Debt Literature
Any credit / debt focussed materials which focus more on bank debt, private debt etc?
Most recommendations (Fabozzi etc.) seem very focused on Bonds etc.
Looking to understand debt in terms of covenants, waterfalls, securitisation / priority claims, subordination / seniority etc. Would be helpful if these can be in context of debt raised for LBOs or investment grade raised by larger / listed companies. Thanks!
EDIT: Have got Moyer, Whitman etc. Less interested in Distressed stuff, request above is for more vanilla / normal circumstances.
Also interested
Google “distressed debt Moyer pdf” and click the first result. I started reading it and it’s very helpful. It’s focused on distressed debt for the most part though.
thanks, have got Moyer. wanted to see if there is some more vanilla stuff available.
Absolute must
Structured finance by Charles Larruer. Covers a lot of what I'm sure you're looking for.
Hey, a quick skim seems to suggest this is a good rec. Thanks! +1
"Pragmatist's Guide to Leveraged Finance, A: Credit Analysis for Bonds and Bank Debt" covers the vanilla LevFin markets. It's not too long but covers all the basics in a concise and practical way
Feel like it is somewhat light on the covenants etc. but it could just be because I skimmed it briefly (was a while ago when I last looked at it).
Yes, i liked this book too. There is a new edition that came out this year.
Anyone has any good quarterly or half-yearly source where trends for basket sizes and covenants for the European LevFin market are discussed? (if one even exists that is).
Banks often tend to put this data out so may need to get creative with online searches
9fin probably has that info.
Looks great, but unfortunately paid. Your firm has a subscription, and if so, do you like it?
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LCD Leveraged Loan Primer is excellent. It’s ~20 pages and gives you a great fundamental understanding of leveraged loans.
Creating online course in the space. Idea is Course Exercises, analysis = full time analyst job responsibilities. So FT’s resume says “Leveraged Finance Analyst” with bullets. And instead of “Analyst”, yours says “Course”. Bonus section on direct lending & sustainability-linked loans. Also if you’re in a rush w/ interview the next day - there will be 30-Minute Lev Fin Crash Course. Open to beta testers / piecemeal feedback. Stay tuned
Thank you!! I shall reach out to you about the beta / testers. Thank you!
Life and levfin has a course for like $50 which is pretty useful; if you have Rosenbaum chapters 4 and 5 are pretty useful too
If you have Grant's Interest Rate Observer access, dig into their archives. For example, the article "Inside ACE Securities’ HEL Trust, Series 2005-HE5" from 2006 basically writes out what The Big Short explained, but ex-ante GFC.
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