Bond Credit Analysis Framework and Case Studies [Hardcover]

Credit analysis is an important factor in judging investment value. Fundamentally sound credit analysis can offer more insight into the value of an investment and lead to greater profits. This study presents a professional framework for understanding and managing a successful corporate or municipal bond analysis, while providing informative case studies from well-known private and government organizations.Contributing Authors.

SECTION I: FRAMEWORK.

Why Does Credit Analysis Work? (M. Fridson).

Review of Financial Statements (F. Fabozzi, et al.).

Credit Analysis for Corporate Bonds (J. Howe).

The Analysis of High-Yield Corporate Bonds (J. Howe).

Basics of Fundamental Equity Analysis for High-Yield Credit Analysts (F. Fabozzi, et al.).

Critical Failings of EBITDA as a Cash Flow Measure (P. Stumpp).

Challenges in the Credit Analysis of Emerging Market Corporate Bonds (C. Taylor).

Debt Covenants: Applications in Emerging Markets (A. Vine and D. Sohnen).

Municipal Bond Credit Analysis (S. Feldstein).

The Measurement of Prepayments and Defaults in ABS Markets (A. Bhattacharya).

Understanding MBS/ABS Loss Terminology (T. Zimmerman).

A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy).

Mortgage Credit Analysis (J. Brown and W. Wadden IV).

Credit Considerations in Analyzing Asset-Backed Securities: A Rating Analyst's Perspective (A. Silver).

Credit Considerations in the Analysis of Asset-Backed Securities: A Research Analyst's Perspective (K. Weaver and S. Whitten).

Considerations in the Credit Analysis of Commercial Mortgage-Backed Securities (l³2