Am looking for something focused more on going concern credit analysis (with a quantitative/modeling bent, if possible) than Moyer, who is focused on the bankruptcy process and valuing distressed (essentially gone concern) firms. Thanks.
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I'm interested in this as well if there is anything recommended. Thanks
S&P corporate credit analysis, leveraged finance capital markets, buyout
Just found this: http://www.amazon.com/Pragmatists-Guide-Leveraged-Finance-Corporate/dp/…
Looks fairly basic but seems to cover a lot of topics.
Reading Material for a High Yield SA Stint (Originally Posted: 06/01/2014)
Monkeys,
Looking to do some reading prior to my SA stint on a High Yield desk in DCM. Ideally something that will expose me to LBO modelling, high yield jargon, bond basics, etc.
I've got my eye on "Distressed Debt Analysis", "Buyout". Any other thoughts are welcome
Thanks
Hi Volatilebob,
I have a couple of recommendations:
One is a book I used to prep before I went on a distressed desk on the buy-side for a summer: it's called 'Leveraged Financial Markets' - it gives you a good introduction to the field, and includes a decent checklist/ framework detailing the analysis steps.
A second one is one that was only published last year - called 'Leveraged Buyouts' - it touches on the basics, and goes into considerable detail into the practicalities of modelling.
You'll also (if you have enough time) want to check out the classic 'Investment Banking' by Rosenbaum and Pearl - although it covers much that will not necessarily be useful for you (such as merger modelling), IMHO, and in many others, it's a great introduction to the core principles of modelling for any company.
In terms of order of reading, I'd recommend:
1.) Investment Banking 2.) Leveraged Financial Markets 3.) Leveraged Buyouts 4.) Distressed Debt Analysis (a great book, but you'll want to master the basics first as this gets into some v. advanced topics such as Chapter 11s etc)
Btw, check your PMs - SB much appreciated :)
High yield bond primer: https://www.lcdcomps.com/d/pdf/hyprimer.pdf Leveraged loan primer: https://www.lcdcomps.com/lcd/na/2012/09/07/2013%20Guide%20To%20The%20US… Credit stuff: http://www.wallstreetoasis.com/blog/focus-on-the-downside-brushing-up-o…
High Yield Credit Reading (Originally Posted: 04/09/2012)
I am summering at an Asset Management firm in LA (e.g. Oaktree, TCW, Capital Group, etc.) in their high yield corporate credit group and I want to be prepared before I start. Any suggested readings (other than Fabozzi) on high yield analysis? I've heard it is essentially the same as equity research but does anyone know any specific modeling techniques and/or books I should read prior to starting?
Thanks!
http://www.distressed-debt-investing.com/
http://www.amazon.com/Leveraged-Finance-Concepts-High-Yield-Derivatives…
Congrats bro, especially if it's Oaktree. Marks is the man. Check out pimco's site. I believe they publish a lot of papers by various PM's in different strategies.
Here is a link to their insights page, i'm sure there is HY stuff in there. Not sure who runs the group now, but Gross took over for Hudoff a few years ago.
http://investments.pimco.com/Literature/Insights/Pages/insights.aspx?Le…
[quote=Something Creative]Congrats bro, especially if it's Oaktree. Marks is the man. Check out pimco's site. I believe they publish a lot of papers by various PM's in different strategies.
Here is a link to their insights page, i'm sure there is HY stuff in there. Not sure who runs the group now, but Gross took over for Hudoff a few years ago.
http://investments.pimco.com/Literature/Insights/Pages/insights.aspx?Le…]
Thanks for the info, I'll definitely check that out.
Out of curiosity-are you an MBA student or undergrad?
Master's student.
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