on an $81.6 billion mountain of cash and fixed income investments, amounting to 70% of the company’s total assets. Of this sum, $2.9 billion was kept as cash and the remainder was invested

…

Finance 19 (Summer 2007), pp. 74–81. For descriptions of the money-market and short-term lending opportunities, see: F. J. Fabozzi, The Handbook of Fixed Income Securities, 8th ed. (New York: McGraw-Hill, 2012). F. J. Fabozzi, S. V. Mann, and M. Choudhry, The Global Money Markets (New York: John Wiley

…

-stage financing, 372 Fisher, A. C., 277n Fisher, F., 509n Fisher, Irving, 62–63, 699n Fitch credit ratings, 65–66, 595, 628n Fitzpatrick, Dan, 4n Fixed-income market, 47 Fixed-rate debt, 357 Flat (clean) price, 48n FleetBoston, 812 Fleet Financial Group, 812 Floating charge, 626 Floating-price convertibles, 622 Floating-rate

Valuation: Measuring and Managing the Value of Companies

by Tim Koller, McKinsey, Company Inc., Marc Goedhart, David Wessels, Barbara Schwimmer and Franziska Manoury  · 16 Aug 2015  · 892pp  · 91,000 words

, which don’t need basis in solid facts.”1 Bill Gross, cofounder and former chief investment officer of PIMCO, one of the world’s largest fixed-income investment managers, claims that the last 100 years of U.S. stock returns “belied a commonsensical flaw much like that of a chain letter or

MONEY Master the Game: 7 Simple Steps to Financial Freedom

by Tony Robbins  · 18 Nov 2014  · 825pp  · 228,141 words

promise—to return my money with a specific rate of interest after X period of time (the maturity date). That’s why bonds are called “fixed-income investments.” The income—or return—you’ll get from them is fixed at the time you buy them, depending on the length of time you

…

. And later I’ll be showing you an amazing portfolio that uses bond funds in a totally unique way. But meanwhile, let’s consider another fixed-income investment that might belong in your Security Bucket. 3. CDs. Remember them? With certificates of deposit, you’re the one loaning the money to the

…

recent long periods of time—ten, twenty, fifty, one hundred years—you see that the equity returns are superior to those that you get in fixed income.” Historical data certainly back him up. Have a look at the visual below that traces the returns of stocks and bonds for periods of 100

…

Pension (with a Few Catches),” writer Anne Tergesen highlights the benefits of putting away $100,000 today (for a male age 65) into a deferred fixed-income annuity. This man has other savings and investments, which he thinks will last him to age 85 and get him down the mountain safely. But

…

$100,000 for an immediate fixed annuity can get about $7,600 a year for life . . . But with a longevity policy [a long-term deferred fixed-income annuity—I know the language is long] that starts issuing payments at age 85, his annual payout will be $63,990, New York Life says

…

returns. I have a straw-man portfolio in my book, and 70% of the assets in there are equities [or equity-like], and 30% are fixed income. TR: Let’s start with the equity side of the portfolio: the 70%. One of your rules for diversification is to never have anything weighted

…

then I probably put 10% in emerging markets, 15% in foreign development, and 15% in real estate investment trusts. TR: Tell me about the 30% fixed-income securities. DS: I’ve got all of them in Treasury securities. Half of them are traditional bonds. The other half are in inflation-protected TIPS

…

concept of, 90 critical mass of, 33 decumulation phase, 89, 90 earnings and, 259–72 environment for, 385–88 and fees, 87, 105–15, 534 fixed-income (bonds), 304 goal of, 98 long-term, 93, 104, 329–30, 351, 474, 504 lump-sum, 365–66 mistakes in, 297 offer, 84 passive (indexing

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