Leveraged Financial Markets: A Comprehensive Guide to Loans, Bonds, and Other High-Yield Instruments (McGraw-Hill Financial Education Series)
The most complete guide available to the high-yield and distressed-debt markets. Leveraged Financial Markets opens up a world where investors take short and long positions on the riskiest forms of debt financing. Through the eyes of the players and thinkers who live in the high-yield and distressed debt markets, this timely book gives you the background and strategies you need to successfully diversify your portfolio and capture a higher return on your investment. You’ll hit the ground running with this book’s proven models and formulas for implementing covered strategies in the real world. Leveraged Financial Markets features perspectives from the world’s top authorities on high-yield bonds, credit derivatives, and other forms of distresseddebt. It’s a must-have for every investor who wants to: Diversify risk in a meritable asset class; Lock in an excellent risk return profile; Develop significant annual cash flows. From the nuts and bolts of leveraged finance to the differences between CLOs and structured finance CDOs to common pitfalls of high-yield assets— Leveraged Financial Markets helps you master one of the riskiest yet most profitable markets in finance today. Table of Contents. Part I: Market Structure. Chapter 1. The High Yield Market. Chapter 2. The Globalization of the High-Yield Market. Chapter 3. Bond Ratings. Part II: High-Yield Bonds. Chapter 4. High-Yield Bonds as an Asset Class. Chapter 5. The Issuers and Investors in the High-Yield Bond Market. Chapter 6. Bond Indentures and Bond Characteristics. Chapter 7. Default and Migration Probabilities of High-Yield Bonds. Chapter 8. Analyzing a High-Yield Debt Issuance. Chapter 9. Valuation of Callable, Floating and PIK High Yield Instruments. Chapter 10. Analytical Model of Default Probabilities. Part III: High-Yield Bonds at the Portfolio Level. Chapter 11. Managing a High-Yield Portfolio. Chapter 12. Monitoring a High-Yield Portfolio. Chapter 13. High Yield Index Products.
An excellent guide for all readers
By Lev Fin Reader - January 15, 2011
This book is an excellent guide for all readers. Clear and concise explanations of how credit markets work and the instruments that drive them. The chapters are segmented by financial product and written by an expert in that particular discipline, which gives the reader exposure to different authors. One of the best leveraged finance books I've read.
By Miroslav Velchev - March 12, 2012
Very comprehensive, not terribly technical, excellent summary/overview material. Book description and reviews helped me a lot. Would recommend it to folks fairly new to the LF space.
A much needed update on a misunderstood area of finance.
By Bachelier ""1004"" - September 20, 2011
I have been a high yield fund manager in Europe of over twelve years, and studied High Yield with Theodore Barnhill at The George Washington University.
Maxwell & Shenkman's Leveraged Financial Markets: A Comprehensive Guide to Loans, Bonds, and Other High-Yield Instruments is a welcome update of material previously covered in the now outdated "High Yield Bonds" by Barnhill, Shenkman and Maxwell.
For buy-side high yield fund managers the ubiquitous and peripatetic Sam DeRosa-Farag and Martin Fridson were typically the sage voices of analysis, while academics such as Edward Altman championed the asset class, and Paul Asquith more cautiously demonstrated the misinterpretation of the Hickman study that started Milken's career. Gradually the asset class that would not go away and launched a billion private equity deals became the subject of wide professional and academic interest.
Contributors to this volume analyze the major high-yield products, examine... read more
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