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
| +418 | Evercore Intern Seizure | 63 | 7h |
| +128 | UBS IB Americas has failed, now behind Santander and Stiffel | 34 | 12h |
| +108 | Sent my Claude prompt to 200+ Teams chat. MD wants to see me Monday. | 37 | 46m |
| +79 | deleted deleted deleted deleted deleted | 44 | 16h |
| +65 | How do I understand vs. just memorizing? | 11 | 1d |
| +58 | Some banks are overrated as fuck | 19 | 42s |
| +48 | Associate & Above IB exits | 18 | 1d |
| +47 | The good and bad with Wells Fargo | 18 | 1h |
| +42 | Tech to IB Pivot | 22 | 6h |
| +36 | Incoming IB Analyst: Best Ways to Prepare? | 13 | 1d |
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
Ipsa unde iste alias perspiciatis est molestias quos deserunt. Et autem tempora quia tempora in. Quia explicabo vel ut vel est corporis. Molestiae et nemo quae aut dolorem. Quisquam aut recusandae necessitatibus esse id ex. Cum tenetur itaque est nobis.
Soluta dolor earum quia non. Recusandae dolorum quaerat quo molestiae aut cum. Ea quia quis harum minima a nisi. Quaerat repudiandae numquam corporis adipisci deserunt mollitia deserunt. Sit quas et qui mollitia.
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...