The Credit Investor's Handbook: Leveraged Loans, High Yield…

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Prepare or improve 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, outstanding or in difficulties. Seasoned professionals will also benefit greatly from this guide as they hone their investing skills.

Michael Gatto has twenty-five years of investment experience in the debt markets at Silver Point Capital (a $20 billion credit-focused fund) and Goldman Sachs' Special Situations Group. Additionally, he is an adjunct professor at Columbia Business School and the Gabelli School of Business at Fordham University. Michael brings these experiences together in this comprehensive manual, teaching the skills to succeed in 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 Wall Street's top buy-and-sell firms by teaching you the technical skills necessary to invest in the debt markets. Whether you are analyzing loan origination in the private debt market, a new issue of a broadly syndicated loan (BSL), a high yield bond (HY), or a secondary transaction, the comprehensive knowledge gained in this book will help you. will equip you to make informed investment recommendations. Additionally, an entire section dedicated to distressed debt investing incorporates a professional's perspective on the nuances of bankruptcy and restructurings to develop strategies to take advantage of opportunities in this opaque market. In clear, simple terms accessible to the layman, Michael explains the strategies followed by distressed companies like J. Crew and Serta that have led to creditor violence, giving you an insider's perspective on some of the least understood transactions in distressed countries. . sand.

You'll:

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 notes to understand how analysts translate this framework into recommendations that drive investment decisions at leading credit funds. Discover key concepts and terminology: leveraged buyout financings (LBOs), trading levels (price, yields, and spreads), short positions, and credit default swaps. Explore Distressed Debt: Explore the strategies and nuances of distressed debt investing, including bankruptcy, subordination, intercreditor violence, and high-profile case studies from the last three. decades of Chapter 11 restructurings.

This book is aimed at finance specialists pursuing investment careers, credit analysts looking to improve their skills, and seasoned professionals looking to expand their experience. Professors, researchers, attorneys, and advisors serving the credit industry will also find immense value in this comprehensive guide.

From the editor

PHASES OF THE CREDIT CYCLE

Companies need access to credit to sustain and grow their businesses, and where we are in the credit cycle is inextricably linked to the health of the economy.

Publisher ‏ : ‎ Wiley; 1st edition (January 4, 2024)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 416 pages
ISBN-10 ‏ : ‎ 1394196059
ISBN-13 ‏ : ‎ 978-1394196050
Item Weight ‏ : ‎ 1.75 lbs
Dimensions: 7.4 x 1.2 x 10.1 inches