Investing in Emerging Fixed Income Markets / Edition 1

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An investor's guide to capitalizing on opportunities in the fixed income markets of emerging economies

The fixed income market in emerging countries offers investors the opportunities to enhance investment returns. Investing in Emerging Fixed Income Markets shows you how to identify those opportunities, assess the risk associated with a strategy, and develop an investment discipline for investing in this market. Contributors to this book-experienced financial practitioners, including portfolio managers, traders, and credit analysts-share their insights, advice, and knowledge on a range of topics that will help you make the right investment decisions when operating within emerging fixed income markets.

This comprehensive guide discusses and examines a variety of issues that are relevant to emerging fixed income markets, including:
* Analytical issues in valuing emerging market assets such as the effect of swap spreads on the valuation of floating-rate bonds in emerging markets, the issue of pricing options on pegged currencies, and a methodology that quantifies the dollar differential between emerging market bonds in yield terms
* Coverage of the CE3 European emerging markets and their developments as they adopt new policies in order to join the European Union and adopt the euro
* In-depth discussions of the Brazilian local markets with a detailed analytical account for complex instruments
* And much more

For the financial professional who needs to understand the complex characteristics of emerging fixed income markets, Investing in Emerging Fixed Income Markets offers the most current thinking and best guidance in this area. Take the advice of seasoned professionals and start uncovering the investment opportunities available in emerging fixed income markets today.

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What People Are Saying

Harry M. Markowitz
If you want to learn about some finanacial instrument, institution, theory or practice, see if Frank Fabozzi has written, edited or published on the subject. It is likely to be the definitive work. (Harry M. Markowitz, Nobel Laureate, Economics, 1990)
Jack Malvey
The Fabozzi series provides the ultimate educational encyclopedia for the global debt capital markets. Each day, billions of dollars of debt securities trade around the world according to the principles clearly and comprehensively explained in this unrivaled series dedicated to the advancement of our knowledge-based profession. (Jack Malvey, Managing Director, Chief Global Fixed-Income Strategist, Lehman Brothers)
Jason Zwieg
When in doubt, you can always look it up in a book by Frank Fabozzi. Fabozzi, who's not called the Prolific Professor for nothing, has written or edited dozens of textbooks on investing—all rock-solid, for advanced investors only. (Jason Zwieg,
Stephen A. Ross
Frank Fabozzi's series is the gold standard for investment reference books. Always topical and often influential this is the first place I send students or practitioners when they want to get up to speed on a new area. (Stephen A. Ross, Franco Modigliani Professor of Finance and Economics, Sloan School, MIT)
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Product Details

  • ISBN-13: 9780471218364
  • Publisher: Wiley
  • Publication date: 3/22/2002
  • Series: Frank J. Fabozzi Series , #9
  • Edition number: 1
  • Pages: 374
  • Product dimensions: 9.21 (w) x 6.14 (h) x 0.88 (d)

Meet the Author

FRANK J. FABOZZI, PhD, CFP, is Editor of the Journal of Portfolio Management and an Adjunct Professor of Finance at Yale University's School of Management. Dr. Fabozzi is on the board of directors of the Guardian Life family of funds and the BlackRock complex of funds. He earned a doctorate in economics from the City University of New York in 1972 and, in 1994, received an honorary doctorate of humane letters from Nova Southeastern University. Dr. Fabozzi is a Fellow of the International Center for Finance at Yale University.
EFSTATHIA PILARINU, PhD, is a consultant specializing in the derivatives and emerging market fixed income areas. She has worked for several major Wall Street firms, including Salomon Brothers, Bankers Trust, and Societe General. She has a doctorate degree and an MBA in finance from the University of Tennessee and an undergraduate degree in mathematics from the University of Patras, Greece.

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Table of Contents

About the Editors.

Contributing Authors.

Introduction (Frank J. Fabozzi and Efstathia Pilarinu).


Brady Bonds (Jane Sachar Brauer).

Latin American Local Markets (James C. Kennan).

The Convergence of the Central European EMGs to the European Union (Stephen Gilmore).

Emerging Fixed Income and Local Currency: An Investment Management View (Luis R. Luis).

A Disciplined Approach to Emerging Markets Debt Investing (Maria Mednikov Loucks, John A. Penicook, Jr., and Uwe Schillhorn).

Emerging Market CBOs: Considerations for Portfolio Managers (Laurie Goodman).


How Swap Spreads Affect the Performance of Floating Rate Emerging Market Bonds (Costas C. Hamakiotes).

Quantifying Dollar Differentials Between Emerging Market Bonds in Yield Terms (Costas C. Hamakiotes).

From the Asian Crisis to the Brazilian Devaluation: The View from a Trading Desk (Marcelo Fernandes de Lima Castro).

Local Fixed Income Arbitrage: The Brazilian Case Study (Marcelo Fernandes de Lima Castro).

Valuing Options on Fixed Exchange Rates: A Case Study of the Argentine Peso (James C. Kennan).


Challenges in the Credit Analysis of Emerging Market Corporate Bonds (Christopher Taylor).

Debt Covenants: Applications in Emerging Markets (Allen Vine and David Sohnen).

New Standards for Sovereign Credit Analysis and Risk Management: The Lessons of the Asia Crisis (Paul A. Pannkuk).

Default and Recovery Rates in Emerging Markets (Tsvetan N. Beloreshki).

Tevecap (Bruce Stanforth).

Dao Heng Bank (Andrew M. Aran).


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