Download Leveraged Finance: Concepts, Methods, and Trading of by Stephen J. Antczak PDF

By Stephen J. Antczak

A well timed advisor to today’s high-yield company debt markets Leveraged Finance is a accomplished advisor to the tools and markets that finance a lot of company the US. offered in 5 sections, this skilled writer group covers subject matters starting from the fundamentals of bonds and loans to extra complex subject matters similar to valuing CDs, default correlations between CLOs, and hedging innovations throughout company capital buildings. extra themes lined contain uncomplicated company credits, relative price research, and numerous buying and selling options utilized by traders, akin to hedging credits possibility with the fairness derivatives of a special corporation. Stephen Antczak, Douglas Lucas, and Frank Fabozzi current readers with real-market examples of ways traders can establish funding possibilities and the way to precise their perspectives out there or particular businesses via buying and selling techniques, and think about a variety of underlying resources together with loans, company bonds, and lots more and plenty extra. additionally they provide readers an outline of man-made and established items resembling CDS, LCDS, CDX, LCDX, and CLOs. Leveraged Finance has the data you want to achieve this evolving monetary area

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By Stephen J. Antczak

A well timed advisor to today’s high-yield company debt markets Leveraged Finance is a accomplished advisor to the tools and markets that finance a lot of company the US. offered in 5 sections, this skilled writer group covers subject matters starting from the fundamentals of bonds and loans to extra complex subject matters similar to valuing CDs, default correlations between CLOs, and hedging innovations throughout company capital buildings. extra themes lined contain uncomplicated company credits, relative price research, and numerous buying and selling options utilized by traders, akin to hedging credits possibility with the fairness derivatives of a special corporation. Stephen Antczak, Douglas Lucas, and Frank Fabozzi current readers with real-market examples of ways traders can establish funding possibilities and the way to precise their perspectives out there or particular businesses via buying and selling techniques, and think about a variety of underlying resources together with loans, company bonds, and lots more and plenty extra. additionally they provide readers an outline of man-made and established items resembling CDS, LCDS, CDX, LCDX, and CLOs. Leveraged Finance has the data you want to achieve this evolving monetary area

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Extra info for Leveraged Finance: Concepts, Methods, and Trading of High-Yield Bonds, Loans, and Derivatives

Example text

Secondary trading volume grew from $50 billion in the first quarter of 2005 to $142 billion in second quarter 2008, as calculated by the Loan Syndications and Trading Association (LSTA). One of the factors behind the rising interest in the secondary market for loans was the increasing amount of available information. Since loans are private contracts between lenders and borrowers, very little public information used to be available. That has changed since 1987. 2 In 1995, market participants, including banks, brokers, and investors, created the nonprofit LSTA.

5 is meant to be used only as a guide, not as a rule, and there will always be exceptions. Historical Rating Transition Matrix To see how ratings change over time, the rating agencies publish periodically this information in the form of a table. This table is called a rating transition table or rating migration table. The table is useful for investors in assessing potential downgrades and upgrades. A rating transition matrix is available for different transition periods. 6 presents the average one-year rating migration rates based on data from 1970 to 2007.

General Motors Corp. Ba3/B+ Loan Rating Moody’s/S&P ADESA Inc. 33 Average bid (pct. 25 1690 1080 1900 2344 1175 1000 4750 8800 5250 1500 7000 950 5700 6500 900 875 1225 1490 Weekly change Facility (pct. 69 Average bid (pct. 09 300 1125 100 1530 5515 1410 804 Weekly change Facility (pct. ) Size ($mm) Note: These are the averages of indicative bid prices provided by bank loan traders and expressed as a percentage of the par, or face, value. Coupon, or interest rate, is in 1/100s of a percentage point over LIBOR, the benchmark London Interbank Offered Rate.

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