High Yield Bonds
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Investing In Junk Bonds
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Author : Edward I. Altman
language : en
Publisher: Beard Books
Release Date : 2003
Investing In Junk Bonds written by Edward I. Altman and has been published by Beard Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
Details the rise and operation of the high yield debt market as illustrated by the "junk" bond.
High Yield Bonds
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Author :
language : en
Publisher:
Release Date : 1989
High Yield Bonds written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Financial institutions categories.
High Yield Bonds
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1988
High Yield Bonds written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Bonds categories.
A Guide To Asian High Yield Bonds
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Author : Florian H. A. Schmidt
language : en
Publisher: John Wiley & Sons
Release Date : 2013-10-04
A Guide To Asian High Yield Bonds written by Florian H. A. Schmidt and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-04 with Business & Economics categories.
An up-to-date, comprehensive analysis of the high-yield bond market in Asia Beginning with a general definition of high-yield bond products and where they reside within the corporate capital structure, this newly updated guide looks at the development of high-yield bonds in the United States and Europe before analysing this sector in Asia. It covers issuer countries and industries, ratings, and size distributions, and also covers the diversification of the high-yield issuer universe. It includes a thorough technical analysis of high-yield bond structures commonly employed in Asian transactions, including discussion of the respective covenants and security packages that vary widely across the region. Chapters and sections new to this edition cover such subjects as high-yield bond restructuring, the new high-yield "Dim Sum" market, and the high-yield placement market shutdown of 2008 – 2009. Finally, the book looks at the new characteristics of Asian economies for indicators on how the high-yield market will develop there are the near future. Offers an extremely detailed analysis of Asia's high-yield bond market Features new and updated material, including new coverage of the key differences between Asian structures and United States structures Ideal for CFOs of companies contemplating high-yield issuance, as well as investment bankers, bank credit analysts, portfolio managers, and institutional investors
High Yield Bonds
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1988
High Yield Bonds written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Bonds categories.
Issues Concerning Investing In High Yield Bonds By Fslic Insured Depository Institutions
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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight and Investigations
language : en
Publisher:
Release Date : 1989
Issues Concerning Investing In High Yield Bonds By Fslic Insured Depository Institutions written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight and Investigations and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Junk bonds categories.
High Yield Bonds
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Author : Mark Shenkman
language : en
Publisher: McGraw Hill Professional
Release Date : 1999
High Yield Bonds written by Mark Shenkman and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
HIGH-YIELD BONDS provides state-of-the-art research, strategies, and toolsÑalongside the expert analysis of respected authorities including Edward Altman of New York UniversityÕs Salomon Center, Lea Carty of MoodyÕs Investor Service, Sam DeRosa-Farag of Donaldson, Lufkin & Jenrette, Martin Fridson of Merrill Lynch & Company, Stuart Gilson of Harvard University, Robert Kricheff of CS First Boston, and Frank Reilly of the University of Notre DameÑto help you truly understand todayÕs high-yield market. For added value and ease of reference, this high-level one-volume encyclopedia is divided into seven sections detailing virtually every aspect of high-yield bond investment. They include: Market structureÑThe role of investment banks in security innovation and market development, evolution of analytical methodologies, and recent leveraged loan market developments; Security risk analysisÑHistorical bond default rates, real interest rate and default rate relationships, and new simulation methodologies for modeling credit quality; Security valuationÑImpact of seniority and security on bond pricing and return, important trading factors, and a Monte Carlo simulation methodology for valuing bonds and options in the context of correlated interest rate and credit risk; Market valuation modelsÑEconometric studies which detail the importance of monetary influences, risk-free interest rates, default rates, mutual fund flows, and seasonal fluctuations; Portfolio managementÑHistorical perspective and comparison to alternative investments, analysis of indices available to investors, and specific portfolio selection and risk management strategies of professional fund managers; Distressed security investingÑHistorical risk and return information, plus an academic overview of the market and decision criteria for uncovering and investing in securities with higher-than-average risk-adjusted returns; Corporate finance considerationsÑEmerging firmsÕ strategic choice between external debt and equity financing, as well as the choice of issuing public versus private (Rule-144a) securities. HIGH-YIELD BONDS provides extensive coverage of bond valuation and the construction and management of high-yield portfolios. Advanced Monte Carlo simulation models for the valuation of bonds and options on bonds as well as risk assessments on portfolios of bonds under conditions of correlated interest rate and credit risk are demonstrated. In todayÕs explosive environment of multiple new issues and high risk versus return relationships, it is paramount that you get advice from analysts and experts who have been influential in shaping and defining the market. 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.
Junk Bonds
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Author : Glenn Yago
language : en
Publisher: Oxford University Press
Release Date : 1990-11-15
Junk Bonds written by Glenn Yago and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-11-15 with Business & Economics categories.
Junk bonds burst into the nation's headlines as the fastest growing and most controversial financial instruments of the 1980s. Branded with an unflattering nickname, these high yield securities were tarnished in the public eye by waves of negative publicity. Critics cast the financiers and entrepreneurs who pioneered their use as symbols of a decade of greed and financial excess. By the end of the 1980s, the heyday of junk bonds had seemingly come to a close with the conviction of junk bond pioneer Michael Milken and the bankruptcy of Drexel Burnham Lambert, the brokerage that dominated the high yield market. But the controversy surrounding junk bonds continues. Now, in Junk Bonds, business professor Glenn Yago turns the tables on conventional wisdom about this new financial technology. He offers the first systematic examination of the facts about high yield securities. His analysis provides hard evidence that demystifies junk bonds and explodes many of the popular myths that surround them. Junk Bonds sheds light on the role of high yield financing in what Yago calls the democratization of capital. Before the advent of junk bonds, only companies with an "investment grade" rating--five percent of the 23,000 American companies with sales over $35 million--had access to long term capital. In effect, the author argues, 95 percent of American companies were denied the means to finance growth and business development. Yago shows how junk bonds changed all that, breathing life into thousands of American companies that had been shunned by the capital markets. His research demonstrates that these "junk" companies outperformed many Fortune 500 firms in job creation, product development, sales, and business innovation. The real contribution of junk bonds, according to Yago, was to improve the productivity and competitiveness of American business by restructuring companies in the wake of the corporate conglomerations of the 1960s and 1970s. His findings show that divestitures by companies financed with high yield bonds were not necessarily destructive. Many sold-off units flourished as independent enterprises at a time when numerous "investment grade" companies stagnated or closed plants or fired workers. This restructuring of corporate America has enabled businesses to compete in a changing international environment, benefiting managers, workers, stockholders, and investors alike. Junk Bonds provides readers with a scholarly analysis that shears away the hype and hysteria that often accompany rapid change. And at a time when Wall Street is under greater scrutiny than at any time since the Depression, this provocative study provides a timely and thoughtful contribution to the debate surrounding junk bonds.
Beyond Junk Bonds
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Author : Glenn Yago
language : en
Publisher: Oxford University Press, USA
Release Date : 2003-05-15
Beyond Junk Bonds written by Glenn Yago and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-05-15 with Business & Economics categories.
This book provides a one-stop data, reference, and case study presentation of firms and securities in the contemporary high-yield market in the USA (and elsewhere), and of the financial innovations enabled capital access for industrial restructuring, capital and productivity gains, and competitiveness.
Risks And Yields Of High Yield Corporate Bonds
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Author :
language : en
Publisher:
Release Date : 2015
Risks And Yields Of High Yield Corporate Bonds written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The financial crisis and the subsequent years of quantitative easing in the United States caused interest rates to drop sharply. In search of higher yields the high-yield corporate bond market was faced with high demand. This thesis aimed to analyze the behavior and risk adequacy of US high-yield bond yields during the time of quantitative easing after the financial crisis. The credit spread was the main variable used for this purpose. Furthermore, analyses were conducted to compare the credit spreads after the financial crisis with the ones before. In addition to high yield bonds, investment grade bonds were analyzed. The analyses showed that the credit spreads did not change significantly in the time period after the financial crisis between 2010 and 2014 during the time of quantitative easing. However, the study reveals that credit spreads in the high-yield as well as in the investment grade bond markets were significantly higher after the financial crisis (2010 - 2014) compared to before (2002 - 2006).