The U.S. corporate high yield market is worth $2.4 trillion―more than the stock markets of most developed countries. Market growth has increased the number of funds with high yield exposure, as well as the types of debt products available for investment. This book breaks it down into concrete terms, providing the answers advisors need to effectively evaluate the opportunities on offer.
- Understand the high yield asset class
- Learn the debt structures, performance and defaults
- Evaluate risk and investment opportunities
- Penetrate the jargon to make sense of high yield investment
Over 300 publicly traded funds provide exposure to U.S. high yield, but despite it’s size and ubiquity, understanding of the asset class as a whole remains somewhat of a rarity―even among participants. A lack of transparency is partially to blame, but the market’s evolution over the past fifteen years is the larger issue. High Yield Debt explains the modern high yield market in real terms, providing a much-needed resource for the savvy investor.
“Rajay Bagaria has written the first book that captures a 360 degree view of the high yield debt market. Whether you are an investor, investment banker, corporate lawyer, CFO or layperson simply trying to gain insights into the fundamentals of high yield debt, this book translates financial and legal concepts, trends and structures of high yield bonds and leveraged loans into a simple, understandable format. Mr. Bagaria’s book is a valuable resource for anyone involved in the new issue or secondary leveraged finance markets.”
―Frank J. Lopez, Co-Head Global Capital Markets, Proskauer
“Bagaria does a great service for both high yield professionals and beginners by providing an accessible, well-written, insightful market primer.”
―Steven Miller, Managing Director, S&P Capital IQ, Leveraged Commentary & Data
“High-Yield Debt – An Insider’s Guide to the Marketplace is a comprehensive book that provides an in-depth understanding of the history, growth, basics and details of high-debt and the high-yield market. The author gives insights that only an experienced professional can provide. The book will be invaluable to readers both starting out and knowledgeable about an important segment of corporate finance, dealing with concepts, structures and performance.”
―Arthur Kaufman, Retired Partner, Fried, Frank, Harris, Shriver & Jacobson LLP / Member of Adjunct Faculty, Columbia Law School