Leveraged Finance: Concepts, Methods, and Trading of by Stephen J. Antczak

By Stephen J. Antczak

A well timed advisor to today’s high-yield company debt markets Leveraged Finance is a finished consultant to the tools and markets that finance a lot of company the United States. offered in 5 sections, this skilled writer crew covers subject matters starting from the fundamentals of bonds and loans to extra complicated subject matters corresponding to valuing CDs, default correlations between CLOs, and hedging concepts throughout company capital constructions. extra subject matters lined contain uncomplicated company credits, relative price research, and numerous buying and selling recommendations utilized by traders, equivalent to hedging credits possibility with the fairness derivatives of a distinct corporation. Stephen Antczak, Douglas Lucas, and Frank Fabozzi current readers with real-market examples of ways traders can establish funding possibilities and the way to precise their perspectives out there or particular businesses via buying and selling thoughts, and think about a number of underlying resources together with loans, company bonds, and lots more and plenty extra. additionally they provide readers an outline of man-made and dependent items equivalent to CDS, LCDS, CDX, LCDX, and CLOs. Leveraged Finance has the knowledge you want to reach this evolving monetary area

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Extra resources for Leveraged Finance: Concepts, Methods, and Trading of High-Yield Bonds, Loans, and Derivatives

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5 shows the split of loans retained by banks (known as pro rata loans) versus those purchased by institutional investors since 1998. Over time, the proportion of syndicated leveraged loans sold to institutional investors grew to the point where institutions purchased over 70% of loans in 2007. It fell to 50% in 2008 in the wake of the credit crunch, but the growing role of institutional investors in the loan market over time is the direct result of the high capital cost to banks of holding loans (banks often prefer to sell these loan assets in order to free up capital and clear their balance sheets).

Leveraged Finance: Concepts, Methods, and Trading of High-Yield Bonds, Loans, and Derivatives by Stephen J. Antczak, Douglas J. Lucas and Frank J. Fabozzi Copyright © 2009 John Wiley & Sons, Inc. , select hedge funds). In this chapter, we provide an overview of the loan market, with topics ranging from a description of a typical loan to changes in market dynamics. T A TALE OF TWO LOANS Lessons sometimes have to be relearned in the financial markets, particularly when new participants enter a market.

From an investor’s perspective, ratings can be an important barometer of credit risk. Below we highlight two key factors with regard to company ratings. Specifically, we address: Q Q What is the profile of a typical company with a particular rating? How is the average company with a particular rating likely to move across the ratings spectrum over time? What Does a High-Yield Company Look Like? 5 we present a business–financial risk matrix. First, we define (based on S&P criteria) how risky a company’s financial status is.

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