Inside the US Treasury Market

by Peter Wann

Overview

A comprehensive and practical guide to the United States Treasury bond market, this timely book offers a detailed introduction to the workings of the largest government debt market in the world and the investment opportunities it provides.

Wann begins by outlining the history and development of the market, explaining how it operates and examining the parts played by dealers, investors, and the U.S. government authorities. The U.S. Treasury market is compared with the UK gilts market and its economic and political background is analyzed. He goes on to provide an introduction to investment theory and analytical methods, including yield and returban calculations, and looks at futures and options contracts on treasury bonds. The book concludes with a consideration of more advanced investment theory and investment strategies. The appendices include bond-equivalent yield calculations, formal mathematical proofs, statistical data on U.S. government finances since 1789, and a comprehensive glossary. Written by the Senior Economist in the London office of a major U.S. investment house, Inside the U.S. Treasury Market is an authoritative and important book. It will be particularly useful for fund managers, investment analysts, brokers, bankers, and corporate treasurers.

Product Details

ISBN-13:	9780899304922
Publisher:	Bloomsbury Academic
Publication date:	07/31/1989
Pages:	352
Product dimensions:	6.00(w) x 9.00(h) x 0.94(d)

About the Author

PETER WANN is a First Vice President of Paine Webber International (UK) Ltd., and leads their London economics team, which covers both macroeconomics and specialized investment studies. An analyst of the U.S. economy for fifteen years, he was formerly Head of Investment Research at Lloyds Bank.

Table of Contents

Preface
The Market and How It Operates
History and Development
Principal Characteristics of the U.S. Treasury Market
U.S. and UK Treasury Markets Compared
Basic Determinants of Treasury Bond Interest Rates
Fed Management of the Market
Dealers and Traders
Investors
New Issues
Settlement
The Economic Background
Fundamental Analysis: The Economic Cycle
Interpreting Economic Data as They Appear
Fed Open-Market Operations
Fed Watching
Budget Watching
The U.S. Budget Process
Analytical Needs
The Mathematics of Fixed-Interest Markets
Yield and Returban Calculations
Duration
Introduction to Yield Curves
Further Analysis of Yield Curves
Appendixes
Index