Written for the professional money manager, the corporate treasurer, the financial planner and consultant, as well as the serious private investor, this book illustrates the dynamics of contemporary financial markets with thorough coverage of such topics as recent developments in money and capital markets, selected debt and equity market relationships and concepts, swaps, the bond rating process, adjustable rate mortgages, the inderpinnings of basic valuation theory, interest rate spreads and differentials, basic bond portfolio strategies, duration and immunization, high yielding "junk" bonds, pass-through securities, and insured tax-free bonds. Chapters on the mortgage market and foreign exchange markets were contributed by Jerry Belloit of the University of North Florida and John B. Guerard of Lehigh University respectively. New technologies, the entry of new players into the financial services industry, interest rate and energy price swings, and severe inflation followed by modest price increases, among other influences, have heightened uncertainty in financial services markets. This book provides an important aid to those who wish to minimize that uncertainty and reap the rewards of successful investment strategies.