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

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Prepare for or enhance a career investing in the credit markets with this authoritative guide.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. The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt is the definitive guide for young investment professionals embarking on a career investing in the leveraged credit markets – whether public, private, performing, or distressed. Experienced professionals will also immensely benefit from this guide as they refine their investment skills. Michael Gatto has twenty-five years of investing experience in the debt markets at Silver Point Capital (a $20 billion credit-focused fund) and Goldman Sachs' Special Situations Group. Furthermore, he is an adjunct professor at Columbia Business School and Fordham University's Gabelli School of Business. Michael brings these experiences together in this comprehensive manual, teaching the skills to succeed in the dynamic and complex credit markets. Michael brings highly complex case studies to life using decades of his first-hand war stories and combines them with reflections from leading industry professionals, often infused with humor, to make the book accessible, readable, and fun. Michael's seven-step credit analysis process will prepare you for a career in credit investing at the top buy-side and sell-side firms on Wall Street by teaching you the technical skills needed to invest in the debt markets. Whether you are analyzing a loan origination in the private debt market, a new issue of a broadly syndicated loan (BSL), a high-yield bond (HY), or a secondary trade, the comprehensive knowledge gained from this book will equip you to make well- founded investment recommendations. Additionally, an entire section devoted to distressed debt investing incorporates a practitioner's perspective on the nuances of bankruptcy and restructurings to develop strategies to profit from opportunities in this opaque market. In clear, straightforward terms accessible to the layperson, Michael explains strategies pursued by distressed companies such as J. Crew and Serta that have led to creditor-on-creditor violence, giving you an insider’s perspective on some of the least understood transactions in the distressed arena. You will: Gain In-Depth Knowledge: Understand the complexities of credit markets, from trading dynamics to historical credit cycles, allowing you to identify 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 analysis, financial statement analysis, forecasting, corporate valuation, relative value analysis, and debt structuring. Learn How to Write an Investment Recommendation: Review real-life credit memos to understand how analysts translate this framework into recommendations that drive investment decisions at the top credit funds.Discover Key Concepts and Terminology: leveraged buyout financings (LBOs), trading levels (price, yields, and spreads), shorting, and credit default swaps.Navigate Distressed Debt: Explore the strategies and nuances of distressed debt investing, including bankruptcy, subordination, creditor-on- creditor violence, and high-profile case studies from the past three decades of Chapter 11 restructurings.This book caters to finance majors pursuing investing careers, credit analysts seeking to enhance their skills, and seasoned professionals aiming to expand their expertise. Professors, researchers, lawyers, and advisors servicing the credit industry will also find immense value in this comprehensive guide. Read more

Publisher ‏ : ‎ Wiley; 1st edition (January 4, 2024)


Language ‏ : ‎ English


Hardcover ‏ : ‎ 416 pages


ISBN-10 ‏ : ‎ 1394196059


ISBN-13 ‏ : ‎ 50


Item Weight ‏ : ‎ 2.31 pounds


Dimensions ‏ : ‎ 7.3 x 1.3 x 10.1 inches


Best Sellers Rank: #23,625 in Books (See Top 100 in Books) #4 in Bonds Investing (Books) #5 in Valuation (Books) #10 in Investment Portfolio Management


#4 in Bonds Investing (Books):


#5 in Valuation (Books):


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Top Amazon Reviews

    • Excellent Finance Book - Incredibly Detailed
As someone who has started his career in credit and wishes to continue, this was the most helpful finance book I have read by far. I very much wish I could have had access to it when I started working after undergrad. It was smooth like a novel but informed like a dense textbook. Mr. Gatto condenses highly complicated financial topics (bankruptcy, Leverage Buyouts) into an easy and enjoyable read. I found the constant use of real companies and past cases to be quite helpful, and for those of you who enjoy history, the high level of detail on prior distressed scenarios from decades earlier is really fun to explore. The last few chapters are certainly more complicated, but he leads through it methodically without rushing any of his key points. The book does a great job of explaining the nuances on valuation and capital structures through multiple scenarios, so you never are thinking "what if this was the case instead?" Beyond writing a great novel, Mr. Gatto also mentions a plethora of resources and books to help encourage greater learning should something catch your eye. I'm not sure I have ever read a book that endorses so many others as well. Overall, a fantastic read and I can't recommend it enough. ... show more
Reviewed in the United States on August 7, 2024 by Stephen Monrad
    • Great overview of credit analysis
This book provides an excellent step by step guide for conducting credit analysis. It's enjoyable to read while providing a good framework for creating credit memos. I particularly enjoyed the detailed examples and case studies. I would say this is the best book on credit analysis I've read.
Reviewed in the United States on August 20, 2024 by Adam L.
    • This is the only book about leveraged finance markets that you will need
I've been following/writing about financial markets for thirty-odd years. The 10Y Treasury was 8% when I started, the S&P 500 was less than 1000. Over time I've come to enjoy monitoring leveraged credit (high yield bonds, leveraged loans, CLOs) the most: correlated to equity, but with a cash flow. And its arena where one will meet the most interesting people and companies. Newcomers need a roadmap, and after three decades reading credit research and fixed income textbooks of various weight (Frank Fabozzi, anyone?) I can say that Prof Gatto's book is absolutely essential for understanding leveraged finance. Gatto has worlds of experience, he writes very well, and he is excellent at explaining how it "works" - that is, the interplay between the income statement, the balance sheet, leverage, security and market prices. There's excellent discussions of emerging trends - that is, the rise of private credit as an alternative to the BSL market. I expect this book will stay on my desk permanently as a reference - along with Stigum's Money Market and Inside the Yield Book. Highly recommended for both newcomers and old campaigners like myself who need a refresh. And it will not overwhelm you if you don't have a MBA. Bond math isn't hugely complicated -- it's not like you are trying to solve the Riemann Hypothesis -- but you need to understand the proper market and industry context. This book will how you how. Highly recommended. ... show more
Reviewed in the United States on February 13, 2024 by James Holloway
    • I Wish I Read This Book Before Interviewing!
As a college student aspiring to work in this industry, I found this book fantastic. The author starts with the basics of credit, assuming no prior knowledge, and builds on each concept, providing a comprehensive understanding and PRACTICAL SKILLS. It covers essential concepts often overlooked by other credit books and classes. The book guides readers on building a credit memo, using a major distressed company from the early 2010s as a case study. Real memos help readers understand the process, and career stories build to the final section on distress investing, which makes it even more engaging. The book provides an in-depth, step-by-step guide to understanding the intricacies of bankruptcy proceedings and the strategies for navigating distressed investing. The explanations of these complex topics are the clearest I've encountered, answering my questions and introducing new topics to ponder. The example memos that Gatto provides are one of the most valuable additions. As a college student, I want to learn to think like a distressed investor. While modeling resources are fairly common, they often lack explanations of the reasoning behind the models. These memos effectively bridge that gap, offering a rare and insightful glimpse into the thought process of an investor. I wish I had read this book before interviewing for roles in this field. It would have given me a different mindset, greater knowledge and confidence, and more interesting conversations with industry professionals. Thank you for writing this book! ... show more
Reviewed in the United States on July 29, 2024 by Mom of Three & Dogs
    • Practical and Insightful for Credit Investors
As an investor, I found The Credit Investor’s Handbook to be incredibly practical and insightful. The book explains complex concepts with real-world examples, making the material easy to follow. The only other book I’ve come across that covers distressed investing in such depth is Stephen Moyer’s Distressed Debt Analysis (2014). While the fundamentals remain the same, the market has evolved and grown more complex, which makes The Credit Investor’s Handbook an even more timely and valuable resource. ... show more
Reviewed in the United States on September 29, 2024 by freddie
    • Even for longtimers in levfin and distressed, a great refresher
Great read, loaded with many brilliantly distilled examples across many critical topics. Here is some real world experience, presented in a crisp, concise enjoyable style. As a career credit and distressed investor I devoured this book and will revisit it regularly. It’s now the benchmark text for aspiring and practicing leveraged finance analysts, traders and investors. ... show more
Reviewed in the United States on October 15, 2024 by victor
    • Fantastic! The Book to Read on Credit Analysis/Investing
This book is a must read for anyone interested in a career in credit analysis, restructuring, distressed debt investing or leveraged finance. Gatto does a fantastic job explaining the credit analysis process in a clear and concise manner. The book keeps readers engaged with interesting stories, anecdotes, and case studies. Highly recommend for all finance professionals! ... show more
Reviewed in the United States on October 5, 2024 by Sean W
    • A great book for anyone interested in the fundamentals of credit analysis
Great content, and exceptional learning tool. Perfect for anyone looking for a deep dive into credit analysis along with a practical guide to implementing the book's learnings. Highly recommend.
Reviewed in the United States on October 14, 2024 by Timothy

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