Books on high-yield credit investing

Am looking for something focused more on going concern credit analysis (with a quantitative/modeling bent, if possible) than Moyer, who is focused on the bankruptcy process and valuing distressed (essentially gone concern) firms. Thanks.

 

Hi Volatilebob,

I have a couple of recommendations:

One is a book I used to prep before I went on a distressed desk on the buy-side for a summer: it's called 'Leveraged Financial Markets' - it gives you a good introduction to the field, and includes a decent checklist/ framework detailing the analysis steps.

A second one is one that was only published last year - called 'Leveraged Buyouts' - it touches on the basics, and goes into considerable detail into the practicalities of modelling.

You'll also (if you have enough time) want to check out the classic 'Investment Banking' by Rosenbaum and Pearl - although it covers much that will not necessarily be useful for you (such as merger modelling), IMHO, and in many others, it's a great introduction to the core principles of modelling for any company.

In terms of order of reading, I'd recommend:

1.) Investment Banking 2.) Leveraged Financial Markets 3.) Leveraged Buyouts 4.) Distressed Debt Analysis (a great book, but you'll want to master the basics first as this gets into some v. advanced topics such as Chapter 11s etc)

Btw, check your PMs - SB much appreciated :)

 

Congrats bro, especially if it's Oaktree. Marks is the man. Check out pimco's site. I believe they publish a lot of papers by various PM's in different strategies.

Here is a link to their insights page, i'm sure there is HY stuff in there. Not sure who runs the group now, but Gross took over for Hudoff a few years ago.

http://investments.pimco.com/Literature/Insights/Pages/insights.aspx?Le…

"It is hard to fail, but it is worse never to have tried to succeed." Theodore Roosevelt
 

[quote=Something Creative]Congrats bro, especially if it's Oaktree. Marks is the man. Check out pimco's site. I believe they publish a lot of papers by various PM's in different strategies.

Here is a link to their insights page, i'm sure there is HY stuff in there. Not sure who runs the group now, but Gross took over for Hudoff a few years ago.

http://investments.pimco.com/Literature/Insights/Pages/insights.aspx?Le…]

Thanks for the info, I'll definitely check that out.

 

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