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Risks And Yields Of High Yield Corporate Bonds
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Book Synopsis Risks and Yields of High-Yield Corporate Bonds by :
Download or read book Risks and Yields of High-Yield Corporate Bonds written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis and the subsequent years of quantitative easing in the United States caused interest rates to drop sharply. In search of higher yields the high-yield corporate bond market was faced with high demand. This thesis aimed to analyze the behavior and risk adequacy of US high-yield bond yields during the time of quantitative easing after the financial crisis. The credit spread was the main variable used for this purpose. Furthermore, analyses were conducted to compare the credit spreads after the financial crisis with the ones before. In addition to high yield bonds, investment grade bonds were analyzed. The analyses showed that the credit spreads did not change significantly in the time period after the financial crisis between 2010 and 2014 during the time of quantitative easing. However, the study reveals that credit spreads in the high-yield as well as in the investment grade bond markets were significantly higher after the financial crisis (2010 - 2014) compared to before (2002 - 2006).
Download or read book High Yield Bonds written by and published by . This book was released on 1989 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book HIGH YIELD BONDS written by Mark Shenkman and published by McGraw Hill Professional. This book was released on 1999 with total page 614 pages. Available in PDF, EPUB and Kindle. Book excerpt: HIGH-YIELD BONDS provides state-of-the-art research, strategies, and toolsÑalongside the expert analysis of respected authorities including Edward Altman of New York UniversityÕs Salomon Center, Lea Carty of MoodyÕs Investor Service, Sam DeRosa-Farag of Donaldson, Lufkin & Jenrette, Martin Fridson of Merrill Lynch & Company, Stuart Gilson of Harvard University, Robert Kricheff of CS First Boston, and Frank Reilly of the University of Notre DameÑto help you truly understand todayÕs high-yield market. For added value and ease of reference, this high-level one-volume encyclopedia is divided into seven sections detailing virtually every aspect of high-yield bond investment. They include: Market structureÑThe role of investment banks in security innovation and market development, evolution of analytical methodologies, and recent leveraged loan market developments; Security risk analysisÑHistorical bond default rates, real interest rate and default rate relationships, and new simulation methodologies for modeling credit quality; Security valuationÑImpact of seniority and security on bond pricing and return, important trading factors, and a Monte Carlo simulation methodology for valuing bonds and options in the context of correlated interest rate and credit risk; Market valuation modelsÑEconometric studies which detail the importance of monetary influences, risk-free interest rates, default rates, mutual fund flows, and seasonal fluctuations; Portfolio managementÑHistorical perspective and comparison to alternative investments, analysis of indices available to investors, and specific portfolio selection and risk management strategies of professional fund managers; Distressed security investingÑHistorical risk and return information, plus an academic overview of the market and decision criteria for uncovering and investing in securities with higher-than-average risk-adjusted returns; Corporate finance considerationsÑEmerging firmsÕ strategic choice between external debt and equity financing, as well as the choice of issuing public versus private (Rule-144a) securities. HIGH-YIELD BONDS provides extensive coverage of bond valuation and the construction and management of high-yield portfolios. Advanced Monte Carlo simulation models for the valuation of bonds and options on bonds as well as risk assessments on portfolios of bonds under conditions of correlated interest rate and credit risk are demonstrated. In todayÕs explosive environment of multiple new issues and high risk versus return relationships, it is paramount that you get advice from analysts and experts who have been influential in shaping and defining the market. HIGH-YIELD BONDS will provide you with a valuable reference to this fascinating and constantly changing class of securities, helping you assemble a stable, diversified portfolio of fixed income investments that provides the greatest returns and the lowest risks.
Book Synopsis High Yield Bonds by : United States. General Accounting Office
Download or read book High Yield Bonds written by United States. General Accounting Office and published by . This book was released on 1988 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investing in Junk Bonds by : Edward I. Altman
Download or read book Investing in Junk Bonds written by Edward I. Altman and published by Beard Books. This book was released on 2003 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Details the rise and operation of the high yield debt market as illustrated by the "junk" bond.
Download or read book Beyond Junk Bonds written by Glenn Yago and published by Oxford University Press. This book was released on 2003-03-27 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication, Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on the role of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrial restructuring, capital and labor productivity gains, and improved global competitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time. Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. The high yield market incubated successive waves of financial technologies that now proliferate beyond junk bonds to all the dimensions and dynamics of global debt and equity capital markets. It charts the recovery of the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yield market will be recreated in the global market of the 21st century. It explicates the linkages between the high yield market, and other credit and equity markets in managing a firm's capital structure to execute its business strategy. The weakening of the U. S. economy in 2001 and the huge shock to Wall Street from the terrorist attacks of September 11 witnessed a historic increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debt yields, the asset class has been one of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes. Anyone active in corporate finance, financial institutions and capital markets will find this book a must read for interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed income markets.
Book Synopsis Quantifying the Market Risk Premium Phenomenon for Investment Decision Making by : William F. Sharpe
Download or read book Quantifying the Market Risk Premium Phenomenon for Investment Decision Making written by William F. Sharpe and published by Cfa. This book was released on 1990 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investing in Corporate Bonds and Credit Risk by : F. Hagenstein
Download or read book Investing in Corporate Bonds and Credit Risk written by F. Hagenstein and published by Springer. This book was released on 2004-10-01 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investing in Corporate Bonds and Credit Risk is a valuable tool for any corporate bond investor. All the most recent developments and strategies in investment in corporate bonds are analyzed included with qualitative and quantitative approaches. A complete and up-to-date investment process is developed through the book, using many examples taken from banking practice. The growing significance of derivative instruments and credit diversification to bond investors is also analyzed in detail.
Book Synopsis Risks and Vulnerabilities in the U.S. Bond Mutual Fund Industry by : Antoine Bouveret
Download or read book Risks and Vulnerabilities in the U.S. Bond Mutual Fund Industry written by Antoine Bouveret and published by International Monetary Fund. This book was released on 2021-04-29 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses liquidity risk for the United States (U.S.) bond mutual funds industry and performs a range of analyses to identify which fund categories are more vulnerable to distress than others, and how sales from funds can impact financial stability. We develop a new measure to identify vulnerable categories based on expected outflows labelled ‘Flows in Distress’. Overall, most U.S. mutual funds are resilient yet high yield (HY) and loan funds would face a liquidity shortfall when faced with severe redemption shocks. Combined sales from funds can have a sizeable price impact. Finally, our contagion analysis using data on fund flows and returns shows that Investment Grade (IG) corporate bonds funds, municipal bond funds and government bond funds are more likely to spread distress to other fund categories than HY, EM and loan funds. When the first type of funds experiences stress, other funds categories are likely to experience stress as well.
Book Synopsis The High Yield Debt Market by : Edward I. Altman
Download or read book The High Yield Debt Market written by Edward I. Altman and published by Beard Books. This book was released on 1998 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bonds Decoded: Unraveling the Mystery Behind Bond Markets by : James Parducci
Download or read book Bonds Decoded: Unraveling the Mystery Behind Bond Markets written by James Parducci and published by James Parducci. This book was released on 2023-11-16 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Take a journey through the fundamentals of bonds in this guide that lays the groundwork for understanding their importance in the financial landscape. Delve deeper into the various types of bonds, exploring their unique characteristics and benefits.
Book Synopsis High-Yield Bond Funds by : Marvin Appel
Download or read book High-Yield Bond Funds written by Marvin Appel and published by . This book was released on 2010 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This Element is an excerpt from Higher Returns from Safe Investments: Using Bonds, Stocks, and Options to Generate Lifetime Income (9780137003358) by Marvin Appel. You can get very juicy yields if you are willing to bear the credit risk of high-yield "junk" bonds. In this chapter, you learn how to recognize propitious times to reach for their yield, and when to stay away"--Resource description page.
Book Synopsis Foundations of High-Yield Analysis by : Martin S. Fridson
Download or read book Foundations of High-Yield Analysis written by Martin S. Fridson and published by CFA Institute Research Foundation. This book was released on 2018-08-27 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the advent some 40 years ago of a vibrant primary market for speculative-grade corporate bonds, the high-yield market has evolved from a niche occupied by a small group of specialists into a full-fledged institutional investment category. Asset allocators and portfolio managers now have at their disposal the tools necessary for rigorous investment analysis, including financial statements of the issuers, indexes, trading prices, historical default rates, and time series on such credit factors as liquidity, ratings, and covenant quality. This research brief provides up-to-date techniques for extracting from the extensive data the information that can lead to sound investment decisions.
Book Synopsis The New High Yield Bond Market by : Jess Lederman
Download or read book The New High Yield Bond Market written by Jess Lederman and published by Irwin Professional Publishing. This book was released on 1993 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis High-yield Bonds by : Frank K. Reilly
Download or read book High-yield Bonds written by Frank K. Reilly and published by . This book was released on 1990 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bankruptcy, Credit Risk, and High Yield Junk Bonds by : Edward I. Altman
Download or read book Bankruptcy, Credit Risk, and High Yield Junk Bonds written by Edward I. Altman and published by Wiley-Blackwell. This book was released on 2002-02-15 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the authoritative collection of the writings of Dr. Edward I. Altman, the world's leading authority on bankruptcy, corporate distress, and defaults, and creator of the widely-used Z-Score model. This book contains both classic and never-before-published articles, along with Altman's comprehensive introduction that places all the articles in context.
Book Synopsis Reaching for Yield in Corporate Bond Mutual Funds by : Jaewon Choi
Download or read book Reaching for Yield in Corporate Bond Mutual Funds written by Jaewon Choi and published by . This book was released on 2019 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine "reaching for yield" in U.S. corporate bond mutual funds. We define reaching for yield as tilting portfolios toward bonds with yields higher than the benchmarks. We find that funds generate higher returns and attract more inflows when they reach for yield, especially in periods of low-interest rates. Returns for high reaching-for-yield funds nevertheless tend to be negative on a risk-adjusted basis. Funds engage in rank-chasing behavior by reaching for yield, although these incentives are moderated by the illiquid nature of corporate bonds. High reaching-for-yield funds hold less cash and less liquid bonds, exacerbating redemption risks.
