About this product: A timely guide to today’s high-yield corporate debt markets Leveraged Finance is a comprehensive guide to the instruments and markets that finance much of corporate America. Presented in five sections, this experienced author team covers topics ranging from the basics of bonds and loans to more advanced topics such as valuing CDs, default correlations among CLOs, and hedging strategies across corporate capital structures. Additional topics covered include basic corporate credit, relative value analysis, and various trading strategies used by investors, such as hedging credit risk with the equity derivatives of a different company. Stephen Antczak, Douglas Lucas, and Frank Fabozzi present readers with real-market examples of how investors can identify investment opportunities and how to express their views on the market or specific companies through trading strategies, and examine various underlying assets including loans, corporate bonds, and much more. They also offer readers an overview of synthetic and structured products such as CDS, LCDS, CDX, LCDX, and CLOs. Leveraged Finance has the information you need to succeed in this evolving financial arena.
About this product: HIGH-YIELD BONDS provides state-of-the-art research, strategies, and toolsNalongside the expert analysis of respected authorities including Edward Altman of New York UniversityOs Salomon Center, Lea Carty of MoodyOs Investor Service, Sam DeRosa-Farag of Donaldson, Lufkin & Jenrette, Martin Fridson of Merrill Lynch & Company, Stuart Gilson of Harvard University, Robert Kricheff of CS First Boston, and Frank Reilly of the University of Notre DameNto help you truly understand todayOs high-yield market. For added value and ease of reference, this high-level one-volume encyclopedia is divided into seven sections detailing virtually every aspect of high-yield bond investment. They include: Market structureNThe role of investment banks in security innovation and market development, evolution of analytical methodologies, and recent leveraged loan market developments; Security risk analysisNHistorical bond default rates, real interest rate and default rate relationships, and new simulation methodologies for modeling credit quality; Security valuationNImpact of seniority and security on bond pricing and return, important trading factors, and a Monte Carlo simulation methodology for valuing bonds and options in the context of correlated interest rate and credit risk; Market valuation modelsNEconometric studies which detail the importance of monetary influences, risk-free interest rates, default rates, mutual fund flows, and seasonal fluctuations; Portfolio managementNHistorical perspective and comparison to alternative investments, analysis of indices available to investors, and specific portfolio selection and risk management strategies of professional fund managers; Distressed security investingNHistorical risk and return information, plus an academic overview of the market and decision criteria for uncovering and investing in securities with higher-than-average risk-adjusted returns; Corporate finance considerationsNEmerging firmsO strategic choice between external debt and equity financing, as well as the choice of issuing public versus private (Rule-144a) securities. HIGH-YIELD BONDS provides extensive coverage of bond valuation and the construction and management of high-yield portfolios. Advanced Monte Carlo simulation models for the valuation of bonds and options on bonds as well as risk assessments on portfolios of bonds under conditions of correlated interest rate and credit risk are demonstrated. In todayOs explosive environment of multiple new issues and high risk versus return relationships, it is paramount that you get advice from analysts and experts who have been influential in shaping and defining the market. HIGH-YIELD BONDS will provide you with a valuable reference to this fascinating and constantly changing class of securities, helping you assemble a stable, diversified portfolio of fixed income investments that provides the greatest returns and the lowest risks.
About this product: The potential rewards and risks associated with investing in high-yield bonds are substantial. This proceedings explores the complex issues facing investment managers who have an interest in this bond market, including the default experience of the industry and the differences between the analysis of high-yield and investment-grade bonds.
About this product: A book on high yield, written by bond market professionals, is exactly what issuers have been waiting for. The elaborations on structures and covenant packages are crystal clear and help to navigate through the intricacies of the product.
Arsjad Rasjid President Director Indika Inti Energi
This book provides a valuable overview of the market. In particular, it offers in-depth analysis of the buy-side for Asian high yield and a detailed guide to structuring and executing transactions. We recommend it to any potential issuer.
Charles Chu CFO Agile Property Holdings Ltd.
This guide to the market provides a clear overview of high yield as a non-dilutive form of long term capital and serves as a useful reference material to all Asian growth enterprises. It is an easy to read and comprehensive reference work that will be of practical benefit to market users.
Roland To Director - Strategic Planning Galaxy Entertainment Group
We believe, as a firm, that out of contagion and chaos come opportunities. As the financial markets regain their footing after the subprime-induced credit crisis, we believe investors will find exciting opportunities in non-investment grade credit among other asset classes. A Guide to Asian High Yield Bonds will help investors get a handle on the high yield sector in Asia, which we are confident will hold great potential for investors going forward.
Brian Baker Managing Director, Chief Executive Officer, Asia Pacific Investment Management Company LLC (PIMCO)
A timely and well-researched addition to the finance literature. This book will be of value to anyone with an interest in the Asian high yield bond market.
Professor Moorad Choudhry Department of Economics, London Metropolitan University
The Asian high yield market has grown at a rapid pace in the past few years. A new reference book to track the developments is a useful and timely addition for all market participants.
Geoffrey King Director PMA Investment Advisors Ltd.
Given the relative newness of the Asian high yield market and inexperience of most regional investors and issuers with high yield credit instruments, a reference book on the market should prove invaluable for illuminating the attractiveness and merits of the asset class.
Eugene Kim Chief Investment Officer Tribridge Investment Partners Ltd., Hong Kong
About this product: BOND MARKETS Structure and Yield Calculations As cross-market bond trading has increased, it has become vital for international participants to understand the many different features that characterize the various international bond markets. Of particular interest to bond traders and investors are such factors as calculation of prices, accrued interest, yields, and durations. Bond Markets compares and contrasts all major bond markets with particular attention to:
** how different instruments are normally quoted ** how much accrued interest is payable by the buyer in addition to traded price ** the cost of a bond if quoted on a yield basis ** normal settlement periods ** rules for adjusting coupon rates ** how yields are quoted and calculated
About this product: First published in 1972, Inside the Yield Book revolutionized the fixed income industry and forever altered the way investors looked at bonds. Over thirty years later, it remains a standard primer and reference among market professionals. Generations of practitioners, investors, and students have relied on its lucid explanations, and readers needing to delve more deeply have found its explication of key mathematical relationships to be unmatched in clarity and ease of application. This edition updates the widely respected classic with a new chapter by Martin L. Leibowitz on present value analysis, and a new foreword by Henry Kaufman, former vice chairman of Salomon Brothers.
Inside the Yield Book explains and makes sense of essential mathematical relationships that are basic to an understanding of bonds, annuities, loans—in fact, any securities and investments that involve compound interest and the determination of present value for future cash flows.
In an era of calculators and computers, some of these important underlying principles are not always grasped thoroughly by market participants. Bond traders, investors, and analysts who want to sharpen their ability to recall and apply these fundamentals will find this book the perfect concise resource. This authoritative work, now significantly expanded, is more instructive, important, and useful than ever for mastering crucial concepts of time, value, and return, and for comprehending how they operate in the world of investment.
About this product: This new perspective recalling the ten years after the explosion of financial myths in the 1980's offers a unique opportunity to update and continue the arguments that were presented in Glen Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America. Beyond Junk Bonds provides a comprehensive presentation of the firms and securities represented in the high yield market. In addition, there are examples of the firms and institutions who are benefitting from the "new cycle", both in the US and abroad.
Whether you're a money manager or an institutional investor, you can turn to Leveraged Financial Markets for a comprehensive overview of the volatile yet lucrative high-yield debt market (a.k.a. junk bonds). This expert investment tool details every essential aspect of high-yield bonds, and also covers collateralized debt obligations (CDOs), credit derivative swaps (CDSs), collateralized loan obligations (CLOs), and leveraged loans.
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