For information purposes. I'm looking for companies with complex capital structures with multiple levels of subordination. In addition, I'm also looking for where to find bond indentures. While information on equities is quite easy to find, bond information is so difficult.
Trending Content - Investment Banking Forum
| +413 | Change My Mind: Banks Shouldn’t Hire Foreigners at All | 111 | 2h |
| +208 | Article - UBS’ Investment Bank Keeps Losing Ground | 34 | 11h |
| +103 | Don’t work at UBS - UBS Sucks | 13 | 1h |
| +80 | An Exhaustive Guide: How to Solve Every Single Accretion/Dilution Question | 7 | 4h |
| +52 | When to Leave Office as Intern | 6 | 32m |
| +43 | Best IB Group Overall? | 25 | 1d |
| +34 | Would you rather be a Touse Squid or a Bouse Mogger in IB | 2 | 2d |
| +31 | What do you say to ppl who don’t know EVR/LAZ/CVP/PJT | 22 | 1d |
| +31 | STEM student lost in London IB recruiting | 17 | 21h |
| +20 | Still recruiting SA'27 | 13 | 20h |
Career Resources
Look at conglomerates and holdco's. Before you know it you'll be scratching your head wondering how tf cash flows between entities and how debt interest is even paid lmao! Also gets really interesting in the event of liquidation
IHH, CP All
Look at capital heavy companies which have multiple semi-independent businesses and subsidiaries issuing debt guaranteed by the parent.
Broadcom.
Look at large energy companies
Don't think anyone's answered your question on where to find indentures, but they're in the exhibits of the filings. So here's a 101 on that. Let's say we're doing American airlines.
1. Start with the latest Q, go to the debt section, and see what tranches you want to pull.
2. Let's say we're interested in the 11.75% senior secured notes due 2025, first thing is to check the exhibit of the Q.
3. Its not there so then you check to see if they'll give you an issue date. If you can get an issue date, then you can pull the corresponding 8-K and the indenture will like be there. I'm not seeing an issue date.
4. Check the most recent K. There, we know it was issued in June 2020 but the indenture is also included as an exhibit on 219 of the 2020 10-K.
If you've got bamsec or factset, you can pull from there too and thats usually less tedious, but figured I'd at least cover it for folks without the data services.
Centurylink
https://www.peabodyenergy.com/Peabody/media/MediaLibrary/Investor-Prese…
Arqiva in 2018
Enron, worldcom
Porsche AG
Quaerat dolores officiis aut sint omnis eaque cupiditate excepturi. Ipsa non recusandae dolor cum maiores. Fugit sunt iure hic natus est. Quibusdam molestiae voluptatem molestiae in quo. Iusto facere voluptas qui culpa. Omnis possimus iure est iste accusamus modi.
Delectus placeat quaerat qui ratione accusamus nesciunt ex. Natus ea iusto rerum illum aperiam sit.
Optio aut vero sequi exercitationem sapiente neque. Repellat sit enim et occaecati ad in molestiae. Et similique molestiae quaerat commodi.
Corporis est rerum rerum quidem saepe numquam tenetur iste. Atque voluptatem veniam qui dolore ut repellendus. Et voluptas tempora facilis est atque accusantium voluptas.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...