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The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and by Gatto
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- Buy It NowThe Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and by Gatto
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Item specifics
- Condition
- Publication Date
- 2024-01-04
- Pages
- 416
- ISBN
- 9781394196050
About this product
Product Identifiers
Publisher
Wiley & Sons, Incorporated, John
ISBN-10
1394196059
ISBN-13
9781394196050
eBay Product ID (ePID)
27061464175
Product Key Features
Book Title
Credit Investor's Handbook : Leveraged Loans, High Yield Bonds, and Distressed Debt
Number of Pages
416 Pages
Language
English
Publication Year
2024
Topic
Investments & Securities / Portfolio Management, Finance / General, Corporate Finance / Valuation, Investments & Securities / General
Illustrator
Yes
Genre
Business & Economics
Book Series
Wiley Finance Ser.
Format
Hardcover
Dimensions
Item Height
1.3 in
Item Weight
27.3 Oz
Item Length
10.1 in
Item Width
7.3 in
Additional Product Features
Intended Audience
Trade
Dewey Edition
23
TitleLeading
The
Dewey Decimal
332.7
Table Of Content
Disclaimer xi Foreword xiii Acknowledgments xv About the Author xxi About the Editor xxiii Preface: My Story xxv Introduction: Structure of the Book xxxi Part One Building Blocks of the Leveraged Credit Markets 1 Chapter 1 Description and History of the Leveraged Finance Markets 3 Chapter 2 Credit Cycles 13 Chapter 3 A Primer on Leveraged Credit Trading Terminology 29 Chapter 4 A Primer on Leveraged Buyouts (LBOs) 39 Part Two The Seven- Step Process of Evaluating a Debt Investment 49 Chapter 5 Step 1 of the Credit Analysis Process: Sources and Uses 51 Chapter 6 Step 2 of the Credit Analysis Process: Qualitative Analysis 57 Chapter 7 Step 3(a) of the Credit Analysis Process: Financial Statement Analysis-- Profitability 75 Chapter 8 Step 3(b) of the Credit Analysis Process: Financial Statement Analysis--Cash Flow and Liquidity 103 Chapter 9 Step 3(c) of the Credit Analysis Process: Financial Statement Analysis-- Capital Structure 121 Chapter 10 Step 4 of the Credit Analysis Process: Forecasting 147 Chapter 11 Step 5 of the Credit Analysis Process: Corporate Valuation 171 Chapter 12 Step 6 of the Credit Analysis Process: Structuring and Documentation 189 Chapter 13 Step 7 of the Credit Analysis Process: Preparing an Investment Recommendation and Credit Committee Memo 203 Part Three Distressed Debt Investing 265 Chapter 14 Introduction to Distressed Debt Investing 267 Chapter 15 Bankruptcy 101 271 Chapter 16 Bankruptcy Fights 283 Chapter 17 How Subordination Works in Bankruptcy 301 Chapter 18 Liability Management and Creditor- on- Creditor Violence 317 Chapter 19 Making Money in Distressed Situations 329 Closing Comment Chapter 20 My Closing Comment 365 Appendix Appendix The Quinn Case Study 369 Index 375
Synopsis
Prepare for or enhance a career investing in the credit markets with this authoritative guide. The leveraged credit market is currently valued at over $4 trillion and is one of the fastest-growing asset classes, fueling demand for well-trained credit analysts. The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt is the definitive guide for young investment professionals embarking on a career investing in the leveraged credit markets - whether public, private, performing, or distressed. Experienced professionals will also immensely benefit from this guide as they refine their investment skills. Michael Gatto has twenty-five years of investing experience in the debt markets at Silver Point Capital (a $20 billion credit-focused fund) and Goldman Sachs' Special Situations Group. Furthermore, he is an adjunct professor at Columbia Business School and Fordham University's Gabelli School of Business. Michael brings these experiences together in this comprehensive manual, teaching the skills to succeed in the dynamic and complex credit markets. Michael brings highly complex case studies to life using decades of his first-hand war stories and combines them with reflections from leading industry professionals, often infused with humor, to make the book accessible, readable, and fun. Michael's seven-step credit analysis process will prepare you for a career in credit investing at the top buy-side and sell-side firms on Wall Street by teaching you the technical skills needed to invest in the debt markets. Whether you are analyzing a loan origination in the private debt market, a new issue of a broadly syndicated loan (BSL), a high-yield bond (HY), or a secondary trade, the comprehensive knowledge gained from this book will equip you to make well-founded investment recommendations. Additionally, an entire section devoted to distressed debt investing incorporates a practitioner's perspective on the nuances of bankruptcy and restructurings to develop strategies to profit from opportunities in this opaque market. In clear, straightforward terms accessible to the layperson, Michael explains strategies pursued by distressed companies such as J. Crew and Serta that have led to creditor-on-creditor violence, giving you an insider's perspective on some of the least understood transactions in the distressed arena. You will: Gain In-Depth Knowledge: Understand the complexities of credit markets, from trading dynamics to historical credit cycles, allowing you to identify debt investment opportunities--and avoid pitfalls. Master the Analytical Framework: Learn Michael's seven-step process for analyzing credit investments, including qualitative industry and business analysis, financial statement analysis, forecasting, corporate valuation, relative value analysis, and debt structuring. Learn How to Write an Investment Recommendation: Review real-life credit memos to understand how analysts translate this framework into recommendations that drive investment decisions at the top credit funds. Discover Key Concepts and Terminology: leveraged buyout financings (LBOs), trading levels (price, yields, and spreads), shorting, and credit default swaps. Navigate Distressed Debt: Explore the strategies and nuances of distressed debt investing, including bankruptcy, subordination, creditor-on-creditor violence, and high-profile case studies from the past three decades of Chapter 11 restructurings. This book caters to finance majors pursuing investing careers, credit analysts seeking to enhance their skills, and seasoned professionals aiming to expand their expertise. Professors, researchers, lawyers, and advisors servicing the credit industry will also find immense value in this comprehensive guide.
LC Classification Number
HG3701.G3 2023
Item description from the seller
Seller feedback (514,601)
- m***m (2307)- Feedback left by buyer.Past 6 monthsVerified purchaseI’m thrilled with my recent purchase . The website was user-friendly, and the product descriptions were accurate. Customer service was prompt and helpful, answering all my questions. My order arrived quickly, well-packaged, and the product exceeded my expectations in quality. I’m impressed with the attention to detail and the overall experience. I’ll definitely shop here again and highly recommend from this seller to others. Thank you for a fantastic experience!
- a***n (51)- Feedback left by buyer.Past 6 monthsVerified purchaseMistakenly ordered a paperback that I thought was a hardcover, not sellers fault; it was described properly on the listing. Seller still processed a refund the day I went to return the item and let me keep the item anyway. A+++ service. Book arrived quickly in great condition and for a great price. Thank you so much! Amazing seller!
- n***c (95)- Feedback left by buyer.Past 6 monthsVerified purchaseseller was communicative about my shipment, media mail took a while and tracking wasn't updated frequently, but seller communicated to me very quickly on status. the item came new and wrapped as described, though the packaging in it was packed wasn't sturdy and falling apart when it got to me.
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Seller feedback (514,601)
- m***m (2307)- Feedback left by buyer.Past 6 monthsVerified purchaseI’m thrilled with my recent purchase . The website was user-friendly, and the product descriptions were accurate. Customer service was prompt and helpful, answering all my questions. My order arrived quickly, well-packaged, and the product exceeded my expectations in quality. I’m impressed with the attention to detail and the overall experience. I’ll definitely shop here again and highly recommend from this seller to others. Thank you for a fantastic experience!
- a***n (51)- Feedback left by buyer.Past 6 monthsVerified purchaseMistakenly ordered a paperback that I thought was a hardcover, not sellers fault; it was described properly on the listing. Seller still processed a refund the day I went to return the item and let me keep the item anyway. A+++ service. Book arrived quickly in great condition and for a great price. Thank you so much! Amazing seller!
- n***c (95)- Feedback left by buyer.Past 6 monthsVerified purchaseseller was communicative about my shipment, media mail took a while and tracking wasn't updated frequently, but seller communicated to me very quickly on status. the item came new and wrapped as described, though the packaging in it was packed wasn't sturdy and falling apart when it got to me.