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Title: Credit Derivatives & the Management of Risk: Including Models for Credit Risk by Dimitris N. Chorafas ISBN: 0-7352-0104-8 Publisher: Prentice Hall Art Pub. Date: 24 September, 1999 Format: Hardcover Volumes: 1 List Price(USD): $70.00

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Average Customer Rating: 1.4 (5 reviews)

Rating: 1
Summary: poor primer
Comment: A book with ostensibly some structure but lacks any logical lead through. I defy anyone to make sense of his few pages on structured bonds - all he says is that they're risky and those in the know have told him that many people do not understand them. I empathize with this lack of understanding - the author shares it.

The author has a bizarre bullet point writing system - certain sentences are pulled out for emphasis for no good reason. The book is littered with grammatical errors.

A real dud, spare your money.

Rating: 1
Summary: Nonsense
Comment: Do not buy this book. If you own it, don't bother reading it. The information content is negligible. The English is appallingly bad. Material often has nothing to do with the sections to which it pertains. The book is written in a stream-of-consciousness rambling mode with no apparent logic. With 115 books to his credit, Mr. Chorafas is obviously in the business of churning out books on current topics, whether or not (and based on the evidence from this book, it is very much "not") he has any knowledge or experience with the subject. Prentice Hall should be ashamed to be associated as the publisher, and obviously did very little editing before publishing the book.

Rating: 1
Summary: Do not waste your money
Comment: This is one of the worst books I have ever read. I was lucky to sell it on zShops for half of face value. Clearly, this guy has little or no experience with crederivs, and his weak command of English just makes it worse. While I think Nelken's book is also a little thin on material, and Tavakoli's book represents a somewhat dated view of the market, both are substantially more educational than this one. My own experience suggests that one is far better off to understand bond/loan trading first, plus some structuring and capital allocation. That is enough to figure out how to trade crederivs. All this hype about the insane risk in these things is crap - it's not substantially more risky than bonds, and people have been in that business for a long time. The only essential difference - counterparty risk - is not really addressed in any satisfactory manner anywhere.