A Pragmatist's Guide to Leveraged Finance: Credit Analysis for Bonds and Bank Debt (Paperback) (Applied Corporate Finance) (Paperback)

A Pragmatist's Guide to Leveraged Finance: Credit Analysis for Bonds and Bank Debt (Paperback) (Applied Corporate Finance) Cover Image
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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 already issued debt, it's poised for massive growth. To successfully issue, evaluate, and invest in high-yield debt, however, financial professionals need credit and bond analysis skills specific to these instruments. Now, for the first time, there's a complete, practical, and expert tutorial and workbook covering all facets of modern leveraged finance analysis. Credit Suisse managing director Bob Kricheff explains why conventional analysis techniques are inadequate for leveraged instruments, clearly defines the unique challenges sellers and buyers face, walks step-by-step through deriving essential data for pricing and decision-making, and demonstrates how to apply it. Using practical examples, sample documents, Excel worksheets, and intuitive graphs, Kricheff covers:
  • Yields, spreads, and total return
  • Ratio analysis of liquidity and asset value
  • Business trend analysis, modeling, and scenarios
  • Interest rate impacts
  • Evaluating and potentially escaping leveraged finance covenants
  • Assessing equity (and why it matters
  • Investing on news
  • Early stage credit
  • Creating accurate credit snapshots, and more

About the Author

Robert S. Kricheff, Managing Director and Head of the Americas High Yield Sector Strategy for Credit Suisse, has more than 20 years of experience in credit analysis. He has followed industries including media, cable, satellite, telecom, gaming, entertainment, healthcare, and energy; worked with emerging market corporates; and performed both strategy and portfolio analysis. His work has covered investment vehicles including bonds, converts, loans, preferred stocks, and credit default swaps. He holds a BA from New York University in Economics, and an MS c from the University of London SOAS in Financial Economics.

Product Details
ISBN: 9780133552768
ISBN-10: 0133552764
Publisher: FT Press
Publication Date: March 5th, 2012
Pages: 288
Language: English
Series: Applied Corporate Finance