The third edition of this book is a significant departure from earlier editions. The first and second editions were edited collections with Das as editor and lead author. Now, the book is a monograph written entirely by Das. If you are familiar with his other books, you know what to expect here—sophisticated, practical discussions of financial instruments at a level of detail that is suitable for sell-side professionals. Here the topic is credit derivatives and related structured products. This isn't an introduction. Consider it a second book on the topic. Even better, it is an excellent reference to have on the trading floor. If you want detailed specifications for some exotic structure, Das is the place to look—credit swaptions, quanto credit default swaps, constant maturity credit products. You will find in-depth treatments of all.

The book has a wonderful chapter on credit derivative pricing. This hardly mentions financial engineering. Instead, it provides a trader's perspective, explaining what instruments credit derivatives are priced off of, how specific product features are treated, hedging, etc. If you are reading a theoretical book like Schonbucher (2003), this practical chapter will be an excellent supplement.