As part of my SA stint, I get to spend 8 weeks on M&A and a week with the lev fin group - unfortunately, I know next to nothing about leveraged finance.
Are there any good resources or books that might help me become better informed about the leveraged finance area?
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Vault has a Guide to Leveraged Finance. If your school does not have access to it, you can get it:
http://www.amazon.com/Vault-Career-Guide-Leveraged-Finance/dp/158131502…
It seems a little pricey. You may want to look at ebay or get an e-version.
the vault guide is excellent. great overview of the different functions, tasks, the investment process & typicak work day in a lev fin team. a couple of weeks ago there was a post about that particular guide with someone offering to email it to ppl if they PMed him. hope that helps.
Distressed Debt by Moyer is a great book for anyone interested in debt investing, in my opinion.
Book review: Leveraged Finance (Antczak, Lucas, Fabozzi) (Originally Posted: 11/16/2009)
Hi I was wondering if this book was worth my time and money?
http://www.Amazon.com/Leveraged-Finance-Concepts-High-Yield-Derivatives/dp/047050370X/ref=sr_1_1?ie=UTF8&s=books&qid=1258401824&sr=8-1
I only own atm, Investment Valuation 2nd Ed.(Damodaran) and Investment Banking (Pearl and Rosenbaum) and both have proved to be very useful.
I've found Wiley's range of products to be very reliable and among the best when it comes to education. This particular book looks quite decent too but when all else fails, try before you buy:
http://books.google.com.au/books?id=gvcZyXTlP5AC&dq=leveraged+finance+c…+trading+of+high-yield+bonds+loans+and+derivatives&printsec=frontcover&source=bl&ots=axR1UJIdAl&sig=UESosM-Q662ZeBOXcF95IQg2de0&HL=en&ei=0eYBS9-PK4PitQOxkMG9DA&sa=X&oi=book_result&ct=result&resnum=2&ved=0CAwQ6AEwAQ
(Just be sure not to waste your limited preview on the title, TOC, publishing info etc...)
All Fabozzi books tend to be incredibly insightful. Might be a heavy read but his other stuff is great
It's a good book, If you want to learn about leveraged finance its a great read.
+
It's pretty new and up to date
Any LevFin books out there? (Originally Posted: 09/10/2010)
Hey guys and gals,
Do you know any books that are not too technical on leverage finance? I want to learn more about it.
There is a Vault Guide. Scroll through the posts, someone has a PDF.
http://www.wallstreetoasis.com/forums/vault-guide-leverage-finance
I have the vault guide. Message me your e-mail.
Hi, thanks. I already have the vault guide on LevFin. I'm actually looking for a book that talks about the basic tech stuff.
http://www.amazon.com/Leveraged-Financial-Markets-Comprehensive-Instrum…
by William Maxwell and Mark Shenkman (Hardcover - Jun 22, 2010)
I would rate it 3 out of 5.
the lbo section of the investment banking book
also keep up to date on the lbos, dividend recaps and high yield financing transactions occurring in the market as they contain a good amount of data
if you work in bb/trading, reach out to the LevFin banking / Capital Markets Group for their market overviews and see if they have any primers they can provide to you
at the end of the day, nothing beats on the job training
LevFin for Dummies (Originally Posted: 03/04/2011)
Does anyone have any good resources to read up on regarding LevFin. Say if I had an interview/presentation in a week.
Specifically, the drivers, current state of the industry (I know MM is hot) but for what cause? Differences between levfin & DCM.
Any help would be appreciated!
Get the S&P LCD Wire from someone on the desk. They put out daily, weekly and quarterly reports on new issues, refins, LBOs, secondary activities. Good way to get a sense of where the market is pricing things and what leverage levels are do-able in current market conditions. Thats precisely what I did before an interview and I killed it because I told them exactly where an LBO would be pricing, what levels of leverage it could handle through each tranche of debt, minimum equity contributions etc... and give examples of how that varies across high/lower leverage levels, MM vs. large deals, etc... if you don't have a LevFin background and bust that out in an interview its like fishing with dynamite.
I'd recommend reaching out to someone in LevFin, DCM, HF or other sort of FI trading desk to get a few recent reports.
www.lcdcomps.com
If you're really clever you can actually get access to the entire news wire without a subscription. But I'm not going to share that so don't PM me.
Lev Fin = below Baa3/BBB- DCM = Baa3/BBB- and above
Could you recommend a certain part of the lcdcomps site or type of report I should be looking at for MM deals?
Would these primers be relevant?: http://www.lcdcomps.com/lcd/f/primers.html
Any more hints to getting a sub MH?
Thanks Again
They put out a quick little blurb on every deal that hits the market. You should focus on LBOs as those are the easiest to grasp (i.e. a whole financing structure brand new (usually) is laid out on a silver platter). Read up on the structure of the LBOs hitting the market.
That's a great site, thanks for posting it Marcus.
I am having a hard time finding the blurb for the LBO's in LCD Wire, could you possibly provide some more direction?
Thanks!
2010: ton of dividend recap, white hot HY and LL markets due to opportunistic refinancings, investors looking for yield, risk trade back on, and M&A/sponsor activity (LBOs, recaps, secondaries).
2011: has continued albeit not to the extent of 2010 - volatility in equity markets has somewhat tempered the pipeline (HY much more correlated to ECM than traditional inv-grade DCM or more, T-bills/"Risk-free" debt). Still low rates, optimism.
Thanks analyst, any more info on sources for news?
leveragedfinancenews.com is pretty decent (you can get pricing and leverage levels) and you can sign up for a free trial, but LCD is best...
How easy is it to get a login and password? I'm just trying to read up on this stuff and don't know anybody who has access to it...
LevFin Materials (Originally Posted: 11/05/2015)
Does anyone have materials covering financing for non-investment grade companies? Anything that describing the process, considerations, pricing, role of investment bank, etc. Much appreciated, will SB!
http://www.leveragedloan.com/primer/
Leveraged Finance Help! (Originally Posted: 02/15/2012)
Non-finance major. Need to learn about leveraged finance by my start date in June. Any good reading material? All help will be much appreciated.
Thanks!
Here we go with the standard recommendation: http://www.amazon.com/Investment-Banking-Valuation-Leveraged-Acquisitio…
Probably the best book to give a general picture.
http://www.amazon.com/Leveraged-Financial-Markets-Comprehensive-Instrum…
This one too.
The first book will walk you through cash flow modeling, but nothing specific to LevFin FYI and in the same vein the book I'd recommend to get comfortable with debt is Steven Moyer's Distressed Debt Analysis. Again, not LevFin specific, but probably essential in helping you gain a 'critical mass' of related knowledge.
PM me for a copy.
If OP is comfortable with basic corporate finance and financial accounting, probably the first book is indeed unnecessary. I just judged from the "no finance major" that he might want to start with the basic literature before moving to the advanced stuff. After all, he has time until June. ;)
Extremely delayed, but thanks for the recommendations!
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