Hi, first year analyst currently prepping for RX interviews. I’ve looked at pretty much all the guides online and was wondering if Moyer’s distressed debt investing is still relevant today and worth a read?
Thanks
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Absolutely. It might not cover the most recent developments in distressed investing (LMEs), but you supplement it with Gatto.
The Second thing you learn about restructuring (credit in general) once you join a bank or a fund is that everything is built on precedent. Why is there a paragraph long definition for what a funding notice is in every credit agreement? Because some schmuck thought emailing their lender for a RCF draw without formal paperwork counted but the lenders didn't on Christmas Eve and the Debtor wanted a same day Base Rate RCF draw.
Moyer, in the same light, is the precedent knowledge that all modern day opportunistic credit / special sits / distressed / RX bankers and investors know. For the avoidance of doubt: Moyer is the baseline. This isn't to say you can't become a great special situations person without reading his book, but it will be very challenging because you will be catching up. Its not like anything he's said is different now, its just gotten alot more complicated. In the 90's a credit agreement used to be 30 pages long. Now they can be well over 200 pages.
The late 2010's and early 2020's introduced LME's (which by the way, are HORRIBLE business and will make lenders ask for higher pricing and generally not do deals with Sponsors who do them), that have reshaped the restructuring market place because it unleashed a living hell of new aggressive tactics to screw over lenders.
Gatto is a great update (think of it as a DLC to Moyer) to the modern credit world. I would also read substack or petition. (I like petition alot more). You should also read the booklets from restructuringinterviews.com which is probably the best source of technical knowledge for actual banking interviews.
Mods deleted a well thoughout note because I suggested a website. restructuring interviews is great for RX specific technicals. Long story short (i'm not rewriting my great and humorful explanation) - Credit / RX / Special Sits are all created from precedent. Moyer is the industry standard of what this field used to be. Its much different now, and a LOT more complicated. Gatto is a DLC that supplements Moyer, but you should ALWAYS start out with Moyer. If nothing else its a great brick to throw at someone when they ask about your GPA during your junior year SA at Evercore.
You don't need to read moyer to be great at what you do, but you will definitely be catching up for a bit.
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