Introduction to Option-Adjusted Spread Analysis: Revised and Expanded Third Edition of the OAS Classic by Tom Windas

• Why yield-based analysis breaks down for nonbullet bonds
• How to model put and call provisions as embedded options
• How to distinguish the intrinsic and time components of option value
• How to model interest-rate volatility, future interest rates, and future bond prices
• How to calculate option-free price and yield
• How to estimate the "fair value" of a bond
• How to calculate implied spot and forward rates

Salespeople, traders, and investors will want to read this book and keep it on their desks.

Tom Miller, who revised and expanded this edition, was head of the fixed income and derivatives sales team at Bloomberg L.P. in New York. He teaches at the New York University School of Continuing and Professional Studies. Prior to joining Bloomberg, he traded in the money markets for eleven years.