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Stocks. --- Bonds. --- Investments.

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Contingent Convertibles (CoCos) represent debt that is subject to being converted automatically into common equity under pre-specified terms of conversion if the chosen regulatory capital ratio falls to a level triggering conversion. CoCos are that subspecies of contingent capital that references regulatory (Basel III) concepts in its triggers. From 2014, trigger points are set by common equity (Common Equity Tier 1 [CET1]) in percent of risk-weighted assets [RWA] or of more complicated measures of total exposure to a variety of risks, particularly credit risk. This is the first comprehensive

Convertible securities --- Convertible bonds --- Bonds, Convertible --- Convertibles (Bonds) --- Liquid yield option notes --- Bonds --- Hybrid securities --- Hybrid instruments (Securities) --- Securities --- E-books --- Convertible securities. --- Convertible bonds. --- Private finance

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Each new chapter of the Second Edition covers an aspect of the fixed income market that has become relevant to investors but is not covered at an advanced level in existing textbooks. This is material that is pertinent to the investment decisions but is not freely available to those not originating the products. Professor Choudhry’s method is to place ideas into contexts in order to keep them from becoming too theoretical. While the level of mathematical sophistication is both high and specialized, he includes a brief introduction to the key mathematical concepts.  This is a book on the financial markets, not mathematics, and he provides few derivations and fewer proofs. He draws on both his personal experience as well as his own research to bring together subjects of practical importance to bond market investors and analysts. Presents practitioner-level theories and applications, never available in textbooks Focuses on financial markets, not mathematics Covers relative value investing, returns analysis, and risk estimation

Bond market. --- Bonds -- Prices -- Econometric models. --- Bonds -- Valuation -- Econometric models. --- Interest rates -- Mathematical models.

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Portfolio flows to emerging markets (EMs) tend to be correlated. A possible explanation is the role global benchmarks play in allocating capital internationally, the so-called “benchmark effect.” This paper finds that benchmark-driven investors indeed play a large role in a key segment of the market—the EM local currency government bond market—, accounting for more than one third of total foreign holdings as of end-2014. We find that the prominence of these investors declined somewhat after the May 2013 taper tantrum, but remain high. This distinction is important in understanding the drivers of EM capital flows and their sensitivity to different types of shocks. In particular, a high share of benchmark-driven investors may result in capital flows that are more sensitive to global shocks and less sensitive to country factors.

Finance: General --- Investments: Bonds --- Financial Crises --- Portfolio Choice --- Investment Decisions --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Finance --- Sovereign bonds --- Securities markets --- Inflation-indexed bonds --- Bonds --- Emerging and frontier financial markets --- Financial institutions --- Financial markets --- Capital market --- Financial services industry --- Romania

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What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility.

Banks and Banking --- Finance: General --- Investments: Bonds --- Macroeconomics --- International Lending and Debt Problems --- International Financial Markets --- Macroeconomic Analyses of Economic Development --- General Financial Markets: General (includes Measurement and Data) --- Fiscal Policy --- Interest Rates: Determination, Term Structure, and Effects --- Investment & securities --- Finance --- Sovereign bonds --- Fiscal stance --- Yield curve --- International bonds --- International capital markets --- Financial institutions --- Fiscal policy --- Financial services --- Financial markets --- Bonds --- Interest rates --- Capital market --- United States