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