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High Yield and Leveraged Finance Analysis and Investing

London Financial Studies
En London (Inglaterra) yNew York (Estados Unidos), Singapore (Singapur)

£ 2.490 - (2.957 )
+ IVA

Información importante

Descripción

This course begins with foundation work covering background on the high yield and leveraged finance market, the instruments and their key terms and conditions, leveraged buyout (LBO) structuring and a cash flow template that provides key insights on corporate debt service capacity.

The course then considers business, financial and instrument aspects of high yield credit analysis, recovery analysis and common drivers of corporate distress, and valuation. Real company examples and in depth case studies cover a variety of high yield issuers across sectors and geographies.

These case studies illustrate various investment situations that arise in the high yield space – companies in structural decline, successful LBOs, unsuccessful LBOs, turnaround situations, project finance like situations and fallen angels.

Información importante
¿Qué objetivos tiene esta formación?

¿Esta formación es para mí?

High yield credit analysts, Equity analysts
High yield asset managers
Hedge fund managers
Distressed debt investors
Private equity investors
Loan portfolio managers
Mergers and acquisitions bankers
Debt capital markets/leveraged finance bankers
CLO managers, Strategy consultants
Business turnaround/restructuring accountants/corporate finance professionals

Requisitos: Basic understanding of financial statements Basic familiarity with Excel

Instalaciones y fechas

Dónde se imparte y en qué fechas

Inicio Ubicación
03 julio 2017
London
34 Curlew Street, se12nd, London, Inglaterra
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New York
New York, Estados Unidos
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Singapore
The Finexis Building, Singapore, Singapur
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¿Qué aprendes en este curso?

Project Finance
Cash Flow
Market
Investment
Credit
Finance
Financial
Project
Financial Training
Finance Market
Investing
Finance Analysis
Historic returns
Business assessment
Instrument assessment
Financial assessment
Valuation
Liquidity analysis
Equity analysts
Recovery analysis

Temario

Day One

Foundations
  • High yield and leveraged finance market background – size, history, participants, historic returns and default rates, composition and credit rating agencies
  • Instruments and their key terms and conditions – high yield bonds and leveraged loans, bank debt (revolvers, working capital facilities, bridge finance and capital expenditure facilities) and PIKs; credit default swaps; corporate structure and capital structure; covenants; security packages and enforcement rights; guarantors; and call scehdules
  • Leveraged buyouts (LBOs) – overview of deal structuring
  • Cash flow template to provide key insights on debt service capacity
Example: Europcar (car rental company)

Workshop: Evaluating key terms and conditions of New Look Retail Group Limited’s (UK clothing retailer) bonds; preparing and interpreting cash flow template for New Look

High Yield and Leveraged Finance Analysis and Investing
  • Delineation of credit analysis process – business assessment, financial assessment, instrument assessment
  • Business assessment – products, competition, customers, company
  • Financial assessment – financial statement analysis, forward looking financial modelling, key credit metrics, covenant compliance testing, liquidity analysis and debt service capacity.
  • Instrument assessment – covenant, seniority, security and guarantor protection
  • Stress testing – what does it take to “break” the company? What are the key ways in which companies get into distress? What are recovery prospects?
  • Valuation – identifying comparables for relative valuation; absolute valuation
Example: Ono (Spanish cable operator)

Workshop: Are New Look’s senior unsecured bonds an attractive investment?

Day Two

Case Studies

Case Study 1 – Identifying and analysing companies in structural decline
Example: Norske Skogindustrier ASA (Norwegian newsprint and magazine paper producer)

Case Study 2 – The hallmarks of a successful LBO
Example: TDC (Danish telecoms operator)

Case Study 3 – The hallmarks of an unsuccessful LBO
Example: EMI (Global music publishing and recording company)

Workshop: Can Nokia (mobile phone device and telecoms equipment manufacturer) survive and are its bonds an attractive investment?

Case Study 4 – Identifying, analysing and investing in a successful turnaround situation
Example: Thomas Cook Plc (tour operator)

Case Study 5 – Analysing and investing in project finance like high yield investment opportunities
Example: Fortescue Metals Group (start up Australian iron ore producer)

Case Study 6 – Identifying, analysing and shorting fallen angels in the making
Example: DSG International Plc (consumer electronics retailer)

Workshop: Can Arcelor Mittal (steel producer) survive and are its bonds an attractive investment?