PenBlock is a virtual bookshelf for readers and authors.

mike's picture
5 Bookshelves 242 Books 67 Likes 21 Followers 143 Following 0 Unfollowers 436 views

Bookmarked 1 year 6 months ago onto Reading Queue

High Yield Future Tense: Cracking the Code of Speculative Debt

Buy Here:


The debut book publication by the New York Society of Security Analysts, a not-for-profit professional society dedicated to professional excellence and ethics in financial markets, High Yield, Future Tense: Cracking the Code of Speculative Debt presents the outlook for high yield bonds and predicts profound changes in the marketplace. Its four sections contain 18 contributions by 29 experts from finance and academe. PART 1: Market Dynamics Three contributions explore whether a crisis will follow today's low default rates and narrow yield spreads. Four others examine whether high yield spreads over-compensate for risk, uphold classic criticisms of underwriting practices, analyze market liquidity, and detail leveraged loans' evolution in a bond-like direction. PART 2: Active Management This section sheds light on non-standard leading indicators of high yield performance; the relationship between high yield and equity returns and distressed debt managers' response to the current, unusual credit cycle. PART 3: Analytical Innovation Successful high yield investing depends on accurate estimation of risks other than default probability. New methodologies that address them include: systematic scoring of the quality of covenant packages of new issues and a monthly index of covenant quality; solutions to problems in measuring performance, quality, and valuation that may lead to investment errors and quantification of issue-level liquidity, enabling investors to make explicit tradeoffs between spread and liquidity. PART 4: Benchmarking This section's chapters address intrinsic flaws in market indices. The authors predict further specialization of subindices to accommodate specialized strategies, address challenges of high yield index construction from the portfolio manager's perspective, and show the advantages of non-market-cap-weighted indices. Contains 168 exhibits, including 111 charts and graphs and 57 tables, plus 31 mathematical formulae.

Share + Book Reviews:
Bookmarked onto the category

Biz & Money

The Secrets of the Federal ReserveFinance Operations: The Abbreviated GuideThe Google Resume: How to Prepare for a Career and Land a Job at Apple, Microsoft, Google, or any Top Tech CompanyYour Money or Your Life: Transforming Your Relationship with Money and Achieving Financial MOREThe House of Morgan: An American Banking Dynasty and the Rise of Modern FinanceHigh Yield Future Tense: Cracking the Code of Speculative DebtThe Tipping Point: How Little Things Can Make a Big DifferenceCurrency Wars: The Making of the Next Global CrisisA History of Interest Rates, Fourth Edition (Wiley Finance)Games and Decisions: Introduction and Critical Survey (Dover Books on Mathematics)Confessions of an Economic Hit Man
Who Owns the Future?
Originally bookmarked by


Written in My Own Heart's Blood: A Novel (Outlander)
Presumed Incompetent: The Intersections of Race and Class for Women in Academia
Lord of the Flies
Beautiful Beginning
To Kill a Mockingbird
Materializing the Nation: Commodities, Consumption, and Media in Papua
Bookmarked onto the board

Reading Queue

My Share of the Task: A Memoir
Tatiana: An Arkady Renko Novel (Arkady Renko Novels)
Yalta: The Price of Peace
Eight Men Out: The Black Sox and the 1919 World Series
The Picture of Dorian Gray (Dover Thrift Editions)
The Birth of Tragedy: Out of the Spirit of Music (Penguin Classics)
User login
Recent comments
Latest tweets
Who's online

There are currently 0 users online.