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Based on the most helpful WSO content, here’s a curated list of the best books for credit investing and analysis to help you expand your knowledge for buy-side or sell-side credit analyst positions:
Foundational and Conceptual Books:
Technical and Analytical Books:
Advanced and Niche Topics:
Specialized Areas:
These books cover a range of topics from foundational knowledge to advanced credit analysis techniques, making them ideal for both beginners and experienced professionals in the credit investing space.
Sources: https://www.wallstreetoasis.com/forum/asset-management/what-are-the-best-books-on-credit-investing?customgpt=1, Best Books For Credit Analysis, Reading List for the Incoming Analyst, Best books to read to get me up to speed at a distressed debt hedge fund?, Long term, concentrated, deep fundamental investing
Credit Investors Handbook by Michael Gatto or Distressed Debt Analysis by Moyer I found really helpful
These are by far the quintessential finance books on credit. Anyone who is anyone has read them. Moyer is RX based though, but if you're going to a SS shop its important you understand it.
bump
Will second Gatto/Moyer. Also worth a look: A Pragmatist's Guide to Leveraged Finance by Kricheff.
Don't think any of them are particularly required reading, but if you work your way through the interesting chapters in all 3, you should be prepared (on the theory side) for just about any junior level credit role.
A better use of time might be working through some cases. Don't just build the model, write an investment memo -- will be helpful when it comes time to communicate ideas, esp. in interviews. You do that a couple times and you should be good to go.
have a few example memos, p.m.
Can I dm as well?
can I p.m you?
Would love to look at a few memos as well. Working hard to get sharper
Can I DM you?
I think you should go Kricheff, Gatto, Moyer in that order. Take notes while you read, don’t read too much in one day so the content goes over your head. I think the pari passu newsletter is also a pretty great resource but kind of expensive. You can find pdfs of kricheff, Moyer online quite easily
Another vote for Kricheff, Gatto, Moyer in that order. Add The Caesar's Palace Coup for a good overview of modern distressed investing, and The Vulture Investors (collection of older restructuring situations) - as close as you'll get to case studies in book form.
And second the importance of not just reading the theory, but try to apply it. I'd recommend finding a public company with at least one tranche of debt trading below par but somewhere above super-distressed, and start with a relatively simple cap structure. PM if you need suggestions.
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