Investing in Junk Bonds
Investing in Junk Bonds is the first comprehensive guide to the booming junk bond market. It offers sophisticated investors a complete analysis of the high-yield bond market—its anatomy, history, participants, risks, and returns. With the Zeta model, investors can assess the safety of an issue before they commit. This book helps private investors, mutual funds, pensions, banks, and insurance money managers make sure their junk bonds don't live up to the name.
Investing in Junk Bonds details the rise and operation of the high yield debt market as illustrated by Junk Bonds.
Among the concepts discussed in this classic volume are: expected yields; realized returns; default experience; market growth and size; credit quality trends, related mutual fund results and portfolio holdings; mergers and acquisitions and takeovers; new issue and issue characteristics; underwriter standings; and developing investment strategies.
Table of Contents
Introducing the High Yield Debt Market
The Anatomy of the High Yield Debt Market
New Issuer Characteristics and Underwritings
Investor Attractions: Mutual Funds and Other Investor Activities
Default Rates on High Yield Debt
Mergers and Acquisitions - Recent Experience and Leverage Issues
Portfolio Strategies in the High Yield Debt Market
Testing of Investment Strategies
Appendix 1: Database Characteristics and Calculations
Appendix 2: Contribution of Total Return From Coupon and Price Changes
Appendix 3: Duration and Zero Coupon Bond Equivalency