The high-yield leveraged bond and loan market is now valued at $4+ trillion in North America, Europe, and emerging markets. What’s more the market is in a period of significant growth.

To successfully issue, evaluate, and invest in high-yield debt, financial professionals need credit and bond analysis skills specific to these instruments

This fully revised and updated edition of A Pragmatist’s Guide to Leveraged Finance is a complete, practical, and expert tutorial and reference book covering all facets of modern leveraged finance analysis.

Long-time professional in the field, 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 graphs, Kricheff covers all this, and much more: yields, spreads, and total return; ratio analysis of liquidity and asset value; business trend analysis; modeling and scenarios; potential interest rate impacts; evaluating leveraged finance covenants; how to assess equity (and why it matters); investing on news and events; early-stage credit; bankruptcy analysis and creating accurate credit snapshots

This second edition includes new sections on fallen angels, environmental, social and governance (ESG) investment considerations, interaction with portfolio managers, CLOs, new issues, and data science.

A Pragmatist’s Guide to Leveraged Finance is an indispensable resource for all investment and underwriting professionals, money managers, consultants, accountants, advisors, and lawyers working in leveraged financeIt also teaches credit analysis skills that will be valuable in analyzing a wide variety of higher-risk investments, including growth stocks.



Format Inbunden Omfång 200 sidor Språk Engelska Förlag Harriman House Publishing Utgivningsdatum 2021-05-25 ISBN 9780857198495