A pragmatist's guide to leveraged finance credit analysis for bonds and bank debt
The high-yield leveraged bond and loan market (“junk bonds”) is now valued at $3+ trillion in North America, €1 trillion in Europe, and another $1 trillion in emerging markets. What’s more, based on the maturity schedules of current debt, it’s poised for massive growth. To successfully issue, evalua...
| Autor principal: | |
|---|---|
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Upper Saddle River, N.J. :
FT Press
c2012.
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| Edición: | 1st edition |
| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009628639906719 |
Tabla de Contenidos:
- Introduction
- Some common leveraged finance terms
- Defining the market and the ratings agencies
- The participants
- Why is leveraged finance analysis unique?
- The major components of analysis
- Some features of bank loans
- A primer on prices, yields, and spreads
- A primer on key points on financial statement analysis
- Credit ratios
- Business trend analysis and operational ratios
- Expectations, modeling, and scenarios
- Structural issues : coupons
- Structural issues : maturities, calls, and puts
- Structural issues : ranking of debt
- Key leveraged finance covenants
- Amendments, waivers,and consents
- Making money or losing it off of news events
- Management and ownership
- I am looking at debt, so why does the equity matter?
- Value, relative value, and comparable analysis
- New issuance
- Distressed credits, bankruptcy, and distressed exchanges
- Preparing a credit snapshot
- The investment decision process
- Closing comments.
