The Credit Investor's Handbook

Michael Gatto 지음

Wiley 2023년 12월 27일 출간

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Prepare for or enhance a career investing in the credit markets with this authoritative guide. The leveraged credit market is currently valued at over $4 trillion and is one of the fastest-growing asset classes, fueling demand for well-trained credit analysts. The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt is the definitive guide for young investment professionals embarking on a career investing in the leveraged credit markets whether public, private, performing, or distressed. Experienced professionals will also immensely benefit from this guide as they refine their investment skills. Michael Gatto has twenty-five years of investing experience in the debt markets at Silver Point Capital (a $20 billion credit-focused fund) and Goldman Sachs' Special Situations Group. Furthermore, he is an adjunct professor at Columbia Business School and Fordham University's Gabelli School of Business. Michael brings these experiences together in this comprehensive manual, teaching the skills to succeed in the dynamic and complex credit markets. Michael brings highly complex case studies to life using decades of his first-hand war stories and combines them with reflections from leading industry professionals, often infused with humor, to make the book accessible, readable, and fun. Michael's seven-step credit analysis process will prepare you for a career in credit investing at the top buy-side and sell-side firms on Wall Street by teaching you the technical skills needed to invest in the debt markets. Whether you are analyzing a loan origination in the private debt market, a new issue of a broadly syndicated loan (BSL), a high-yield bond (HY), or a secondary trade, the comprehensive knowledge gained from this book will equip you to make well-founded investment recommendations. Additionally, an entire section devoted to distressed debt investing incorporates a practitioner's perspective on the nuances of bankruptcy and res

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Disclaimer xi Foreword xiii Acknowledgments xv About the Author xxi About the Editor xxiii Preface: My Story xxv Introduction: Structure of the Book xxxi Part One Building Blocks of the Leveraged Credit Markets 1 Chapter 1 Description and History of the Leveraged Finance Markets 3 Chapter 2 Credit Cycles 13 Chapter 3 A Primer on Leveraged Credit Trading Terminology 29 Chapter 4 A Primer on Leveraged Buyouts (LBOs) 39 Part Two The Seven- Step Process of Evaluating a Debt Investment 49 Chapter 5 Step 1 of the Credit Analysis Process: Sources and Uses 51 Chapter 6 Step 2 of the Credit Analysis Process: Qualitative Analysis 57 Chapter 7 Step 3(a) of the Credit Analysis Process: Financial Statement Analysis— Profitability 75 Chapter 8 Step 3(b) of the Credit Analysis Process: Financial Statement Analysis—Cash Flow and Liquidity 103 Chapter 9 Step 3(c) of the Credit Analysis Process: Financial Statement Analysis— Capital Structure 121 Chapter 10 Step 4 of the Credit Analysis Process: Forecasting 147 Chapter 11 Step 5 of the Credit Analysis Process: Corporate Valuation 171 Chapter 12 Step 6 of the Credit Analysis Process: Structuring and Documentation 189 Chapter 13 Step 7 of the Credit Analysis Process: Preparing an Investment Recommendation and Credit Committee Memo 203 Part Three Distressed Debt Investing 265 Chapter 14 Introduction to Distressed Debt Investing 267 Chapter 15 Bankruptcy 101 271 Chapter 16 Bankruptcy Fights 283 Chapter 17 How Subordination Works in Bankruptcy 301 Chapter 18 Liability Management and Creditor- on- Creditor Violence 317 Chapter 19 Making Money in Distressed Situations 329 Closing Comment Chapter 20 My Closing Comment 365 Appendix Appendix The Quinn Case Study 369 Index 375

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저자(글) Michael Gatto