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ISBN-13 9780132855280ISBN-10 0132855283
ISBN-10 0132855232ISBN-13 9780132855235
Author(s): Robert S. Kricheff
Publisher: FT Press
Copyright year: © 2012 Pages: 288

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