PenBlock is a virtual bookshelf for readers and authors.

mike's picture
5 Bookshelves 242 Books 67 Likes 21 Followers 143 Following 0 Unfollowers 379 views

Bookmarked 1 year 4 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

Steve JobsThe Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting AnythingBarbarians at the Gate: The Fall of RJR NabiscoJony Ive: The Genius Behind Apple's Greatest ProductsThe Google Resume: How to Prepare for a Career and Land a Job at Apple, Microsoft, Google, or any Top Tech CompanyThe House of Morgan: An American Banking Dynasty and the Rise of Modern FinanceThe House of Morgan: An American Banking Dynasty and the Rise of Modern FinanceThe Black Swan: Second Edition: The Impact of the Highly Improbable: With a new section: "On Robustness and Fragility"Confessions of an Economic Hit ManHigh Yield Future Tense: Cracking the Code of Speculative DebtDot Complicated: Untangling Our Wired Lives
Seeing What Others Don't: The Remarkable Ways We Gain Insights
Originally bookmarked by


Rush Revere and the Brave Pilgrims: Time-Travel Adventures with Exceptional Americans
Back Door to Byzantium: To the Black Sea by the Great Rivers of Europe
Tom Ford
Memoirs of a Rum-Runner: The Life of Clemente de la Cuadra
The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything
Mockingjay (The Final Book of The Hunger Games)
Bookmarked onto the board

Reading Queue

Anything That Moves
Things That Matter: Three Decades of Passions, Pastimes and Politics
Eight Men Out: The Black Sox and the 1919 World Series
The Middle East: A Brief History of the Last 2,000 Years
5 Very Good Reasons to Punch a Dolphin in the Mouth (And Other Useful Guides)
Popcorn Sutton The Making and Marketing of a Hillbilly Hero
User login
Recent comments
Latest tweets
Who's online

There are currently 0 users online.