High Yield Bonds

High Yield Bonds

Full Name
High Yield Bonds: Market Structure, Valuation, and Portfolio Strategies

High-Yield Bonds provides state-of-the-art research, strategies, and tools to help you truly understand today’s high-yield market. This high-level one-volume encyclopedia is divided into seven sections detailing virtually every aspect of high-yield bond investments. They include market structure, security risk analysis, security valuation, market valuation models, portfolio management, distressed security investing, corporate finance considerations. High-Yield Bonds will provide you with a valuable reference to this fascinating and constantly changing class of securities, helping you assemble a stable, diversified portfolio of fixed income investments that provides the greatest returns and the lowest risks.

  • High-Yield Bonds thoroughly explores every angle of this complex market, delivering statistics, research findings, and empirical facts guaranteed to help you understand the risks and rewards of high-yield investing.

  • This hands-on reference shows you how to uncover issues that provide exceptional returns for acceptable risk.

  • It acts as your on-call investment advisor in navigating this risky-yet-profitable market.

Table of Contents

Part I: Market Structure

  • The High Yield Market

  • Changes in the High Yield Market: A Historic Market

  • The Leveraged Loan Market

  • The Globalization of the High Yield Market

Part II: Security Risk Analysis

  • Historical Default Rates of Corporate Bond Issuers, 1920-1996

  • Almost Everything You Wanted to Know About Recoveries on Defaulted Bonds

  • Moody's Rating Migration and Credit Quality Correlation, 1920-1996

  • Modeling Bond Rating Changes for Credit Risk Estimation

  • Real Interest Rates and the Default Rate on High Yield Bonds

Part III: Security Valuation

  • Valuing Like-Rated Senior and Subordinated Debt

  • Determinants of Spreads on New High Yield Bond Offerings

  • Analyzing a High Yield Issue

  • Valuing Bonds and Options on Bonds Having Correlated Interest Rate and Credit Risk

Part IV: Investing in Distressed Securities

  • Do Seniority Provisions Protect Bondholder's Investments?

  • Investing in Distressed Situations: A Market Survey

  • Analyzing the Credit Risk of Distressed Securities

Part V: Corporate Finance

  • Strategic Financing Choices for Emerging Firms: Debts versus Equity

  • The Advantages and Disadvantages of Public versus Private Issuance of High Yield Debt Securities

  • Managing Default: Some Evidence on How Firms Choose Between Workouts