Investing in Junk Bonds: Inside the High Yield Debt Market

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Beard Books, Dec 1, 2002 - Business & Economics - 272 pages
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Originally printed in 1987, this book examines the rise and operation of the high-yield debt market typified by the junk bond. It discusses expected yields, realized returns, default, market growth, credit quality, mergers and acquisitions, investment strategies, and related topics. Altman teaches f
 

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Contents

I
1
II
3
III
5
IV
7
V
8
VI
11
VII
12
VIII
19
XXXII
165
XXXIII
166
XXXIV
171
XXXV
173
XXXVI
179
XXXVII
181
XXXVIII
186
XXXIX
188

IX
21
X
25
XI
29
XII
30
XIII
33
XIV
39
XV
40
XVI
45
XVII
47
XVIII
57
XIX
58
XX
63
XXI
95
XXII
103
XXIII
105
XXIV
109
XXV
127
XXVI
130
XXVIII
141
XXIX
143
XXX
145
XXXI
146
XL
191
XLI
192
XLII
193
XLIV
194
XLVI
197
XLVII
207
XLVIII
208
XLIX
213
L
214
LI
218
LIII
222
LIV
223
LVI
225
LVII
229
LVIII
230
LX
231
LXI
233
LXII
239
LXIII
241
LXIV
247
LXV
251
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Common terms and phrases

Popular passages

Page 11 - In addition to the promised superior yields and realized impressive returns, the high yield (or -junk") sector now offers considerable liquidity and diversification potential. It has been estimated that total outstanding debt hi this area was over $80 billion by mid-1985.
Page 13 - In effect, rising interest rates caused substantial reductions in the market value of their holdings, more than offsetting the coupon income these bonds generated. The decline in rates in 1982 and 1984 saved investors in long-term government bonds from having a negative return over the entire period. With high quality bond returns fluctuating at or below zero returns from 1 978 through 1981, portfolio managers began looking for new opportunities to boost their returns.
Page 12 - T-bills and on 10 year government bonds rose from 7.4%*and 8.4 % yield levels respectively in early 1978, to record heights, peaking in mid-1981 at 17.2% and 15.3 % respectively. By the fourth quarter of 1982, T-bQIs had dropped to 8 % while 10 year governments were near the 10.5% level.

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About the author (2002)

Edward I. Altman received an M.B.A and a Ph.D. in Finance from the University of California, Los Angeles. Dr. Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt, and credit risk analysis. He has been visiting Professor abroad and has received several international awards. Dr. Altman is one of the founders and an Executive Editor of the Journal of Banking and Finance, has authored or edited over twenty books, and has written more than one hundred articles for scholarly finance, accounting and economic journals.

Scott A. Nammacher holds a B.S. degree in Business from the University of Minnesota and a M.B.A. in Finance from New York University. He is a Principal and Managing Director of Empire Valuation Consultants, Inc., where he has worked since 1992. Mr. Nammacher has had extensive experience in financial consulting, business valuations, and acquisitions/divestitures. He has testified as an expert witness in a number of court cases, including litigation regarding a high-yield bond portfolio and has authored a number of articles on "junk" bonds.

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