High Yield Bonds: Market Structure, Valuation, and Portfolio Strategies

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 every angle 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 reference shows 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.

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