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Fixed-Income Securities: Valuation, Risk Management and Portfolio Strategies
By Lionel Martellini, Philippe Priaulet & Stéphane Priaulet
📘 Course Overview
Fixed-Income Securities: Valuation, Risk Management and Portfolio Strategies is a comprehensive and practical textbook tailored for MSc Finance and MBA students seeking in-depth knowledge of the fixed-income market. This groundbreaking work fills a long-standing gap in finance education by offering a “Hull-style” approach to fixed-income — combining rigorous theory with hands-on application.
Designed for students and aspiring professionals, this book blends traditional topics with advanced strategies used by hedge funds and institutional investors. It emphasizes real-world practicality with extensive worked examples, Excel modeling, and a building-block structure that gradually deepens the learner’s understanding.
🔑 Key Features
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📊 Excel-Based Learning: Includes spreadsheets and tools for modeling yield curves, pricing bonds, and analyzing risk.
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📈 Practical Case Studies: Numerous worked examples to bridge theory and application.
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🧱 Building-Block Approach: Concepts are layered progressively to aid structured learning.
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💼 Real Market Strategies: Covers both conventional and modern strategies (e.g., hedge fund techniques).
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🛠 Comprehensive Coverage: Topics often skipped in other texts—credit spreads, yield curve construction, interest rate and credit derivatives, and portfolio hedging—are fully explored.
🧠 What You’ll Learn
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How to price and manage fixed-income securities
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Techniques for constructing and hedging bond portfolios
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Deriving and interpreting zero-coupon yield curves
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Valuation and risk models for credit derivatives
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Active and passive strategies for interest rate exposure
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How fixed-income hedge funds build alpha-generating portfolios
📚 Ideal For
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MSc Finance & MBA students
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Fixed-income analysts and junior portfolio managers
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CFA candidates and professionals seeking advanced insights
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Academics and lecturers (includes PowerPoint slide support)
👨🏫 About the Authors
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Lionel Martellini – Finance Professor at USC’s Marshall School of Business and Research Associate at EDHEC Risk Institute.
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Philippe Priaulet – Fixed-income strategist at HSBC with deep expertise in derivatives pricing and asset management.
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Stéphane Priaulet – Senior index portfolio manager at AXA Investment Managers and lecturer at University Paris Dauphine.
📌 Why Choose This Book?
Whether you’re entering the bond markets or refining your understanding of modern risk and portfolio strategies, this book offers the most complete and practical education in fixed-income investing available today. Suitable for both classroom and self-study.
Master the fixed-income markets with the tools and strategies used by real professionals.
