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Leveraged Financial Markets

Leveraged Financial Markets

William F. Maxwell, Mark Shenkman
2010
T3 427 pages · about 7h 7m to read Open Librarygoodreads

Comprehensive guide to loans and high yield, the public cousins of private credit.

Summary

The reference has not verified this book in detail; the summary states only what the title, author and subject establish.

William Maxwell, an academic in finance, and Mark Shenkman, a high yield practitioner, edited this collection on leveraged credit markets, with contributions from both academics and market participants. The chapters cover high yield bonds, leveraged loans, distressed debt and the structured vehicles that hold them, combining empirical research with market practice.

The reference has not verified this volume's contents chapter by chapter. Its subject and format are established by the title, the editors and the publisher's practitioner series, and this entry does not assert more. Readers wanting a verified technical treatment of the same market should consider Antczak, Lucas and Fabozzi's Leveraged Finance, which covers overlapping ground.

Key takeaways 5

  1. Leveraged credit markets connect bonds, loans, derivatives and structured vehicles, and pricing in each is constrained by the others.
  2. Academic research on high yield returns and practitioner experience of the market frequently disagree, and this volume presents both.
  3. Distressed debt investing depends on bankruptcy process and creditor coordination rather than on credit analysis alone.
  4. The investor base for leveraged loans shifted from banks to structured vehicles and funds, which changed how the market behaves under stress.
  5. Default and recovery experience in leveraged credit is cyclical and clusters with the credit conditions that preceded issuance.

Who should read it

Credit practitioners looking for a mixed academic and market treatment of leveraged finance, with the caveat that this entry is not verified in detail.

Similar books 6

Chosen by shared topics, the entries that hold them, and the people who recommended both.

A Pragmatist's Guide to Leveraged Finance
T3 A Pragmatist's Guide to Leveraged Finance
Robert Kricheff · 2012
Open LibraryGoodreads

How a credit analyst measures leverage and coverage in high-yield bonds and loans.

Leveraged FinanceLeveraged Finance
T3 Leveraged Finance
Stephen J. Antczak, Douglas J. Lucas, Frank J. Fabozzi · 2009
Open LibraryGoodreads

High-yield bonds, leveraged loans and the credit derivatives written on them.

Private DebtPrivate Debt
T3 Private Debt
Stephen L. Nesbitt · 2018
Open LibraryGoodreads

The case for direct lending to middle-market companies as an asset class.

Junk BondsJunk Bonds
T3 Junk Bonds
Glenn Yago · 1990
Open LibraryGoodreads

The revisionist defence of high yield as a financing innovation.

The Handbook of Loan Syndications and TradinThe Handbook of Loan Syndications and Trading
T4 The Handbook of Loan Syndications and Trading
LSTA · 2006
Open LibraryGoodreads

LSTA reference on how leveraged loans are originated, syndicated and traded.

A Complete Guide to the Futures MarketsA Complete Guide to the Futures Markets
T4 A Complete Guide to the Futures Markets
Jack D. Schwager · 1984
Open LibraryGoodreads

Second edition 2017 with Mark Etzkorn, titled A Complete Guide to the Futures Market.

Where it sits in the reference 1

Private credit and direct lending
Assets

Topics

Finance and MarketsInvesting