Gatto, Michael A
The Credit investor's handbook: leveraged loans, high yield bonds, and distressed debt/ Michel A. Gatto - New Jersey: John Wiley & Sons, 2024. - xxxiv, 381p. : ill. ; 26 cm.
Wiley Finance Series
includes appendix, index, graphs and tables
Preface: my story
Introduction: structure of the book
Part one. Building blocks of the leveraged credit markets
Description and history of the leveraged finance markets
Credit cycles
A primer on leveraged credit trading terminology
A primer on leveraged buyouts (LBOs)
Part two. The seven-step process of evaluating a debt investment
Step 1 of the credit analysis process: sources and uses
Step 2 of the credit analysis process: qualitative analysis
Step 3(a) of the credit analysis process: financial statement analysis
profitability
Step 3(b) of the credit analysis process: financial statement analysis
cash flow and liquidity
Step 3(c) of the credit analysis process: financial statement analysis
capital structure
Step 4 of the credit analysis process: forecasting
Step 5 of the credit analysis process: corporate valuation
Step 6 of the credit analysis process: structuring and documentation
Step 7 of the credit analysis process: preparing an investment recommendation and credit committee memo
Part three. Distressed debt investing
Introduction to distressed debt investing
Bankruptcy 101
Bankruptcy fights
How subordination works in bankruptcy
Liability management and creditor-on-creditor violence
Making money in distressed situations
My closing comment
Appendix. The Quinn case study
The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt is the definitive guide for young investment professionals embarking on a career investing in the leveraged credit markets - whether public, private, performing, or distressed. Experienced professionals will also immensely benefit from this guide as they refine their investment skills.
Michael Gatto has twenty-five years of investing experience in the debt markets at Silver Point Capital (a $20 billion credit-focused fund) and Goldman Sachs' Special Situations Group. Furthermore, he is an adjunct professor at Columbia Business School and Fordham University's Gabelli School of Business. Michael brings these experiences together in this comprehensive manual, teaching the skills to succeed in the dynamic and complex credit markets. Michael brings highly complex case studies to life using decades of his first-hand war stories and combines them with reflections from leading industry professionals, often infused with humor, to make the book accessible, readable, and fun.
Michael's seven-step credit analysis process will prepare you for a career in credit investing at the top buy-side and sell-side firms on Wall Street by teaching you the technical skills needed to invest in the debt markets. Whether you are analyzing a loan origination in the private debt market, a new issue of a broadly syndicated loan (BSL), a high-yield bond (HY), or a secondary trade, the comprehensive knowledge gained from this book will equip you to make well-founded investment recommendations. Additionally, an entire section devoted to distressed debt investing incorporates a practitioner's perspective on the nuances of bankruptcy and restructurings to develop strategies to profit from opportunities in this opaque market. In clear, straightforward terms accessible to the layperson, Michael explains strategies pursued by distressed companies such as J. Crew and Serta that have led to creditor-on-creditor violence, giving you an insider's perspective on some of the least understood transactions in the distressed arena.
9781394196050
Investments
credit
332.6 / GAT
The Credit investor's handbook: leveraged loans, high yield bonds, and distressed debt/ Michel A. Gatto - New Jersey: John Wiley & Sons, 2024. - xxxiv, 381p. : ill. ; 26 cm.
Wiley Finance Series
includes appendix, index, graphs and tables
Preface: my story
Introduction: structure of the book
Part one. Building blocks of the leveraged credit markets
Description and history of the leveraged finance markets
Credit cycles
A primer on leveraged credit trading terminology
A primer on leveraged buyouts (LBOs)
Part two. The seven-step process of evaluating a debt investment
Step 1 of the credit analysis process: sources and uses
Step 2 of the credit analysis process: qualitative analysis
Step 3(a) of the credit analysis process: financial statement analysis
profitability
Step 3(b) of the credit analysis process: financial statement analysis
cash flow and liquidity
Step 3(c) of the credit analysis process: financial statement analysis
capital structure
Step 4 of the credit analysis process: forecasting
Step 5 of the credit analysis process: corporate valuation
Step 6 of the credit analysis process: structuring and documentation
Step 7 of the credit analysis process: preparing an investment recommendation and credit committee memo
Part three. Distressed debt investing
Introduction to distressed debt investing
Bankruptcy 101
Bankruptcy fights
How subordination works in bankruptcy
Liability management and creditor-on-creditor violence
Making money in distressed situations
My closing comment
Appendix. The Quinn case study
The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt is the definitive guide for young investment professionals embarking on a career investing in the leveraged credit markets - whether public, private, performing, or distressed. Experienced professionals will also immensely benefit from this guide as they refine their investment skills.
Michael Gatto has twenty-five years of investing experience in the debt markets at Silver Point Capital (a $20 billion credit-focused fund) and Goldman Sachs' Special Situations Group. Furthermore, he is an adjunct professor at Columbia Business School and Fordham University's Gabelli School of Business. Michael brings these experiences together in this comprehensive manual, teaching the skills to succeed in the dynamic and complex credit markets. Michael brings highly complex case studies to life using decades of his first-hand war stories and combines them with reflections from leading industry professionals, often infused with humor, to make the book accessible, readable, and fun.
Michael's seven-step credit analysis process will prepare you for a career in credit investing at the top buy-side and sell-side firms on Wall Street by teaching you the technical skills needed to invest in the debt markets. Whether you are analyzing a loan origination in the private debt market, a new issue of a broadly syndicated loan (BSL), a high-yield bond (HY), or a secondary trade, the comprehensive knowledge gained from this book will equip you to make well-founded investment recommendations. Additionally, an entire section devoted to distressed debt investing incorporates a practitioner's perspective on the nuances of bankruptcy and restructurings to develop strategies to profit from opportunities in this opaque market. In clear, straightforward terms accessible to the layperson, Michael explains strategies pursued by distressed companies such as J. Crew and Serta that have led to creditor-on-creditor violence, giving you an insider's perspective on some of the least understood transactions in the distressed arena.
9781394196050
Investments
credit
332.6 / GAT