The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt

The leveraged credit market is currently valued at over $4 trillion and is one of the fastest-growing asset classes, fueling demand for well-trained credit analysts. However, there is a dearth of, if any, comprehensive resources for young professionals seeking to understand this exciting asset class better. The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt by Michael Gatto fills this void by providing a definitive guide to investing in the leveraged credit markets--public, private, performing, and distressed.

Michael's seven-step credit analysis process, developed over 25 years of investing alongside some of the world's best credit investors, will prepare you for a career at the top buy-side and sell-side firms on Wall Street. Whether you are analyzing a loan origination in the private debt market, a new broadly syndicated loan, high yield bond issue, or a secondary trade, this book will equip you with the knowledge to make well-founded investments and avoid common analytical mistakes.

Additionally, aspiring credit analysts will learn, from a practitioner's perspective, profit-maximizing strategies specific to distressed debt investing, including those relating to bankruptcies and restructurings.

You will:

• Gain In-Depth Knowledge: Understand the complexities of credit markets, from trading dynamics to historical credit cycles, allowing you to identify profitable debt investment opportunities--and avoid pitfalls
• Master the Analytical Framework: Learn Michael's seven-step process for analyzing credit investments, including qualitative industry and business metrics, financial statement analysis, forecasting, corporate valuation, relative value comparisons, and debt structuring
• Learn How to Write an Investment Recommendation: Reviewreal-life credit memos to understand how analysts translate this framework into recommendations that drive investment decisions at the top credit funds
• Navigate Distressed Debt: Explore the strategies and nuances of distressed debt investing, including high-profile case studies from the past two decades of bankruptcies and restructurings

The Credit Investor's Handbook caters to finance majors aspiring to build successful careers in the credit markets, newly minted credit analysts seeking to enhance their skills, and seasoned professionals looking to broaden their expertise. Moreover, professors, researchers, lawyers, and advisors servicing the credit industry will find immense value in this comprehensive resource.