Product Description

Details the rise and operation of the high yield debt market as illustrated by the "junk" bond.

Product Details

• Amazon Sales Rank: #926191 in Books
• Published on: 2002-12
• Original language: English
• Number of items: 1
• Binding: Paperback
• 272 pages

From the Publisher
The first comprehensive guide to the burgeoning, new high-yield debt or ``junk bond'' market. Edward Altman and Scott Nammacher, leading experts on debt financing and co-developers of the Zeta model for predicting business failure, offer sophisticated investors a complete analysis of the high-yield bond market, its anatomy, history, participants, risks and returns. With Altman and Nammacher's Zeta model, investors can gauge the safety of an issue before they commit. This book helps private investors and mutual fund, pension, bank, and insurance money managers make sure their junk bonds don't live up to the name.

Customer Reviews

A small clubby world: High Yield Bonds
Given that high yield bonds make up fully 25% of U.S. public corporate debt, and 19% of European corporate debt, you'd think there's be more and better books written on the subject.

Think again.

The best material on high yield bonds is written by the underwriters and research departments of large investment banks. It is a market of closed information. Why?

Fees for issuance of a high yield bond are higher than equity IPO fees. Load fees for investing in a high yield bond funds are higher than other fixed income funds.

Nevertheless, this is an indispensable book for those who wish to enter this last bastion and clubby private world of finance: the small, high stakes high yield bond market.

But it desperately needs an update.