Leveraged Financial Markets: A Comprehensive Guide to High-Yield Bonds, Loans, and Other High-Yield Instruments / Edition 1

Hardcover (Print)
Used and New from Other Sellers
Used and New from Other Sellers
from $43.00
Usually ships in 1-2 business days
(Save 49%)
Other sellers (Hardcover)
  • All (11) from $43.00   
  • New (8) from $52.00   
  • Used (3) from $43.00   

Overview

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.

Read More Show Less

Product Details

  • ISBN-13: 9780071746687
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 6/22/2010
  • Series: McGraw-Hill Financial Education Series
  • Edition number: 1
  • Pages: 416
  • Sales rank: 601,644
  • Product dimensions: 6.30 (w) x 9.10 (h) x 1.50 (d)

Meet the Author

WILLIAM F. MAXWELL is a professor of fi nance. He

holds the Rauscher Chair of Financial Investments at the Cox School of Business, Southern Methodist University, and he has held professorships at the University of Arizona, Texas Tech, and Georgetown. Maxwell is the author of numerous articles for academic journals and is the coauthor of High-Yield Bonds. He lives in Dallas, Texas.

MARK R. SHENKMAN is President and Chief

Investment Offi cer of Shenkman Capital Management, Inc., one of the world’s largest high-yield money management firms. Shenkman has held major high-yield bond positions since 1977 at First Investors Asset Management, Lehman Brothers, and Fidelity Management and Research. He is also

the coauthor of High-Yield Bonds. Shenkman lives

in Greenwich, Connecticut.

Read More Show Less

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

Notes 397

Bibliography 405

Index 411

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)