UID:
almafu_9959328332302883
Umfang:
1 online resource
ISBN:
9781119134435
,
1119134439
,
9781119134428
,
1119134420
,
9781119236955
,
1119236959
,
1119134412
,
9781119134411
Serie:
Online access with DDA: Askews (Economics)
Inhalt:
"Examine the high yield market for a clear understanding of this evolving asset class High Yield Debt is the one-stop resource for wealth advisors seeking an in-depth understanding of this misunderstood asset class. The high yield market provides a diverse opportunity set, including fixed and floating rate debt, high and low quality debt issues and both short- and long-term duration; but many fail to understand that not all high yield exposure is the same, and that different market segments and strategies work best at different points in the economic cycle. This guide addresses the confusion surrounding high yield debt. You'll find the information you need to decide whether or not to buy in to a high yield fund, and how to evaluate the opportunities and risks without getting lost in the jargon. The U.S. corporate high yield market is worth $2.4 trillion--more than the stock markets of most developed countries. Market growth has increased the number of funds with high yield exposure, as well as the types of debt products available for investment. This book breaks it down into concrete terms, providing the answers advisors need to effectively evaluate the opportunities on offer. Understand the high yield asset class Learn the debt structures, performance and defaults Evaluate risk and investment opportunities Penetrate the jargon to make sense of high yield investment Over 300 publicly traded funds provide exposure to U.S. high yield, but despite it's size and ubiquity, understanding of the asset class as a whole remains somewhat of a rarity--even among participants. A lack of transparency is partially to blame, but the market's evolution over the past fifteen years is the larger issue. High Yield Debt explains the modern high yield market in real terms, providing a much-needed resource for the savvy investor"--
Inhalt:
"Investors, wealth advisors, investment bankers, business school students, lawyers, accountants, rating agencies and research providers are increasingly faced with difficult questions on high yield. The press frequently uses jargon that even experienced market participants have difficulty understanding. At present, there are few resources that market participants can look to for answers. While other books on the high yield market are specialized, most market participants are engaged at a level where they are simply deciding whether to buy into a high yield fund and, if so, which one. The book addresses this knowledge gap and is intended as a one stop shop for the widest possible audience, explaining high yield debt, articulating how to evaluate risk (is it junk or something more) and how to make sense of the opportunity set"--
Anmerkung:
Machine generated contents note: ch. 1 Development of the High Yield Industry -- 1.1. What is High Yield Debt? -- 1.2. The Importance of Credit Ratings -- 1.3. The Origins of High Yield -- 1.4. Advent of the Leveraged Buyout -- 1.5. Junk Bonds -- 1.6. Market Maturation and Growth -- 1.7. High Yield Today -- 1.8. Summary -- ch. 2 High Yield Issuers -- 2.1. High Yield Issuers -- 2.2. Capital Structure Considerations -- 2.3. Choosing Between High Yield Bonds and Leveraged Loans -- 2.4. High Yield Issuers by Industry -- 2.5. Purpose of High Yield Debt -- 2.6. The Role of Investment Banks -- 2.7. The High Yield Capital Raising Process -- 2.8. Summary -- ch. 3 Buying High Yield Debt -- 3.1. Who Can Buy High Yield Bonds? -- 3.2. Who Can Buy Leveraged Loans? -- 3.3. Buyers of High Yield Debt -- 3.4. Investment Mandates Impact Volatility -- 3.5. Collateralized Loan Obligations (CLOs) -- 3.6. Implications of an OTC Market -- 3.7. Tracking High Yield Liquidity -- 3.8. Total Return Swaps and Margin Finance -- 3.9. Summary -- ch. 4 High Yield Financial Concepts -- 4.1. Key Economic Terms of High Yield Debt -- 4.2. High Yield Call Protection -- 4.3. Fixed Versus Floating Rate Debt -- 4.4. Bond Yields, the Risk-Free Rate, and Credit Spreads -- 4.5. More Advanced Yield and Spread Concepts -- 4.6.Common Issuer Metrics Tracked -- 4.7. Summary -- ch. 5 Debt Structures -- 5.1. Ranking and Subordination -- 5.2. Operating and Holding Companies -- 5.3. Leveraged Loan Structures -- 5.4. High Yield Bond Structures -- 5.5. Payment-in-Kind Debt -- 5.6. AHYDO -- 5.7. Summary -- ch. 6 Credit Agreements and Legal Considerations -- 6.1. Loan Credit Agreements and Bond Indentures -- 6.2. Roadmap to High Yield Documentation -- 6.3. Affirmative and Negative Covenants -- 6.4. Incurrence-Based Versus Maintenance Covenants -- 6.5. Covenant-Lite -- What Does It Mean? -- 6.6. More Advanced Credit Agreement Provisions -- 6.7. Sacred Rights and Bankruptcy Resolution -- 6.8. Recent Legislation -- 6.9. Summary -- ch. 7 High Yield Asset Class Performance -- 7.1. Total Returns, Volatility, and the Sharpe Ratio -- 7.2.Comparative Asset Class Performance -- 7.3. Annual Performance Variations -- 7.4. High Yield Bond and Leveraged Loan Price Volatility -- 7.5. Returns by Ratings -- 7.6. Beta and Correlation Analysis -- 7.7. Interest Rate Risk -- 7.8. Defaults and Recoveries -- 7.9. Summary -- ch. 8 Assessing the Market Opportunity -- 8.1. Sources of Market Information -- 8.2. How to Evaluate High Yield Credit Spreads -- 8.3. Putting Historical Credit Spreads into Context -- 8.4. Tracking Issuer Fundamentals -- 8.5. The Maturity Wall -- 8.6. Monitoring Excessive Risk-Taking -- 8.7. High Yield Supply and Demand -- 8.8. Summary -- ch. 9 1940 Act High Yield Investment Funds -- 9.1. The Investment Company Act of 1940 -- 9.2. High Yield Mutual Funds -- 9.3. High Yield ETFs -- 9.4. High Yield Closed-End Funds -- 9.5.Comparison of Closed-End and Open-End Fund Returns -- 9.6. Business Development Companies -- 9.7. Summary -- ch. 10 Mezzanine Debt, Distressed Debt, and Credit Hedge Funds -- 10.1. Private Investment Funds -- 10.2. Mezzanine Debt Funds -- 10.3. Distressed Debt Funds -- 10.4. Credit Hedge Funds -- 10.5. Summary.
Weitere Ausg.:
Print version: Bagaria, Rajay, 1977- High yield debt. Hoboken : Wiley, 2016 ISBN 9781119134411
Sprache:
Englisch
Schlagwort(e):
Electronic books.
;
Electronic books.
;
Electronic books.
;
Electronic books.
;
Electronic books.
;
Electronic books.
URL:
https://onlinelibrary.wiley.com/doi/book/10.1002/9781119236955
URL:
https://onlinelibrary.wiley.com/doi/book/10.1002/9781119236955
URL:
https://onlinelibrary.wiley.com/doi/book/10.1002/9781119236955
Bookmarklink
