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High yield debt : an insider's guide to the marketplace /
"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 f...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Hoboken :
Wiley,
2016.
|
| Colección: | Online access with DDA: Askews (Economics)
|
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Ch. 1 Development of the High Yield Industry
- 1.1. What is High Yield Debt?
- 1.2. The Importance of Credit Ratings
- 1.3. The Origins of High Yield
- 1.4. Advent of the Leveraged Buyout
- 1.5. Junk Bonds
- 1.6. Market Maturation and Growth
- 1.7. High Yield Today
- 1.8. Summary
- ch. 2 High Yield Issuers
- 2.1. High Yield Issuers
- 2.2. Capital Structure Considerations
- 2.3. Choosing Between High Yield Bonds and Leveraged Loans
- 2.4. High Yield Issuers by Industry
- 2.5. Purpose of High Yield Debt
- 2.6. The Role of Investment Banks
- 2.7. The High Yield Capital Raising Process
- 2.8. Summary
- ch. 3 Buying High Yield Debt
- 3.1. Who Can Buy High Yield Bonds?
- 3.2. Who Can Buy Leveraged Loans?
- 3.3. Buyers of High Yield Debt
- 3.4. Investment Mandates Impact Volatility
- 3.5. Collateralized Loan Obligations (CLOs)
- 3.6. Implications of an OTC Market
- 3.7. Tracking High Yield Liquidity
- 3.8. Total Return Swaps and Margin Finance
- 3.9. Summary
- ch. 4 High Yield Financial Concepts
- 4.1. Key Economic Terms of High Yield Debt
- 4.2. High Yield Call Protection
- 4.3. Fixed Versus Floating Rate Debt
- 4.4. Bond Yields, the Risk-Free Rate, and Credit Spreads
- 4.5. More Advanced Yield and Spread Concepts
- 4.6.Common Issuer Metrics Tracked
- 4.7. Summary
- ch. 5 Debt Structures
- 5.1. Ranking and Subordination
- 5.2. Operating and Holding Companies
- 5.3. Leveraged Loan Structures
- 5.4. High Yield Bond Structures
- 5.5. Payment-in-Kind Debt
- 5.6. AHYDO
- 5.7. Summary
- ch. 6 Credit Agreements and Legal Considerations
- 6.1. Loan Credit Agreements and Bond Indentures
- 6.2. Roadmap to High Yield Documentation
- 6.3. Affirmative and Negative Covenants
- 6.4. Incurrence-Based Versus Maintenance Covenants
- 6.5. Covenant-Lite
- What Does It Mean?
- 6.6. More Advanced Credit Agreement Provisions
- 6.7. Sacred Rights and Bankruptcy Resolution
- 6.8. Recent Legislation
- 6.9. Summary
- ch. 7 High Yield Asset Class Performance
- 7.1. Total Returns, Volatility, and the Sharpe Ratio
- 7.2.Comparative Asset Class Performance
- 7.3. Annual Performance Variations
- 7.4. High Yield Bond and Leveraged Loan Price Volatility
- 7.5. Returns by Ratings
- 7.6. Beta and Correlation Analysis
- 7.7. Interest Rate Risk
- 7.8. Defaults and Recoveries
- 7.9. Summary
- ch. 8 Assessing the Market Opportunity
- 8.1. Sources of Market Information
- 8.2. How to Evaluate High Yield Credit Spreads
- 8.3. Putting Historical Credit Spreads into Context
- 8.4. Tracking Issuer Fundamentals
- 8.5. The Maturity Wall
- 8.6. Monitoring Excessive Risk-Taking
- 8.7. High Yield Supply and Demand
- 8.8. Summary
- ch. 9 1940 Act High Yield Investment Funds
- 9.1. The Investment Company Act of 1940
- 9.2. High Yield Mutual Funds
- 9.3. High Yield ETFs
- 9.4. High Yield Closed-End Funds
- 9.5.Comparison of Closed-End and Open-End Fund Returns
- 9.6. Business Development Companies
- 9.7. Summary
- ch. 10 Mezzanine Debt, Distressed Debt, and Credit Hedge Funds
- 10.1. Private Investment Funds
- 10.2. Mezzanine Debt Funds
- 10.3. Distressed Debt Funds
- 10.4. Credit Hedge Funds
- 10.5. Summary.