Leveraged Finance: Concepts, Methods, and Trading of High-Yield Bonds, Loans, and Derivatives (Frank J. Fabozzi Series) |  | Authors: Stephen J. Antczak, Douglas J. Lucas, Frank J. Fabozzi
Publisher: Wiley
List Price: $80.00
Buy New: $43.70
as of 11/23/2009 02:57 CST details
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Seller: indoobestsellers
Rating:  1 reviews
Sales Rank: 130455
Media: Hardcover
Pages: 368
Number Of Items: 1
Shipping Weight (lbs): 1.3
Dimensions (in): 9.1 x 6.2 x 1.5
ISBN: 047050370X
Dewey Decimal Number: 332.63
EAN: 9780470503706
ASIN: 047050370X
Publication Date: July 27, 2009
Availability: Usually ships in 1-2 business days
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Product Description
A timely guide to today’s high-yield corporate debt markets Leveraged Finance is a comprehensive guide to the instruments and markets that finance much of corporate America. Presented in five sections, this experienced author team covers topics ranging from the basics of bonds and loans to more advanced topics such as valuing CDs, default correlations among CLOs, and hedging strategies across corporate capital structures. Additional topics covered include basic corporate credit, relative value analysis, and various trading strategies used by investors, such as hedging credit risk with the equity derivatives of a different company. Stephen Antczak, Douglas Lucas, and Frank Fabozzi present readers with real-market examples of how investors can identify investment opportunities and how to express their views on the market or specific companies through trading strategies, and examine various underlying assets including loans, corporate bonds, and much more. They also offer readers an overview of synthetic and structured products such as CDS, LCDS, CDX, LCDX, and CLOs. Leveraged Finance has the information you need to succeed in this evolving financial arena.
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| Customer Reviews:
doesn't try to predict the future October 7, 2009
W Boudville (Terra, Sol 3)
The book was written in early 2009, just as the market was plumbing new multiyear lows. Perhaps because of this, the authors are careful not to offer any predictions as to the future. Instead the book is timely, in that it explains CLOs and CDSs to a reader unacquainted with them.
We are reminded that CLOs have been around 20 years, which includes the 90-1 and 2001 recessions. These were not generally implicated as causes of those events. But CLOs and their sisters, the CDSs, were common funding events in recent years. The text describes how these were typically made out of simpler financial constructs.
Unsurprisingly considering when the book was written, there is an extensive discussion about the default rates. Of course these are historical, and the reader should appreciate that the severity of the current recession might well yield higher defaults.
Generally the maths is kept at a necessary minimum; just enough to illustrate the concepts.
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