Leveraged Financial Markets: A Comprehensive Guide to Loans, Bonds, and Other High-Yield Instruments

by William Maxwell, Mark Shenkman

Overview

• The high-yield debt market (junk bonds) is a major sector of the financial industry, with more than $600 billion traded annually, and interest in the market is on the rise
• Features the insights of Marty Fridson (Fridson Vision), Sam DeRosa (CSFB High-Yield), Peter Tufano (Harvard University), and Darrell Duffie (Stanford University), among others
• Includes models for analyzing probabilities of default and recovery

Product Details

ISBN-13:	9780071746694
Publisher:	McGraw Hill LLC
Publication date:	08/27/2010
Series:	McGraw-Hill Financial Education Series
Sold by:	Barnes & Noble
Format:	eBook
Pages:	432
File size:	8 MB

About the Author

William Maxwell teaches finance at the Cox School of Business at Southern Methodist University. He has held professorships at the University of Arizona, Texas Tech, and Georgetown and has written numerous articles for academic journals. Maxwell his coauthor of High-Yield Bonds.
Mark Shenkman is President and Chief Investment Officer of Shenkman Capital Management, one of the world's largest high-yield money management firms. He has held executive-level positions focusing on the fixed income market at First Investors Asset Management, Lehman Brothers, and Fidelity. Shenkman is co-author of High-Yield Bonds.

Table of Contents

Part I: Market Structure; Chapter 1. The High Yield Market; Chapter 2. The Globalization of the High-Yield Market; Chapter 3. Bond Ratings; Part II: High-Yield Bonds; Chapter 4. High-Yield Bonds as an Asset Class; Chapter 5. The Issuers and Investors in the High-Yield Bond Market; Chapter 6. Bond Indentures and Bond Characteristics; Chapter 7. Default and Migration Probabilities of High-Yield Bonds; Chapter 8. Analyzing a High-Yield Debt Issuance; Chapter 9. Valuation of Callable, Floating and PIK High Yield Instruments; Chapter 10. Analytical Model of Default Probabilities; Part III: High-Yield Bonds at the Portfolio Level; Chapter 11. Managing a High-Yield Portfolio; Chapter 12. Monitoring a High-Yield Portfolio; Chapter 13. High Yield Index Products; Chapter 14. Aggregate Market Valuation; Part IV: Leveraged Loans and CDOs; Chapter 15. Leveraged Loans as an Asset Class; Chapter 16. The Issuers and Investors in Leveraged Loans; Chapter 17. Collateralized Debt Obligations and Securitization; Part V: Distressed Debt; Chapter 18. Recovery Rates on Defaulted Bonds; Chapter 19. Analyzing the Credit Risk of Distressed Securities; Chapter 20. Debtor-in-Possession Financing; Chapter 21. Vulture Investing; Part VI: Credit Derivative Swaps; Chapter 22. Credit Derivative Swaps