High Yield Bonds: Market Structure, Valuation, and Portfolio Strategies (McGraw-Hill Library of Investment and Finance) - Hardcover

Barnhill, Theodore; Shenkman, Mark; Maxwell, William

Hardcover

ISBN 10: 0070067864 ISBN 13: 9780070067868

Verlag: McGraw-Hill Education, 1999

Inhaltsangabe

High yield bonds are exploding in popularity among professional investors. Offering higher yields than conventional bonds, high-yield bonds are enormously attractive to pension funds, banks, and other institutional investors. Since 1993, the market has nearly doubled from $235 billion to over $400 billion in outstanding issues. High-Yield Bonds is the most comprehensive and authoritative book ever published on this burgeoning market. The book features contributions from investment luminaries from both Wall Street and the academic world, such as Martin Fridson of Merrill Lynch, Robert Kricheff of CS First Boston, and Frank Reilly of Notre Dame. The book will deal with every aspect of the high-yield market, and will function as an educational tool, a reference, and a source for information on the latest research and strategies.

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Reseña del editor:

HIGH-YIELD BONDS provides state-of-the-art research, strategies, and toolsÑalongside the expert analysis of respected authorities including Edward Altman of New York UniversityÕs Salomon Center, Lea Carty of MoodyÕs Investor Service, Sam DeRosa-Farag of Donaldson, Lufkin & Jenrette, Martin Fridson of Merrill Lynch & Company, Stuart Gilson of Harvard University, Robert Kricheff of CS First Boston, and Frank Reilly of the University of Notre DameÑto help you truly understand todayÕs high-yield market. For added value and ease of reference, this high-level one-volume encyclopedia is divided into seven sections detailing virtually every aspect of high-yield bond investment. They include: Market structureÑThe role of investment banks in security innovation and market development, evolution of analytical methodologies, and recent leveraged loan market developments; Security risk analysisÑHistorical bond default rates, real interest rate and default rate relationships, and new simulation methodologies for modeling credit quality; Security valuationÑImpact of seniority and security on bond pricing and return, important trading factors, and a Monte Carlo simulation methodology for valuing bonds and options in the context of correlated interest rate and credit risk; Market valuation modelsÑEconometric studies which detail the importance of monetary influences, risk-free interest rates, default rates, mutual fund flows, and seasonal fluctuations; Portfolio managementÑHistorical perspective and comparison to alternative investments, analysis of indices available to investors, and specific portfolio selection and risk management strategies of professional fund managers; Distressed security investingÑHistorical risk and return information, plus an academic overview of the market and decision criteria for uncovering and investing in securities with higher-than-average risk-adjusted returns; Corporate finance considerationsÑEmerging firmsÕ strategic choice between external debt and equity financing, as well as the choice of issuing public versus private (Rule-144a) securities. HIGH-YIELD BONDS provides extensive coverage of bond valuation and the construction and management of high-yield portfolios. Advanced Monte Carlo simulation models for the valuation of bonds and options on bonds as well as risk assessments on portfolios of bonds under conditions of correlated interest rate and credit risk are demonstrated. In todayÕs explosive environment of multiple new issues and high risk versus return relationships, it is paramount that you get advice from analysts and experts who have been influential in shaping and defining the market. HIGH-YIELD BONDS will provide you with a valuable reference to this fascinating and constantly changing class of securities, helping you assemble a stable, diversified portfolio of fixed income investments that provides the greatest returns and the lowest risks.

Contraportada:

The availability of newer forms of high-yield bonds, along with dramatic growth in international issues and leveraged loans, marks a growing maturity in the high-yield bond market. But mistakes can be costly, and busy institutional investers and corporate finance officers can still find it challenging to locate the most favorable investment opportunities. High-Yield Bonds thoroughly explores everyangle of this complex market, delivering statistics, research findings, and empirical facts guaranteed to help you understand the risks and rewards of high-yield investing. More than just a theoretical treatise on lower-grade bonds, this hands-on referenceshows you how to uncover issues that provide exceptional returns for acceptable risk. Examples of the discussions include: a 77-year study of corporate bond defaults that reveals patterns and correlations--helping you intuitively judge a bond's risks; credit analylsis methodologies to help you determine an issuer's weaknesses and better evaluate the 12- to 24-month prospects; simulation methodologies to identify optimally diversified portfolios. As U.S.and international institutional investors seek higher yields, and emerging companies seek new sources of capital to finance growth, the high-yield bond market will continue to grow in strength and importance. Let High-Yield Bonds act as your on-call investment advisor in navigating this risky-yet profitable-market.

Über diese Auflage

• Verlag: McGraw-Hill Education
• Erscheinungsdatum: 1999
• ISBN 10: 0070067864
• ISBN 13: 9780070067868
• Einband: Tapa dura
• Anzahl der Seiten: 574