Aug 22, 2012

High Yield Bond Primer

Someone in my office was reading this. Thought it's worth sharing.

https://www.lcdcomps.com/d/pdf/hyprimer.pdf

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4 Comments

BuyersRemorse

14y

There's a SB for you. Thanks for sharing...interesting stuff.

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Authored by: Certified Investment Banking Professional - 1st Year AssociateCertified Investment Banking Pro

mhurricane

14y

Thanks, man. I love fixed income.

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Other

The difference between successful people and others is largely a habit - a controlled habit of doing every task better, faster and more efficiently.

tommygun

14y

Thanks for sharing. Those interested may also want to check out the following Dealbook article from last week:

http://dealbook.nytimes.com/2012/08/15/risk-builds-as-junk-bonds-boom/

2012 new issues are on track to hit the 2010 record of $264bn. Investors are pouring lots of money into HY since they are starved for yields, even as prices are already high. Some say there's not much room left for gains, only heartache. This is especially true because the high prices have led to lower yields. Historical rates are 10%+ but only 6.6% now, which isn't exactly "high yield" territory anymore.

Seems like high risk companies offering lower yields is a recipe for disaster for investors. Not enough risk premium anymore. I think those who are chasing yield up the risk spectrum are going to get burned.

Thoughts? Will the HY rally collapse anytime soon?

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CHItizen

14y

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Authored by: Certified Corporate Finance Professional - CFOCertified Corporate Finance Pro

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High Yield Bond Primer

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