Debt Management: A Practitioner's Guide / Edition 1

by John D. Finnerty, Douglas R. Emery

Overview

When companies need fuel to grow, bonds may be the way to go. Traditional blue-chip firms and dot-com startups alike can use debt strategically as a key financial instrument. The critical challenge, however, is integrating corporate debt into core business strategies and established financial policies. This practical book provides practitioners in every industry with a comprehensive, prudent approach to managing corporate debt obligations. Written by leading experts in the field and drawing from case studies of real companies, Debt Management walks financial professionals through the entire decision-making process—from designing debt issues to retiring debt through bond redemptions and bond repurchases, all to meet corporate financial objectives. Unique in its presentation of the issuer's perspective—that is, it looks at debt from the company's viewpoint, and not just the buyer's or underwriter's—this work will be the industry reference on debt management and the corporate financier's desktop consultant for years to come. With insights into how factors such as bond valuation methodologies, derivatives, and tax and regulatory restrictions affect the process, the authors provide practitioners in both the U.S. and international debt markets with the information and tools needed to make smart debt-management decisions. With first-rate thinking in finance, while keeping the complex mathematics to a minimum, this volume will prove as handy as it is indispensable—the essential reference for planning, implementing, and managing corporate debt with discretion and confidence.

Product Details

ISBN-13:	9780875846170
Publisher:	Oxford University Press
Publication date:	06/15/2001
Series:	Financial Management Association Survey and Synthesis
Edition description:	New Edition
Pages:	430
Product dimensions:	9.50(w) x 6.50(h) x 1.50(d)

About the Author

John D. Finnerty is a Partner at PricewaterhouseCoopers in New York City and a Professor of Finance at Fordham University. Douglas R. Emery is the Finance Department Chair and Bank of America Scholar at the University of Miami in Florida.

Table of Contents

PrefaceAcknowledgements1. Overview of Debt Management2. Commercial Debt Financing3. Debt Capital Markets4. High-Yield Debt5. New Issue Design6. Institutional Considerations7. Fixed-Income Derivatives8. Debt Innovations9. Valuing Bonds and Bank Loans10. Bond Refunding: Measuring the Net Advantage11. Bond Refunding: The Timing Decision12. Sinking-Fund Management13. Other Types of Bond Refundings14. Preferred Stock and Preference Stock15. Convertible Securities16. The Future of Debt ManagementNotesSuggested Additional ReadingsIndex

Editorial Reviews

"Debt Management should be on the bookshelf of all chief financial officers and corporate treasurers. Finnery and Emery clearly explain how to design an optimal debt instrument to minimize funding costs and how to deal with the refunding decision after issuance."—Frank J. Fabozzi, President, Frank J. Fabozzi Associate, and Adjunct Professor of Finance, School of Management, Yale University

"This book is an invaluable resource to corporate and municipal finance practitioners confronted by the many challenges of debt management. The thorough, scholarly treatment includes both the underpinnings of fixed income theory and real-life illustrations ranging from straightforward bond refundings to subtle tax-driven exchanges."—Andrew Kalotay, Ph.D., Member, Fixed Income Analysts Society Hall of Fame

"Debt Management covers the subject exhaustively, from basic concepts to the most up-to-date techniques. Finnerty and Emery write with commendable clarity and a solid grounding in both the theory and practice of finance. Treasurers and chief financial officers will serve their shareholders well by referring to this book regularly."—Martin Fridson, Chief High Yield Strategist, Merrill Lynch & Co.

From the Publisher