Leveraged Financial Markets: A Comprehensive Guide to High-Yield Bonds, Loans, and Other High-Yield Instruments / Edition 1by William Maxwell, Mark Shenkman
Pub. Date: 06/22/2010
Publisher: McGraw-Hill Professional Publishing
Public companies acquire most of their outside capital from debt fi nancing and, more specifi cally, leveraged finance--an asset class that falls somewhere between traditional fixed income and stocks. While this type of debt fi nancing carries significant risk to both investors and companies, the potential returns make leveraged finance a cornerstone of the modern… See more details below
Public companies acquire most of their outside capital from debt fi nancing and, more specifi cally, leveraged finance--an asset class that falls somewhere between traditional fixed income and stocks. While this type of debt fi nancing carries significant risk to both investors and companies, the potential returns make leveraged finance a cornerstone of the modern financial markets.
Leveraged Financial Markets is a gathering of the most astute and informed minds in the business.
The powerhouse editorial team of William F. Maxwell and Mark R. Shenkman have handselected contributions from the top practitioners and thinkers working in leveraged finance today.
The result is an authoritative guidebook that provides you with what you need to navigate the highyield market in the integrated global economy. Packed with a wealth of analytical models illustrating the realities of distress probabilities and losses in default, Leveraged Financial Markets gives you all the insight and strategies you need to:
- Use the Sharpe ratio to measure the return versus risk for high-yield debt
- Develop and oversee a portfolio of high-yield bonds
- Value individual high-yield issuances
It also updates you on changes in the high-yield bond market and features in-depth coverage of numerous debt vehicles leveraged in the market today, including collateralized debt obligations (CDOs), credit derivative swaps (CDSs), collateralized loan obligations (CLOs), and leveraged loans.
Leveraged Financial Markets is your blueprint to becoming a virtuoso of this resilient and popular asset class.
Table of Contents
Chapter 1 An Overview of Leveraged Finance William F. Maxwell 1
Chapter 2 The Components of the Leveraged Finance Market William F. Maxwell 9
Chapter 3 Understanding the Role of Credit Rating Agencies William F. Maxwell Philip Delbridge 21
Chapter 4 Leveraged Loans as an Asset Class Daniel Toscano 41
Chapter 5 Collateralized Loan Obligations Frederic R. Bernhard, CFA (SCM) John E. Kim (DB) Jonathan A. Savas (SCM) 63
Chapter 6 Differences between CLOs and Structured Finance CDOs Jonathan Blau 97
Chapter 7 Credit Analysis and Analyzing a High-Yield Issuance Amy Levine, CFA Nicholas Sarchese, CFA 113
Chapter 8 Bond Indentures and Bond Characteristics William J. Whelan, III 171
Chapter 9 Credit Models for Assessing Firm Risk William F. Maxwell Philip Delbridge 197
Chapter 10 Performance of Credit Metrics William F. Maxwell Philip Delbridge 213
Chapter 11 Principles of Managing High-Yield Assets Mark R. Shenkman 229
Chapter 12 The Pitfalls of Managing High-Yield Assets Mark R. Shenkman 251
Chapter 13 Performance Analysis Frederic R. Bernhard, CFA (SCM) 259
Chapter 14 Trading in the High-Yield Market Neil Yaris Jason Hodes 277
Chapter 15 CDS: A Primer on Single Name Instruments and Strategies Sivan Mahadevan Morgan Stanley Peter Polansky Morgan Stanley 299
Chapter 16 Leveraged Loan CDSs Vishwanath Tirupattu Sivan Mahadevan Peter Polansky Morgan Stanley 329
Chapter 17 Debtor-in-Possession Financing William F. Maxwell Philip Delbridge 355
Chapter 18 Distressed Investing David J. Breazzano 365
Glossary of Key Terms 393
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