High yield debt : an insider's guide to the marketplace

High yield debt : an insider's guide to the marketplace / Rajay Bagaria.

"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...

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Bibliographic Details
Main Author: Bagaria, Rajay, 1977- (Author)
Format: eBook
Language:English
Published: Hoboken : Wiley, 2016.
Series:Online access with DDA: Askews (Economics)
Subjects:
Junk bonds.
Capital market.
Business cycles.
BUSINESS & ECONOMICS > Banks & Banking.
Business cycles
Capital market
Junk bonds
Kapitalanlage
Risikokapital
Online Access:Click for online access
Table of Contents:
  • 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.

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