The high-yield leveraged bond and loan market is now valued at $4+
trillion in North America, Europe, and emerging markets. What's
more the market is in a period of significant growth. To
successfully issue, evaluate, and invest in high-yield debt,
financial professionals need credit and bond analysis skills
specific to these instruments. This fully revised and updated
edition of A Pragmatist's Guide to Leveraged Finance is a complete,
practical, and expert tutorial and reference book covering all
facets of modern leveraged finance analysis. Long-time professional
in the field, 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 graphs, Kricheff
covers all this, and much more: 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 (and
why it matters); investing on news and events; early-stage credit;
bankruptcy analysis and creating accurate credit snapshots. This
second edition includes new sections on fallen angels,
environmental, social and governance (ESG) investment
considerations, interaction with portfolio managers, CLOs, new
issues, and data science. A Pragmatist's Guide to Leveraged Finance
is an indispensable resource for all investment and underwriting
professionals, money managers, consultants, accountants, advisors,
and lawyers working in leveraged finance. It also teaches credit
analysis skills that will be valuable in analyzing a wide variety
of higher-risk investments, including growth stocks.
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