A Pragmatist's Guide to Leveraged Finance: Credit Analysis for Below-Investment-Grade Bonds and Loans
Product ID: 733994740
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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.
| Dimensions | 15.6 x 1.91 x 23.39 cm |
| Edition | Main Market Ed. - Second |
| Isbn 10 | 0857198491 |
| Isbn 13 | 978-0857198495 |
| Item Weight | 1.05 kg |
| Language | English |
| Print Length | 322 pages |
| Publication Date | 25 May 2021 |
| Publisher | Harriman House |
| Reading Age | 18 years and up |
User
Great book - really pragmatic
I usually don’t really write reviews but decided to leave one as I really thought that this book was super helpful. It really is pragmatic and covers items that are required consideration in actual banking/finance world. There are examples that are introduced in the concept and makes it easier to understand the ideas. I really thought that this is a great book not only for LF but generally who are diving into the world of credit risk. Thank you for a great book!
User
It really explains leverage finance in layman terms
If you do not have any finance background, this book is really great to understand leverage finance. Not only the explanations are very clear, it is very easy to read and get into a rhythm.
User
Great for any analyst in leveraged finance or those interested in it
I think this should be required reading for anyone in or thinking about getting into leveraged finance. Every chapter is enough to digest through the first time, but also deep enough to read again and again and gain more insight. It covers pretty much every notable topic in forming a credit analysis opinion of a company. I’ve taken lots of nuggets from this book and will continue to reread it as often as I can. I got both the hard cover and the Kindle version. It’s just that good!10/10 would recommend
User
Find another shipper if you can
While the contents of the book itself are fine, the outside of the book had greasy fingerprints and some pages were slightly dented in the middle likely due to poor packaging.
User
Go for something else
Too basic.
User
Great Learning Tool
This 2nd edition is as clear and to the point as the first edition, with new sections like Data Science and Environmental Social and Governance risks. Great self-learn, teaching, reference.
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