{"product_id":"leveraged-finance-9780470503706","title":"Leveraged Finance","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eLeveraged finance is an often discussed topic and includes coverage of loans, bonds, collateralized loan obligations, and portfolio credit products such as synthetics. This is a rich and comprehensive guide to the instruments financing most of corporate America (bonds and loans) and their derivatives.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"…a resource that will be invaluable to traditional and nontraditional investors long after the market recovers.\" (\u003ci\u003eThe Investment Professional\u003c\/i\u003e)\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAbout the Authors xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePart One: The Cash Market 2\u003c\/p\u003e \u003cp\u003ePart Two: The Structured Markets 3\u003c\/p\u003e \u003cp\u003ePart Three: The Synthetic Markets 4\u003c\/p\u003e \u003cp\u003ePart Four: How to Trade the Leveraged Finance Market 5\u003c\/p\u003e \u003cp\u003ePart Five: Default Correlation 6\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eThe Cash Market 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eThe High-Yield Bond Market 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Reasons Companies Are Classified as High-Yield Issuers 11\u003c\/p\u003e \u003cp\u003eSize and Growth of the Cash Market 13\u003c\/p\u003e \u003cp\u003eTypes of Structures 21\u003c\/p\u003e \u003cp\u003eA Look at Ratings 22\u003c\/p\u003e \u003cp\u003eRisk and Return for Bonds 26\u003c\/p\u003e \u003cp\u003eWhat’s Priced In? 31\u003c\/p\u003e \u003cp\u003eHow About Recoveries? 35\u003c\/p\u003e \u003cp\u003eSummary 37\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eLeveraged Loans 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Tale of Two Loans 39\u003c\/p\u003e \u003cp\u003eIntroduction to Leveraged Loans 42\u003c\/p\u003e \u003cp\u003eAn Overview of Loan Terms 56\u003c\/p\u003e \u003cp\u003eLoan Recovery Rates 65\u003c\/p\u003e \u003cp\u003eLoan Default Rates 73\u003c\/p\u003e \u003cp\u003eSummary 79\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eStructured Market 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCollateralized Loan Obligations 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding CLOs 83\u003c\/p\u003e \u003cp\u003eElaborations and Details 92\u003c\/p\u003e \u003cp\u003eSummary 104\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCLO Returns 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefault and Recovery Scenarios 105\u003c\/p\u003e \u003cp\u003eDistressed Loan Prices, Overflowing Triple-C Buckets, and CLO Returns 119\u003c\/p\u003e \u003cp\u003eSummary 129\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCLO Portfolio Overlap 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCollateral Overlap in U.S. CLOs 134\u003c\/p\u003e \u003cp\u003eCollateral Vintage vs. Deal Vintage 142\u003c\/p\u003e \u003cp\u003eFavorite CLO Credits 142\u003c\/p\u003e \u003cp\u003eSingle-Name Risk and Tranche Protections 146\u003c\/p\u003e \u003cp\u003eExcess Overcollateralization and Excess Overcollateralization Delta 150\u003c\/p\u003e \u003cp\u003eSenior and Subordinate Excess OC Deltas 151\u003c\/p\u003e \u003cp\u003eEquity Tranches and Distressed Tranches 157\u003c\/p\u003e \u003cp\u003eSummary 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSynthetic Markets 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCredit Default Swaps and the Indexes 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Are Credit Default Swaps? 162\u003c\/p\u003e \u003cp\u003eWho Uses Protection, and for What? 168\u003c\/p\u003e \u003cp\u003eGrowth of the Market 168\u003c\/p\u003e \u003cp\u003eMarking-to-Market: SDV 01 170\u003c\/p\u003e \u003cp\u003eCredit Default Swaps Indexes 172\u003c\/p\u003e \u003cp\u003eContrasting the LCDX and CDX Indexes 177\u003c\/p\u003e \u003cp\u003eBeta: A Study of Movement 178\u003c\/p\u003e \u003cp\u003eSummary 183\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIndex Tranches 185\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Mechanics of the Tranche Market 185\u003c\/p\u003e \u003cp\u003eLoan Tranches 195\u003c\/p\u003e \u003cp\u003eSummary 199\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eHow to Trade the Leveraged Finance Market 201\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eRecessions and Returns 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBroad Market Performance 204\u003c\/p\u003e \u003cp\u003eSector Performance 207\u003c\/p\u003e \u003cp\u003ePerformance by Rating 207\u003c\/p\u003e \u003cp\u003eSummary 210\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eFramework for the Credit Analysis of Corporate Debt 211\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eApproaches to Credit Analysis 211\u003c\/p\u003e \u003cp\u003eIndustry Considerations 216\u003c\/p\u003e \u003cp\u003eFinancial Analysis 220\u003c\/p\u003e \u003cp\u003eQuantitative Models 232\u003c\/p\u003e \u003cp\u003eSummary 233\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eTrading the Basis 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Basic Basis Package 236\u003c\/p\u003e \u003cp\u003eConstructing the Basic Package 236\u003c\/p\u003e \u003cp\u003eMoving Away from the Basic Model 240\u003c\/p\u003e \u003cp\u003eAdding Positive Convexity 249\u003c\/p\u003e \u003cp\u003eNegative Convexity 254\u003c\/p\u003e \u003cp\u003eA More Complex Basis Package 255\u003c\/p\u003e \u003cp\u003eHedge Ratios for CLO Hedging 259\u003c\/p\u003e \u003cp\u003eSummary 260\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eHow Much Should You Get Paid to Take Risk? 263\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSingle-Name Credit Risk 263\u003c\/p\u003e \u003cp\u003eCurve Risk 267\u003c\/p\u003e \u003cp\u003eBasis Risk 269\u003c\/p\u003e \u003cp\u003eCapital Structure Risk 274\u003c\/p\u003e \u003cp\u003eSummary 281\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDefault Correlation 283\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDefault Correlation: The Basics 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefault Correlation Defined 285\u003c\/p\u003e \u003cp\u003eDefault Probability and Default Correlation 291\u003c\/p\u003e \u003cp\u003eSummary 309\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eEmpirical Default Correlations: Problems and Solutions 311\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEmpirical Results 311\u003c\/p\u003e \u003cp\u003eProblems with Historical Default Correlations 315\u003c\/p\u003e \u003cp\u003eProposed Solutions 318\u003c\/p\u003e \u003cp\u003eSummary 333\u003c\/p\u003e \u003cp\u003eIndex 335\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":48864630210903,"sku":"9780470503706","price":54.75,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780470503706.jpg?v=1722272810","url":"https:\/\/bookcurl.com\/products\/leveraged-finance-9780470503706","provider":"Book Curl","version":"1.0","type":"link"}