{"product_id":"high-yield-debt-an-insiders-guide-to-the-marketplace-hardcover","title":"High Yield Debt: An Insider's Guide to the Marketplace - Hardcover","description":"\u003cdiv\u003e\u003cp style=\"text-align: right;\"\u003e\u003ca href=\"https:\/\/reportcopyrightinfringement.com\/\" target=\"_blank\" rel=\"nofollow\"\u003e\u003cb\u003eReport copyright infringement\u003c\/b\u003e\u003c\/a\u003e\u003c\/p\u003e\u003c\/div\u003e\u003cp\u003eby \u003cb\u003eRajay Bagaria\u003c\/b\u003e (Author), \u003cb\u003eEmil Buchman\u003c\/b\u003e (Foreword by)\u003c\/p\u003e\u003cp\u003e\u003cb\u003eExamine the high yield market for a clear understanding of this evolving asset class\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eHigh Yield Debt\u003c\/i\u003e is the one-stop resource for wealth advisors seeking an in-depth understanding of this misunderstood asset class. The high yield market provides a diverse opportunity set, including fixed and floating rate debt, high and low quality debt issues and both short- and long-term duration; but many fail to understand that not all high yield exposure is the same, and that different market segments and strategies work best at different points in the economic cycle. This guide addresses the confusion surrounding high yield debt. You'll find the information you need to decide whether or not to buy in to a high yield fund, and how to evaluate the opportunities and risks without getting lost in the jargon.\u003c\/p\u003e \u003cp\u003eThe 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.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eUnderstand the high yield asset class\u003c\/li\u003e \u003cli\u003eLearn the debt structures, performance and defaults\u003c\/li\u003e \u003cli\u003eEvaluate risk and investment opportunities\u003c\/li\u003e \u003cli\u003ePenetrate the jargon to make sense of high yield investment\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eOver 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. \u003ci\u003eHigh Yield Debt\u003c\/i\u003e explains the modern high yield market in real terms, providing a much-needed resource for the savvy investor.\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e\u003cb\u003e--Frank J. Lopez\u003c\/b\u003e, Co-Head Global Capital Markets, Proskauer\u003c\/p\u003e \u003cp\u003e\"Bagaria does a great service for both high yield professionals and beginners by providing an accessible, well-written, insightful market primer.\"\u003cbr\u003e--\u003cb\u003eSteven Miller\u003c\/b\u003e, Managing Director, S\u0026amp;P Capital IQ, Leveraged Commentary \u0026amp; Data\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e--\u003cb\u003eArthur Kaufman\u003c\/b\u003e, Retired Partner, Fried, Frank, Harris, Shriver \u0026amp; Jacobson LLP \/ Member of Adjunct Faculty, Columbia Law School\u003c\/p\u003e\u003ch3\u003eFront Jacket\u003c\/h3\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eThe high yield debt market has grown rapidly since its early \"junk bond\" days with over $2.5 trillion of high yield debt now outstanding. From 1992 to 2014, high yield bonds produced high single-digit annual average returns with lower volatility than the S\u0026amp;P 500 and only three down years. \u003c\/p\u003e\u003cp\u003eDespite this stellar performance the market remains mostly misunderstood and is often ignored or dismissed by investors. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eHigh Yield Debt\u003c\/i\u003e, written by Rajay Bagaria, an expert practitioner, is a succinct guide to today's high yield market. The book starts with an entertaining history of the market, from the heady days of junk bonds to its maturation into a more traded and institutional market. After establishing a clear demarcation between high yield bonds and leveraged loans, the two key market segments, the author identifies the various sub-classes of each along with their advantages and disadvantages. Both risk and opportunity are discussed in non-ambiguous detail, supported by historical performance data. The book concludes with an overview of the pros and cons of various investments funds that provide high yield exposure. \u003c\/p\u003e\u003cp\u003eThroughout the book the author shares the key insights and experience gained by serving on pioneering and innovative teams that drove growth at top investment firms. \u003c\/p\u003e\u003cp\u003eThis valuable guide includes: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eInformation on asset class performance, including total returns, volatility, interest rate risk, defaults and recovery figures.\u003c\/li\u003e \u003cli\u003eTools and metrics for assessing market opportunity, including techniques for determining the risk-reward ratios for both leveraged loans and high yield bonds.\u003c\/li\u003e \u003cli\u003eInformation on \"public\" mutual as well as closed-end funds, ETFs, BDCs and also \"private\" mezzanine, credit hedge and distressed funds.\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe strength of the book is its readability. The author explains industry jargon and legal concepts in a way that is understandable to any market participant seeking a comprehensive and lucid guide to the broader high yield industry. \u003c\/p\u003e\u003cp\u003eThis book will be an indispensable resource to all investors and asset managers, as well as to professionals who play an important role in servicing this thriving marketplace: investment bankers, lawyers, accountants, analysts, rating agencies, and regulators. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eHigh Yield Debt: An Insider's Guide to the Marketplace\u003c\/i\u003e will help you appreciate the opportunities with high yield debt across the credit cycle.\u003c\/p\u003e\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003cb\u003eRAJAY BAGARIA\u003c\/b\u003e is President and Chief Investment Officer of Wasserstein Debt Opportunities, a credit hedge fund Mr. Bagaria established with backing from Wasserstein \u0026amp; Co. He has been a Partner and Investment Committee member at Apollo Investment Management and an investor at Goldman Sachs \u0026amp; Co.'s Principal Investment Area.\u003c\/p\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 208\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.8 x 9 x 5.9 IN\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e March 28, 2016\u003c\/div\u003e\n            ","brand":"BooksCloud","offers":[{"title":"Default Title","offer_id":52478822744371,"sku":"9781119134411","price":158.2,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0300\/5595\/6612\/files\/cllCOHZvSVFqTXFwYmUwUHlZZmdRUT09.webp?v=1759661901","url":"https:\/\/www.vysn.com\/products\/high-yield-debt-an-insiders-guide-to-the-marketplace-hardcover","provider":"VYSN","version":"1.0","type":"link"}