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Public companies acquire most of their outside capital from debt fi nancing and, more specifi cally, leveraged finance--an asset class that falls somewhere between traditional fixed income and stocks. While this type of debt fi nancing carries significant risk to both investors and companies, the potential returns make leveraged finance a cornerstone of the modern financial markets.
Leveraged Financial Markets is a gathering of the most astute and informed minds in the business. The powerhouse editorial team of William F. Maxwell and Mark R. Shenkman have handselected contributions from the top practitioners and thinkers working in leveraged finance today.
The result is an authoritative guidebook that provides you with what you need to navigate the highyield market in the integrated global economy. Packed with a wealth of analytical models illustrating the realities of distress probabilities and losses in default, Leveraged Financial Markets gives you all the insight and strategies you need to:
- Use the Sharpe ratio to measure the return versus risk for high-yield debt
- Develop and oversee a portfolio of high-yield bonds
- Value individual high-yield issuances
It also updates you on changes in the high-yield bond market and features in-depth coverage of numerous debt vehicles leveraged in the market today, including collateralized debt obligations (CDOs), credit derivative swaps (CDSs), collateralized loan obligations (CLOs), and leveraged loans.
Leveraged Financial Markets is your blueprint to becoming a virtuoso of this resilient and popular asset class.
- Sales Rank: #363389 in Books
- Published on: 2010-07-13
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.33" w x 6.50" l, 1.64 pounds
- Binding: Hardcover
- 416 pages
About the Author
WILLIAM F. MAXWELL is a professor of fi nance. He holds the Rauscher Chair of Financial Investments at the Cox School of Business, Southern Methodist University, and he has held professorships at the University of Arizona, Texas Tech, and Georgetown. Maxwell is the author of numerous articles for academic journals and is the coauthor of High-Yield Bonds. He lives in Dallas, Texas.
MARK R. SHENKMAN is President and Chief Investment Offi cer of Shenkman Capital Management, Inc., one of the world’s largest high-yield money management firms. Shenkman has held major high-yield bond positions since 1977 at First Investors Asset Management, Lehman Brothers, and Fidelity Management and Research. He is also the coauthor of High-Yield Bonds. Shenkman lives in Greenwich, Connecticut.
Most helpful customer reviews
2 of 3 people found the following review helpful.
Excellent material
By Miroslav Velchev
Very comprehensive, not terribly technical, excellent summary/overview material. Book description and reviews helped me a lot. Would recommend it to folks fairly new to the LF space.
6 of 8 people found the following review helpful.
An excellent guide for all readers
By Lev Fin Reader
This book is an excellent guide for all readers. Clear and concise explanations of how credit markets work and the instruments that drive them. The chapters are segmented by financial product and written by an expert in that particular discipline, which gives the reader exposure to different authors. One of the best leveraged finance books I've read.
8 of 9 people found the following review helpful.
A much needed update on a misunderstood area of finance.
By Bachelier
I have been a high yield fund manager in Europe of over twelve years, and studied High Yield with Theodore Barnhill at The George Washington University.
Maxwell & Shenkman's Leveraged Financial Markets: A Comprehensive Guide to Loans, Bonds, and Other High-Yield Instruments is a welcome update of material previously covered in the now outdated "High Yield Bonds" by Barnhill, Shenkman and Maxwell.
For buy-side high yield fund managers the ubiquitous and peripatetic Sam DeRosa-Farag and Martin Fridson were typically the sage voices of analysis, while academics such as Edward Altman championed the asset class, and Paul Asquith more cautiously demonstrated the misinterpretation of the Hickman study that started Milken's career. Gradually the asset class that would not go away and launched a billion private equity deals became the subject of wide professional and academic interest.
Contributors to this volume analyze the major high-yield products, examine alternative credit risk measurements, and outline ways to trade and manage high-yield assets. Also covered is the work out worlds of debtor-in-possession financing and distressed investing.
The battle of Moody's, Barra, and KMV is covered here, but not with the thoroughness of the folks who followed the blow-by-blow acquisition of and defense from the inside on the quantitative finance bulletin boards like Willmott and Nuclearphynance. The Moody's KMV Expected Default model is claimed to be "the most widely used quantitative credit model around the world." Quite a claim for a simple unbounded extension of the Merton-Black model of volatility and spreads on a time series, but what the heck.
The financial crisis of 2008 highlighted and called into question the competence of the nationally recognized statistical rating agencies (NSRSOs). But few know how the agencies go about their proprietary method of rating the creditworthiness of individual companies. Leveraged Financial Markets gives us a peak but naturally with a bit of caution as those fat fees for a rating pay for plenty of lawyers. It is said that confidentiality agreements from the big three for ex-employees would make the devil tremble.
Credit review typically involves both fundamental analysis and credit models. Fundamental analysis is slow and subjective, but investors demand analysis that is timely and accurate, so "quantitative risk models have gained widespread appeal and are now used to assess credit risk across a broad range of borrowers from large Fortune 500 companies to small businesses and consumers." So the book examines some of the bigger more recognized pieces on credit risk models are intended to measure the probability of default. Most fall into two categories: accounting-based, such as the Altman Z-score model, and market-based, such as Moody's KMV (a company Moody's acquired in 2002) EDF (expected default frequency) model. There are blended models as well, but most are discredited and folks tend to be almost religious about which they will play with. Most CDS's use Merton-Black-KMV approach since they are trading nearly continuously, while long term investors like pension and insurance firms take the accounting and fundamental approach. Sadly, there is a bit of non differentiation on which is useful for which and why.
Naturally, with any collected work you have to be selective. Is there stuff missing here? Yes, I would have included Asquith's paper because no one cites it enough. Work on differing equity sponsors also needs more attention (the ten-minutes after the deal closes equity cushion disappearing in a PIK is an old story, leaving only your money on the table, and famously abused by certain private equity sponsors).
But all in all, this is a good book for professionals in the field who don't want to wade through the disparate sources of all the thoughts and research presented here, or also a very good introduction and insight into the fascinating world of high yield bonds and leveraged finance for a beginner or MBA student anxious to get into the field.
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