This text makes accessible the most important methodological advances in bond evaluation from the past twenty years. With uncommon precision and a strong emphasis on the underlying economic fundamentals, Olivier de La Grandville presents a unified framework for understanding the basic tools of bond evaluation, including duration, convexity, and immunization. Among the book's most valuable contributions is a general immunization theorem that can be used by practitioners to protect investors against any change in the structure of spot interest rates. Also of note is the detailed presentation of the Heath-Jarrow-Morton model and a discussion of its relationships with classical immunization schemes. Each chapter is followed by a series of questions, problem sets, and projects; detailed solutions to all of them appear at the end of the book. Although the treatment is thorough and rigorous, the presentation throughout the book is intuitive.

本文介绍了近二十年来债券评估中最重要的方法论进展。奥利维尔·德拉格兰德维尔（Olivier de La Grandville）以非凡的精确性和对基本经济基础的高度重视，提出了一个统一的框架，用于理解债券评估的基本工具，包括期限、凸度和免疫。这本书最有价值的贡献之一是一个通用的免疫定理，从业者可以用它来保护投资者免受即期利率结构的任何变化的影响。另外值得注意的是，详细介绍了Heath-Jarrow-Morton模型及其与经典免疫方案的关系。每一章后面都有一系列的问题、习题和专题；所有这些问题的详细解决方案都出现在书的末尾。虽然治疗是彻底和严格的，整个书的介绍是直观的。