Book recommendations for High Yield Credit investing
just started in the field and need book reccs (history/technical/industry) I know there’s fabozzi which is like the Bible but what else is out there?
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Distressed Debt Analysis by Moyer. Holy Grail.
Technical is covered cuz Moyer is thrown out there.
History: Predator's Ball, Den of Thieves, just learn the history of Drexel. You can learn about the raiders too - Barbarian at the Gate, King Icahn.
All things just come back to the god himself - Mike Milken.
Thank you! Have you heard of the junk bond revolution book by fenton bailey? Is that one good
I have not. I wouldn't overdo it, just read Predator's Ball OR Den of Thieves is enough. I saw a few on this subforum recommending a book about a female partner working at Canyon Advisors, that seems very interesting and is on my list. If you didn't know, Canyon founders, Joshua Friedman and Mitchell Julis are from Drexel too.
Moyer is great for distressed debt, which is a tiny portion of the overall high yield market. I'm not sure why some think it's the best for high yield, because frankly it's not (it actually doesn't cover HY at all). After Fabozzi, read A Pragmatist's Guide to Leveraged Finance and Leveraged Financial Markets.
What would people recommend for getting very good in reading credit docs?
The basic ones by law firms are good but more detailed resources would be appreciated.
This? https://www.amazon.com/LSTAs-Complete-Credit-Agreement-Second/dp/125964…
Bump
Bond Credit Analysis: Framework and Case Studies by Fabozzi
The Caesar's Palace Coup is worth a read. Would also recommend to start reading sell-side credit research ASAP so you can learn the language / things analysts focus on.
Okay thank you!
Would not recommend this. Sell side credit analysts are even bigger jokes than their equity counterparts. They are not useful for much, don’t do any legal work, and shit at doing any meaningful diligence. I would strongly recommend not modeling your work off of publishing HY analysts — it is not representative of work that happens at real credit shops (but similar to index mutual fund types). Distressed desk analysts can be good, but they don’t publish their work.
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