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

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

Format:  Hardcover,

427 pages

Publisher: McGraw-Hill

Publish Date: Jun 2010

ISBN-13: 9780071746687

ISBN-10: 0071746684

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The following content was provided by the publisher.
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.

Specifications

Author:
Publisher: McGraw-Hill
Publish Date: Jun 2010
ISBN-13: 9780071746687
ISBN-10: 0071746684
Format: Hardcover
Number of Pages: 427
Shipping Weight (in pounds): 2.0
Product in Inches (L x W x H): 6.46 x 1.36 x 9.24
Walmart No.: 9780071746687

About the author

Biography of Maxwell, William

Born in Lincoln, Illinois in 1908, William Maxwell is one of America's more prominent writers. He is the recipient of numerous awards including the National Book Critics Circle Award (1994), and the American Book Award (1982) for his novel "So Long, See You Tomorrow". Maxwell's fiction has been described as nostalgic. Most of his work takes place in simpler, gentler times in the small towns of the American Midwest. Two of Maxwell's novels, "They Came Like Swallows" (1937) and "So Long, See You Tomorrow" (1980), deal with characters who lose relatives in the influenza epidemic of 1918. Maxwell's own mother died in the epidemic when he was ten years old.

Maxwell published his first novel, "Bright Center of Heaven", in 1934. He moved to New York City in 1936 and was hired by the New Yorker. His years as an editor there, 1936 to 1976, coincided with what many believe are the magazine's finest. This was the era that saw the publication of the works of many accomplished writers, such as J. D. Salinger, Eudora Welty, John Updike, and Mary McCarthy in the New Yorker's pages.

Maxwell has published six novels, several collections of short stories, a family history, and numerous book reviews. He served as president of the National Institute of Arts and letters from 1969 to 1972. William Maxwell has been married for over 50 years to the former Emily Noyes. They met at the New Yorker when she applied for a job. The couple has two daughters.

Chapter outline

An Overview of Leveraged Financep. 1
The Components of the Leveraged Finance Marketp. 9
Understanding the Role of Credit Rating Agenciesp. 21
Leveraged Loans as an Asset Classp. 41
Collateralized Loan Obligationsp. 63
Differences between CLOs and Structured Finance CDOsp. 97
Credit Analysis and Analyzing a High-Yield Issuancep. 113
Bond Indentures and Bond Characteristicsp. 171
Credit Models for Assessing Firm Riskp. 197
Performance of Credit Metricsp. 213
Principles of Managing High-Yield Assetsp. 229
The Pitfalls of Managing High-Yield Assetsp. 251
Performance Analysisp. 259
Trading in the High-Yield Marketp. 277
CDS: A Primer on Single Name Instruments and Strategiesp. 299
Leveraged Loan CDSsp. 329
Debtor-in-Possession Financingp. 355
Distressed Investingp. 365
Glossary of Key Termsp. 393
Notesp. 397
Bibliographyp. 405
Indexp. 411

Book description

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 ofdebt fi nancing carries significant risk to both investorsand 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 providesyou 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), andleveraged loans.

Leveraged Financial Markets is your blueprint tobecoming a virtuoso of this resilient and popular asset class.

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