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Fixed Income Analytics

Bonds in High and Low Interest Rate Environments Second Edition

Fixed Income Analytics

Wolfgang Marty

Fixed Income Analytics Bonds in High and Low Interest Rate Environments Second Edition

Wolfgang Marty Zurich, Switzerland

ISBN 978-3-030-47157-6 ISBN 978-3-030-47158-3 https://doi.org/10.1007/978-3-030-47158-3

(eBook)

# Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

Foreword

In light of an investment environment characterized by low yields and new regulatory capital regimes, it has become increasingly demanding for investors to achieve sustainable returns. Particularly, fixed income investments are called into question. There is a solution. Since the foundation of AgaNola a decade ago, we have put our interest into convertibles, and at this point, we want to thank our clients for having supported us also in challenging times—particularly when convertible bonds were considered at most a niche investment. Unjustly! For being a hybrid, convertible bonds offer the “best of both worlds,” the benefits of an equity with the advantages of a corporate bond. AgaNola is considered a leading provider in this asset class, and to date, convertible bonds remain the core competence of us as a specialized asset manager. As we consider increasingly popular convertible bonds a living and dynamic universe, we are placing great importance on research and the exploration of the nature of this asset class. As an internationally renowned expert in the fixed income and bond field, Dr. Wolfgang Marty has contributed valuable insights to our work— making the bridge from theory to portfolio management. AgaNola is committed to continue to support his fund