Pragmatist's Guide to Leveraged Finance: Credit Analysis for Below-Investment-Grade Bonds and Loans

The high-yield leveraged bond and loan market is now valued at $4+ trillion in North America, Europe, and emerging markets and is in a period of significant growth. This second edition of A Pragmatists Guide to Leveraged Finance is a complete, practical, and expert tutorial and reference book covering all facets of modern leveraged finance analysis, including 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; investing on news and events; early-stage credit; bankruptcy analysis; and creating accurate credit snapshots. It is an indispensable resource for all investment and underwriting professionals, money managers, consultants, accountants, advisors, and lawyers working in leveraged finance, and teaches credit analysis skills that will be valuable in analyzing a wide variety of higher-risk investments, including growth stocks.

Format: Hardback
Length: 322 pages
Publication date: 25 May 2021
Publisher: Harriman House Publishing

The high-yield leveraged bond and loan market is currently valued at an astounding $4+ trillion in North America, Europe, and emerging markets. Moreover, the market is experiencing a period of remarkable growth. To navigate the complexities of high-yield debt issuance, evaluation, and investment successfully, financial professionals require specialized skills in credit and bond analysis tailored to these instruments. This fully revised and updated edition of A Pragmatists Guide to Leveraged Finance serves as a comprehensive, practical, and authoritative tutorial and reference book covering all aspects of modern leveraged finance analysis. With extensive experience in the field, long-time professional Bob Kricheff explains why conventional analysis techniques fall short when applied to leveraged instruments, outlines the unique challenges faced by sellers and buyers, and provides step-by-step guidance for deriving essential data for pricing and decision-making. Through practical examples, sample documents, Excel worksheets, and graphs, Kricheff covers a wide range of topics, including 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; assessing equity and its significance; investing on news and events; early-stage credit; bankruptcy analysis; and creating accurate credit snapshots.

In addition to its comprehensive coverage, this second edition of A Pragmatists Guide to Leveraged Finance includes new sections on fallen angels, environmental, social, and governance (ESG) investment considerations, interaction with portfolio managers, collateralized loan obligations (CLOs), new issues, and data science. This resource is an indispensable tool for all investment and underwriting professionals, money managers, consultants, accountants, advisors, and lawyers involved in leveraged finance. It not only provides valuable insights into the world of leveraged finance but also equips readers with essential credit analysis skills that can be applied across various financial industries. Whether you are a seasoned professional or just starting your journey in this field, A Pragmatists Guide to Leveraged Finance is a must-read for anyone seeking to excel in the dynamic and ever-evolving landscape of high-yield debt.

Weight: 656g
Dimension: 163 x 242 x 25 (mm)
ISBN-13: 9780857198495
Edition number: 2nd ed.