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Credit analysis is an important factor in judging investment value. Fundamentally sound credit analysis can offer more insight into the value of an investment and lead to greater profits. This study presents a professional framework for understanding and managing a successful corporate or municipal bond analysis, while providing informative case studies from well-known private and government organizations.
SECTION I: FRAMEWORK.
Why Does Credit Analysis Work? (M. Fridson).
Review of Financial Statements (F. Fabozzi, et al.).
Credit Analysis for Corporate Bonds (J. Howe).
The Analysis of High-Yield Corporate Bonds (J. Howe).
Basics of Fundamental Equity Analysis for High-Yield Credit Analysts (F. Fabozzi, et al.).
Critical Failings of EBITDA as a Cash Flow Measure (P. Stumpp).
Challenges in the Credit Analysis of Emerging Market Corporate Bonds (C. Taylor).
Debt Covenants: Applications in Emerging Markets (A. Vine and D. Sohnen).
Municipal Bond Credit Analysis (S. Feldstein).
The Measurement of Prepayments and Defaults in ABS Markets (A. Bhattacharya).
Understanding MBS/ABS Loss Terminology (T. Zimmerman).
A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy).
Mortgage Credit Analysis (J. Brown and W. Wadden IV).
Credit Considerations in Analyzing Asset-Backed Securities: A Rating Analyst's Perspective (A. Silver).
Credit Considerations in the Analysis of Asset-Backed Securities: A Research Analyst's Perspective (K. Weaver and S. Whitten).
Considerations in the Credit Analysis of Commercial Mortgage-Backed Securities (J. Price and J. Story).
Credit-Driven Prepayment and Default Analysis (M. Ervolini, et al.).
AAA CMBS: Prospective Analysis to Manage Perception-Diminished Liquidity (M. Ervolini and A. Fazlullah).
SECTION II: CASE SUDIES.
Bergen Brunswig Corporation (F. Fabozzi).
Einstein/Noah Bagel Corporation (S. Tufo).
Sun Healthcare Group, Inc. (S. Tufo).
Windmere-Durable Holdings, Inc. (A. Alaimo).
CII Technologies, Inc. (A. Alaimo and A. Roulac).
DESA International, Inc. (A. Alaimo and A. Roulac).
Bruno's Supermarket (S. Lewis).
Tevecap (B. Stannforth).
Dao Heng Bank (A. Aran).
CanFibre of Riverside, Inc., Project (M. Pisecki).
Nassau County, New York General Obligations (S. Feldstein).
Erie Tobacco Asset Securitization Corporation (C. Hicks).
Yellowstone Energy Limited Partnetship Project (S. Haberer).
Port of Walla Walla Public Corporation (J. Colombo).
Wisconsin Helath Facilities Authority Healthcare Revenue Bonds—RFDF Project, Series 1997 (M. Ross).
JFK International Air Terminal LLC Project (D. Frasca).
Bank of America 1997-1 Manufactured Housing Asset-Backed Security (J. Brown and W. Wadden IV).
Conseco 2000-XX ABS (K. Weaver and J. Nimberg).
Index for Chapters.