The book begins with an Overview of global fixed income markets. This section provides institutional descriptions of securities and market participants along with data designed to illustrate absolute and relative sizes of markets and players. A well-informed fixed income market professional has some idea about how central banks around the world have reacted to the financial crisis of 2007–2009 and can say whether the size of the mortgage market in the United States is one-tenth the size of GDP, about equal to GDP, or 10 times GDP.

For securities with fixed cash flows, Part One of the book presents the relationships across prices, spot rates, forward rates, returns, and yields. The fundamental notion of arbitrage pricing is introduced and is central to the analysis. Part Two describes how to measure and hedge interest rate risk, covering one-factor metrics, namely, DV01, duration, and convexity (in both their general and yield-based forms); two-factor metrics like keyrate ’01s, partial PV01s, and forward bucket ’01s; and empirical methods like regression and principal component analysis.

这本书首先概述了全球固定收益市场。本节提供证券和市场参与者的机构描述，以及旨在说明市场和参与者的绝对和相对规模的数据。一位消息灵通的固定收益市场专业人士对世界各国央行对2007-2009年金融危机的反应有一定的了解，可以判断美国抵押贷款市场的规模是GDP的十分之一，大约相当于GDP，还是GDP的10倍。

对于具有固定现金流的证券，本书第一部分介绍了价格、即期汇率、远期利率、收益率和收益率之间的关系。介绍了套利定价的基本概念，这是分析的核心。第二部分描述了如何衡量和对冲利率风险，包括单因素指标，即DV01、持续时间和凸性（以其一般形式和基于收益的形式）；双因素指标，如关键利率'01、部分PV01和远期桶'01；以及经验方法，如回归和主成分分析。