Examine the high yield market for a clear understanding of this
evolving asset class High Yield Debt is the one-stop resource for
wealth advisors seeking an in-depth understanding of this
misunderstood asset class. The high yield market provides a diverse
opportunity set, including fixed and floating rate debt, high and
low quality debt issues and both short- and long-term duration; but
many fail to understand that not all high yield exposure is the
same, and that different market segments and strategies work best
at different points in the economic cycle. This guide addresses the
confusion surrounding high yield debt. You'll find the information
you need to decide whether or not to buy in to a high yield fund,
and how to evaluate the opportunities and risks without getting
lost in the jargon. The U.S. corporate high yield market is worth
$2.4 trillion more than the stock markets of most developed
countries. Market growth has increased the number of funds with
high yield exposure, as well as the types of debt products
available for investment. This book breaks it down into concrete
terms, providing the answers advisors need to effectively evaluate
the opportunities on offer. * Understand the high yield asset class
* Learn the debt structures, performance and defaults * Evaluate
risk and investment opportunities * Penetrate the jargon to make
sense of high yield investment Over 300 publicly traded funds
provide exposure to U.S. high yield, but despite it's size and
ubiquity, understanding of the asset class as a whole remains
somewhat of a rarity even among participants. A lack of
transparency is partially to blame, but the market's evolution over
the past fifteen years is the larger issue. High Yield Debt
explains the modern high yield market in real terms, providing a
much-needed resource for the savvy investor. "Rajay Bagaria has
written the first book that captures a 360 degree view of the high
yield debt market. Whether you are an investor, investment banker,
corporate lawyer, CFO or layperson simply trying to gain insights
into the fundamentals of high yield debt, this book translates
financial and legal concepts, trends and structures of high yield
bonds and leveraged loans into a simple, understandable format. Mr.
Bagaria s book is a valuable resource for anyone involved in the
new issue or secondary leveraged finance markets." Frank J. Lopez,
Co-Head Global Capital Markets, Proskauer "Bagaria does a great
service for both high yield professionals and beginners by
providing an accessible, well-written, insightful market primer."
Steven Miller, Managing Director, S&P Capital IQ, Leveraged
Commentary & Data "High-Yield Debt - An Insider s Guide to the
Marketplace is a comprehensive book that provides an in-depth
understanding of the history, growth, basics and details of
high-debt and the high-yield market. The author gives insights that
only an experienced professional can provide. The book will be
invaluable to readers both starting out and knowledgeable about an
important segment of corporate finance, dealing with concepts,
structures and performance." Arthur Kaufman, Retired Partner,
Fried, Frank, Harris, Shriver & Jacobson LLP / Member of
Adjunct Faculty, Columbia Law School
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