{"product_id":"the-credit-investors-handbook-leveraged-loans-high-yield-bonds-and-distressed-debt-hardback-9781394196050","title":"The Credit Investor's Handbook; Leveraged Loans, High Yield Bonds, and Distressed Debt (Hardback) 9781394196050","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eThe Credit Investor's Handbook\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eLeveraged Loans, High Yield Bonds, and Distressed Debt\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eMichael Gatto (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781394196050, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 25 December 2023\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e416 pages\u003cbr\u003e25.6 x 18.3 x 2.8 cm, 0.771 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cb\u003ePrepare for or enhance a career investing in the credit markets with this authoritative guide.\u003c\/b\u003e \u003cp\u003eThe leveraged credit market is currently valued at over $4 trillion and is one of the fastest-growing asset classes, fueling demand for well-trained credit analysts. \u003c\/p\u003e\n\u003cp\u003eThe Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt is the definitive guide for young investment professionals embarking on a career investing in the leveraged credit markets – whether public, private, performing, or distressed. Experienced professionals will also immensely benefit from this guide as they refine their investment skills. \u003c\/p\u003e\n\u003cp\u003eMichael Gatto has twenty-five years of investing experience in the debt markets at Silver Point Capital (a $20 billion credit-focused fund) and Goldman Sachs' Special Situations Group. Furthermore, he is an adjunct professor at Columbia Business School and Fordham University's Gabelli School of Business. Michael brings these experiences together in this comprehensive manual, teaching the skills to succeed in the dynamic and complex credit markets. Michael brings highly complex case studies to life using decades of his first-hand war stories and combines them with reflections from leading industry professionals, often infused with humor, to make the book accessible, readable, and fun. \u003c\/p\u003e\n\u003cp\u003eMichael's seven-step credit analysis process will prepare you for a career in credit investing at the top buy-side and sell-side firms on Wall Street by teaching you the technical skills needed to invest in the debt markets. Whether you are analyzing a loan origination in the private debt market, a new issue of a broadly syndicated loan (BSL), a high-yield bond (HY), or a secondary trade, the comprehensive knowledge gained from this book will equip you to make well-founded investment recommendations. Additionally, an entire section devoted to distressed debt investing incorporates a practitioner's perspective on the nuances of bankruptcy and restructurings to develop strategies to profit from opportunities in this opaque market. In clear, straightforward terms accessible to the layperson, Michael explains strategies pursued by distressed companies such as J. Crew and Serta that have led to creditor-on-creditor violence, giving you an insider’s perspective on some of the least understood transactions in the distressed arena. \u003c\/p\u003e\n\u003cp\u003eYou will: \u003c\/p\u003e\n\u003cul\u003e \u003cli\u003eGain In-Depth Knowledge: Understand the complexities of credit markets, from trading dynamics to historical credit cycles, allowing you to identify debt investment opportunities—and avoid pitfalls.\u003c\/li\u003e \u003cli\u003eMaster the Analytical Framework: Learn Michael's seven-step process for analyzing credit investments, including qualitative industry and business analysis, financial statement analysis, forecasting, corporate valuation, relative value analysis, and debt structuring. \u003c\/li\u003e \u003cli\u003eLearn How to Write an Investment Recommendation: Review real-life credit memos to understand how analysts translate this framework into recommendations that drive investment decisions at the top credit funds.\u003c\/li\u003e \u003cli\u003eDiscover Key Concepts and Terminology: leveraged buyout financings (LBOs), trading levels (price, yields, and spreads), shorting, and credit default swaps.\u003c\/li\u003e \u003cli\u003eNavigate Distressed Debt: Explore the strategies and nuances of distressed debt investing, including bankruptcy, subordination, creditor-on-creditor violence, and high-profile case studies from the past three decades of Chapter 11 restructurings.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThis book caters to finance majors pursuing investing careers, credit analysts seeking to enhance their skills, and seasoned professionals aiming to expand their expertise. Professors, researchers, lawyers, and advisors servicing the credit industry will also find immense value in this comprehensive guide.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eDisclaimer xi\u003c\/p\u003e \u003cp\u003eForeword xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eAbout the Author xxi\u003c\/p\u003e \u003cp\u003eAbout the Editor xxiii\u003c\/p\u003e \u003cp\u003ePreface: My Story xxv\u003c\/p\u003e \u003cp\u003eIntroduction: Structure of the Book xxxi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Building Blocks of the Leveraged Credit Markets 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Description and History of the Leveraged Finance Markets 3\u003c\/p\u003e \u003cp\u003eChapter 2 Credit Cycles 13\u003c\/p\u003e \u003cp\u003eChapter 3 A Primer on Leveraged Credit Trading Terminology 29\u003c\/p\u003e \u003cp\u003eChapter 4 A Primer on Leveraged Buyouts (LBOs) 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two The Seven- Step Process of Evaluating a Debt Investment 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 5 Step 1 of the Credit Analysis Process: Sources and Uses 51\u003c\/p\u003e \u003cp\u003eChapter 6 Step 2 of the Credit Analysis Process: Qualitative Analysis 57\u003c\/p\u003e \u003cp\u003eChapter 7 Step 3(a) of the Credit Analysis Process: Financial Statement Analysis— Profitability 75\u003c\/p\u003e \u003cp\u003eChapter 8 Step 3(b) of the Credit Analysis Process: Financial Statement Analysis—Cash Flow and Liquidity 103\u003c\/p\u003e \u003cp\u003eChapter 9 Step 3(c) of the Credit Analysis Process: Financial Statement Analysis— Capital Structure 121\u003c\/p\u003e \u003cp\u003eChapter 10 Step 4 of the Credit Analysis Process: Forecasting 147\u003c\/p\u003e \u003cp\u003eChapter 11 Step 5 of the Credit Analysis Process: Corporate Valuation 171\u003c\/p\u003e \u003cp\u003eChapter 12 Step 6 of the Credit Analysis Process: Structuring and Documentation 189\u003c\/p\u003e \u003cp\u003eChapter 13 Step 7 of the Credit Analysis Process: Preparing an Investment Recommendation and Credit Committee Memo 203\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Distressed Debt Investing 265\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 14 Introduction to Distressed Debt Investing 267\u003c\/p\u003e \u003cp\u003eChapter 15 Bankruptcy 101 271\u003c\/p\u003e \u003cp\u003eChapter 16 Bankruptcy Fights 283\u003c\/p\u003e \u003cp\u003eChapter 17 How Subordination Works in Bankruptcy 301\u003c\/p\u003e \u003cp\u003eChapter 18 Liability Management and Creditor- on- Creditor Violence 317\u003c\/p\u003e \u003cp\u003eChapter 19 Making Money in Distressed Situations 329\u003c\/p\u003e \u003cp\u003eClosing Comment\u003c\/p\u003e \u003cp\u003eChapter 20 My Closing Comment 365\u003c\/p\u003e \u003cp\u003eAppendix Appendix The Quinn Case Study 369\u003c\/p\u003e \u003cp\u003eIndex 375\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52449451311384,"sku":"9781394196050","price":49.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781394196050.jpg?v=1785199872","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/the-credit-investors-handbook-leveraged-loans-high-yield-bonds-and-distressed-debt-hardback-9781394196050","provider":"Freshly Printed Books","version":"1.0","type":"link"}