Leveraged Financial Markets
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
- Leveraged credit markets connect bonds, loans, derivatives and structured vehicles, and pricing in each is constrained by the others.
- Academic research on high yield returns and practitioner experience of the market frequently disagree, and this volume presents both.
- Distressed debt investing depends on bankruptcy process and creditor coordination rather than on credit analysis alone.
- The investor base for leveraged loans shifted from banks to structured vehicles and funds, which changed how the market behaves under stress.
- 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.
Where it sits in the reference 2
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