Levfin materials

Based on the most helpful WSO content, here are some key resources and materials to prepare for learning about leveraged finance (LevFin) and useful information for interviews:

Key Resources for LevFin:

1. Rosenbaum & Pearl - Investment Banking:

   • Chapters 4 and 5: These chapters are great primers on LevFin and LBO modeling. Reading these thoroughly will prepare you well.

2. S&P's Primer on Leveraged Loans:

   • Link: http://www.leveragedloan.com/primer/</a">S&P Leveraged Loan Primer
   • This is a worthwhile exercise as it covers the loan element of the market, which is often overlooked.

3. Books on Credit Investing:

   • HY Debt, Bagaria '15: Provides a good overview of different credit markets.
   • Leveraged Financial Markets, McGrawHill: Offers more detail along similar lines.
   • Pragmatist's Guide to LevFin: Good overview of markets and concepts, recommended for analysis.
   • Bond Math: Self-explanatory with valuable breakdowns.
   • Active Credit PM in Practice, Bohn and Stein: Covers foundations of credit risk modeling.
   • LSTA's Complete Credit Agreement Guide: Excellent reference, though daunting.
   • Distressed Debt Analysis, Moyer: Valuable for anyone in high yield (HY).
   • Fixed Income Relative Value Analysis: Applies Principal Components Analysis to different FI areas.

Additional Resources for Credit Risk and Portfolio Management:

1. Active Credit PM in Practice, Bohn and Stein: As mentioned, this book covers the foundations of credit risk modeling.
2. Fixed Income Relative Value Analysis: This book applies Principal Components Analysis to different fixed income areas, which can be useful for portfolio management.

General Advice:

• Credit Analysis: The most important aspect will be credit analysis and how to assess a company's debt capacity.
• Yield Curve Knowledge: Understanding the yield curve is crucial.
• Debt Characteristics: Know the characteristics and structure of debt (senior, junior, mezzanine, equity).
• Market Opinions: Have an opinion on both the fixed income and equities markets.
• Debt Schedules/Waterfalls: Review these as they might come up in interviews.
• Investment Grade vs. High Yield Bonds: Understand the differences between these types of bonds.

Good luck with your preparation and interviews!

Sources: leveraged finance interview - what to prep, Private Credit Resources and Prep, https://www.wallstreetoasis.com/forum/asset-management/what-are-the-best-books-on-credit-investing?customgpt=1, Best resources to learn more about Finance & Investment Banking, https://www.wallstreetoasis.com/forum/venture-capital/best-venture-capital-resources-to-prep-for-an-interview?customgpt=1