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This two-day course reviews the basics of high-yield debt while providing an overview of current issues for this area of securities.
Increasing complexity and globalization in capital-forming activities have directed renewed attention to the area of high-yield securities. This course reviews the basics of high-yield debt while providing an overview of relevant current issues.
Topics include credit analysis of risky debt, today's market for high-yield, seniority and subordination, use of "junk" bonds in leveraged buyouts, high-risk debt in troubled or leveraged companies, the effect of secondary markets and vulture funds, and debt structures in multi-layered or international corporate entities.
- Understand the crucial differences between seniority and subordination in credit.
- Apply fundamental principles of analysis to high-yield debt.
- Understand the dynamics of the high-yield market in different environments.
- Anticipate questions faced by debtholders during financial distress and bankruptcies.
- Credit analysts
- Ratings advisors
- Investment and commercial bankers
- Fixed income professionals (both buy and sell sides)
- Portfolio/asset/fund managers
- Equity analysts
- Mergers and acquisitions (M&A) professionals
- Banking supervisors
- Credit risk professionals
- Basel project managers