Leveraged Finance: Concepts, Methods, and Trading of High-Yield Bonds, Loans, and Derivatives
| AUTHOR | Fabozzi, Frank J.; Fabozzi, Frank J.; Fabozzi, Frank J. et al. |
| PUBLISHER | Wiley (07/01/2009) |
| PRODUCT TYPE | Hardcover (Hardcover) |
Additional topics touched upon include basic corporate credit analysis, relative value analysis, and various trading strategies used by investors, such as hedging credit risk with the equity derivatives of a different company.
Along the way, this reliable resource:
- Presents real-market examples of how you can identify investment opportunities and express your views on the market or specific companies through trading strategies
- Examines various underlying assets-loans, corporate bonds, and much more
- Offers an overview of synthetic and structured products such as CDS, LCDS, CDX, LCDX, and CLOs
Written in a straightforward and accessible style, Leveraged Finance has the information you need to succeed in today's dynamic financial arena.
Additional topics touched upon include basic corporate credit analysis, relative value analysis, and various trading strategies used by investors, such as hedging credit risk with the equity derivatives of a different company.
Along the way, this reliable resource:
- Presents real-market examples of how you can identify investment opportunities and express your views on the market or specific companies through trading strategies
- Examines various underlying assets-loans, corporate bonds, and much more
- Offers an overview of synthetic and structured products such as CDS, LCDS, CDX, LCDX, and CLOs
Written in a straightforward and accessible style, Leveraged Finance has the information you need to succeed in today's dynamic financial arena.
Leveraged Finance doesn't attempt to predict the future of markets or the ultimate outcome of this crisis. It was written to put the principles of the leveraged finance market in perspective. With this reliable resource as your guide, you'll quickly become familiar with the tools available in the leveraged finance market, how they are related to assets and investment opportunities in other markets, and how to apply these concepts in the real world.
In the past, the assets within the leveraged finance market fell into one of two categories: cash bonds or cash loans. But times have changed. With the introduction of products such as credit default swaps, synthetic indexes, and index tranches, leveraged finance investors have many tools to work with and assets to consider. This book attempts to tie the various pieces that comprise the leveraged finance market together. Its fourteen chapters are divided into five comprehensive parts:
- Part One covers the cash markets, which include high-yield bonds--also known as speculative-grade or junk bonds--and leveraged loans
- Part Two takes a look into the structured market, focusing on one type of collateralized debt obligation--collateralized loan obligations (CLOs)
- Part Three examines the relatively young synthetic markets, which include credit default swaps (CDS), traded credit indexes, and index tranches
- Part Four reviews trading strategies that investors can employ within the leveraged finance market
- Part Five addresses default correlation--the phenomenon that the likelihood of one obligor defaulting on its debt is affected by whether or not another obligor has defaulted on its debts
Those with the knowledge and skill to participate in the leveraged finance space stand to benefit from the many opportunities that the current environment is creating. Filled with in-depth insights and expert advice, Leveraged Finance will help you identify and take advantage of these opportunities.