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商品の説明
内容説明
A timely guide to today’s high-yield corporate debt markets Leveraged Finance is a comprehensive guide to the instruments and markets that finance much of corporate America. Presented in five sections, this experienced author team covers topics ranging from the basics of bonds and loans to more advanced topics such as valuing CDs, default correlations among CLOs, and hedging strategies across corporate capital structures. Additional topics covered include basic corporate credit, relative value analysis, and various trading strategies used by investors, such as hedging credit risk with the equity derivatives of a different company. Stephen Antczak, Douglas Lucas, and Frank Fabozzi present readers with real-market examples of how investors can identify investment opportunities and how to express their views on the market or specific companies through trading strategies, and examine various underlying assets including loans, corporate bonds, and much more. They also offer readers an overview of synthetic and structured products such as CDS, LCDS, CDX, LCDX, and CLOs. Leveraged Finance has the information you need to succeed in this evolving financial arena.
著者について
Stephen J. Antczak, CFA, is an Executive Director at UBS. Prior to joining UBS in 2001, he was a senior strategist at Merrill Lynch, and he has also worked at the Bureau of Labor Statistics as an economist. Antczak graduated from the University of Michigan with a BA in economics and an MBA in business economics and finance.
Douglas J. Lucas has been a Group Managing Director and Director of Ratings Research at Moody's Investor Service since November 2008. Prior to that, he was head of CDO Research at UBS. Lucas has a BA magna cum laude in economics from UCLA and an MBA with Honors from the University of Chicago.
Frank J. Fabozzi, PhD, CFA, CPA, is Professor in the Practice of Finance and Becton Fellow at Yale University's School of Management, Editor of the Journal of Portfolio Management, and Associate Editor of the Journal of Structured Finance and the Journal of Fixed Income.
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カスタマーレビュー
Amazon.com で最も参考になったカスタマーレビュー (beta)
Amazon.com:
2件のカスタマーレビュー
3 人中、3人の方が、｢このレビューが参考になった｣と投票しています。
doesn't try to predict the future
2009/10/8
形式:ハードカバー
The book was written in early 2009, just as the market was plumbing new multiyear lows. Perhaps because of this, the authors are careful not to offer any predictions as to the future. Instead the book is timely, in that it explains CLOs and CDSs to a reader unacquainted with them.
We are reminded that CLOs have been around 20 years, which includes the 90-1 and 2001 recessions. These were not generally implicated as causes of those events. But CLOs and their sisters, the CDSs, were common funding events in recent years. The text describes how these were typically made out of simpler financial constructs.
Unsurprisingly considering when the book was written, there is an extensive discussion about the default rates. Of course these are historical, and the reader should appreciate that the severity of the current recession might well yield higher defaults.
Generally the maths is kept at a necessary minimum; just enough to illustrate the concepts.
We are reminded that CLOs have been around 20 years, which includes the 90-1 and 2001 recessions. These were not generally implicated as causes of those events. But CLOs and their sisters, the CDSs, were common funding events in recent years. The text describes how these were typically made out of simpler financial constructs.
Unsurprisingly considering when the book was written, there is an extensive discussion about the default rates. Of course these are historical, and the reader should appreciate that the severity of the current recession might well yield higher defaults.
Generally the maths is kept at a necessary minimum; just enough to illustrate the concepts.
2 人中、1人の方が、｢このレビューが参考になった｣と投票しています。
Authoritative and approachable
2010/7/19
形式:ハードカバー|Amazonが確認した購入
As a practitioner, i found this author's approach authoritative and approachable. The subject matter was well organized and fully detailed, yet it was also readable. This is a book that can function as a great intro to Lev Fin for the average or advanced investor.
It's a must read for those interested in Lev Fin, CLO's, and High Yield. Great thoughts and great perspective from some of the greatest minds in this space.
It's a must read for those interested in Lev Fin, CLO's, and High Yield. Great thoughts and great perspective from some of the greatest minds in this space.
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