This is an excellent introduction to how—primarily US—bond markets work. While many books focus on the mathematics of fixed income markets, Zipf emphasizes the how-and-why.

An excellent chapter delves into the mechanics of the OTC market—broker/dealers, quoting conventions, settlement procedures, NASDAQ screens, etc. Another chapter looks at the role of the Fed. Still another describes bond underwriting. The various instruments are described in detail, and there is just a touch of fixed income mathematics. There is an extensive glossary of fixed-income terms.