Understanding Corporate Credit
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Understanding Corporate Credit
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Author : T.H. Donaldson
language : en
Publisher: Springer
Release Date : 1983-12-29
Understanding Corporate Credit written by T.H. Donaldson and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983-12-29 with Business & Economics categories.
Opening Credit
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Author : Justin McGowan
language : en
Publisher: Harriman House Limited
Release Date : 2015-04-08
Opening Credit written by Justin McGowan and has been published by Harriman House Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-08 with Business & Economics categories.
As a result of prevailing monetary conditions since the global financial crisis, the world has witnessed unprecedented growth in global corporate credit markets. Yet, despite the trillions of dollars put to work in the debt capital markets, corporate credit is still an unfamiliar concept to most investors compared to other asset classes, such as equities and commodities. Every red-top newspaper and 24-hour news service is happy to report the latest twitch in the Dow, FTSE or Stoxx indices but momentous moves in the iBoxx or iTraxx go unmentioned. And whereas many a talking head is happy to pose as an equity analyst, few feel comfortable venturing into the arcana of credit. Yet the corporate credit market, as the authors of this new book show, is both materially larger than its equity peer and has shown more attractive risk/reward characteristics over the last 90-odd years. In Opening Credit, career credit professionals, Justin McGowan and Duncan Sankey, aim to redress this by drawing on their more than 50 years' collective experience in the field to elucidate a practitioner’s approach to corporate credit investment. Whilst explaining the basics of traditional credit analysis and affirming its value, McGowan and Sankey also caution against its shortcomings. They demonstrate the need both to penetrate the veil of accounting to get to the economic reality behind the annuals and interim numbers and to analyse the individuals that drive them - the key executives and board members. They employ a range of cogent and easy-to-follow case studies to illustrate the value of their executive- and governance-led approach, which places management front and centre in understanding corporate credit. Opening Credit will appeal to all those seeking a better understanding of corporate credit, including analysts looking to develop their skills, fund managers (especially those with an eye to SRI), bankers, IFAs, financial journalists, academics and students of finance.
Standard Poor S Fundamentals Of Corporate Credit Analysis
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Author : Blaise Ganguin
language : en
Publisher: McGraw Hill Professional
Release Date : 2004-12-22
Standard Poor S Fundamentals Of Corporate Credit Analysis written by Blaise Ganguin and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-12-22 with Business & Economics categories.
An up-to-date, accurate framework for credit analysis and decision making, from the experts at Standard & Poor's "In a world of increasing financial complexity and shorter time frames in which to assess the wealth or dearth of information, this book provides an invaluable and easily accessible guide of critical building blocks of credit analysis to all credit professionals." --Apea Koranteng, Global Head, Structured Capital Markets, ABN AMRO "The authors do a fine job of combining latest credit risk management theory and techniques with real-life examples and practical application. Whether a seasoned credit expert or a new student of credit, this is a must read book . . . a critical part of anyone's risk management library." --Mark T. Williams, Boston University, Finance and Economics Department "At a time when credit risk is managed in a way more and more akin to market risk, Fundamentals of Corporate Credit Analysis provides well-needed support, not only for credit analysts but also for practitioners, portfolio managers, CDO originators, and others who need to keep track of the creditworthiness of their fixed-income investments." --Alain Canac, Chief Risk Officer, CDC IXIS Fundamentals of Corporate Credit Analysis provides professionals with the knowledge they need to systematically determine the operating and financial strength of a specific borrower, understand credit risks inherent in a wide range of corporate debt instruments, and then rank the default risk of that borrower. Focusing on fundamental credit risk, cash flow modeling, debt structure analysis, and other important issues, and including separate chapters on country risks, industry risks, business risks, financial risks, and management, it guides the reader through every step of traditional fundamental credit analysis. In a dynamic corporate environment, credit analysts cannot rely solely on financial statistical analysis, credit prediction models, or bond and stock price movements. Instead, a corporate credit analysis must supply loan providers and investors with more information and detail than ever before. On top of its traditional objective of assessing a firm's capacity and willingness to pay its financial obligations in a timely manner, a worthy credit analysis is now expected to assess recovery prospects of specific financial obligations should a firm become insolvent. Fundamentals of Corporate Credit Analysis provides practitioners with the knowledge and tools they need to address these changing requirements. Drawing on the unmatched global resources and capabilities of Standard & Poor's, this valuable book organizes its guidelines into three distinct components: Part I: Corporate Credit Risk helps analysts identify all the essential risks related to a particular firm, and measure the firm through both a financial forecast and benchmarking with peers Part II: Credit Risk of Debt Instruments explains the impact of debt instruments and debt structures on a firm's recovery prospects should it become insolvent Part III: Measuring Credit Risk presents a scoring system to assess the capacity and willingness of a firm to repay its debt in a timely fashion and to evaluate recovery prospects in the event of financial distress In addition, a fourth component--Cases in Credit Analysis--examines seven real-life studies to provide examples of the book's theory and procedures in practice. Senior Standard & Poor's analysts explore diverse cases ranging from North and South America to Europe and the Pacific Rim, on topics covering mergers (AT&T-Comcast, MGM-Mirage, Kellogg-Keebler), foreign ownership in a merger (Air New Zealand-Ansett-Singapore Airlines), sovereign issues (Repsol-YPF), peer comparisons (U.S. forestry), and recovery analysis (Yell LBO). Industry "Keys to Success" are identified and analyzed in each case, along with an explanation on how to interpret performance and come to a credit decision. While it is still true that ultimate credit decisions are highly subjective in nature, methodologies and thought processes can be repeatable from case to case. Fundamentals of Corporate Credit Analysis provides analysts with the knowledge and tools they need to systematically analyze a company, identify and analyze the most important factors in determining its creditworthiness, and ensure that more "science" than "art" is used in making the final credit decision.
Corporate Credit Analysis
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Author : Brian Coyle
language : en
Publisher: Global Professional Publishi
Release Date : 2000
Corporate Credit Analysis written by Brian Coyle and has been published by Global Professional Publishi this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
� Worked examples illustrating key points � Explanation of complex or obscure terms � Full glossary of terms The titles in this series, all previously published by BPP Training, are now available in entirely updated and reformatted editions. Each offers an international perspective on a particular aspect of risk management. Topics included in this title in the Credit Risk Management series include Establishing overall corporate goals for credit worthiness; Implementing credit analysis systems; Outsourcing to enhance credit analysis techniques; Case studies in applied credit analysis; Exercises and sample credit analysis programs. Intended for: risk managers, financial officers, fund managers, investment advisers, accountants, and students of business and finance.
Corporate Credit Analysis
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Author : Brian Coyle
language : en
Publisher: Chartered Institute of Bankers
Release Date : 2000
Corporate Credit Analysis written by Brian Coyle and has been published by Chartered Institute of Bankers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Commercial credit categories.
This text provides an understanding of the techniques applied in assessing the financial strength of any business. The book introduces the methods of analysis and provides an overview of the key areas for analysis; from the business environment to cash flows, liquidity and ability to repay.
Fundamentals Of Credit And Credit Analysis
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Author : Arnold Ziegel
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2015-01-14
Fundamentals Of Credit And Credit Analysis written by Arnold Ziegel and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-14 with categories.
Arnold Ziegel formed Mountain Mentors Associates after his retirement from a corporate banking career of more than 30 years at Citibank. The lessons learned from his experience in dealing with entrepreneurs, multinational corporations, highly leveraged companies, financial institutions, and structured finance, led to the development and delivery of numerous senior level credit risk training programs for major global financial institutions from 2002 through the present. This book was conceived and written as a result of the development of these courses and his experience as a corporate banker. It illustrates the fundamental issues of credit and credit analysis in a manner that tries to take away its mystery. The overriding theme of this book is that when an investor extends credit of any type, the goal is "to get your money back", and with a return that is commensurate with the risk. The goal of credit analysis is not to make "yes or no" decisions about the extension of credit, but to identify the degree of risk associated with a particular obligor or a particular credit instrument. This is consistent with modern banking industry portfolio management and the rating systems of credit agencies. Once the "riskiness" of an obligor or credit instrument is established, it can be priced or structured to match the risk demands or investment criteria of the entity that is extending the credit. A simple quote from Mr. J. P. Morgan is used often in this text - "Lending is not based primarily on money or property. No sir, the first thing is character". This statement represents one of the conflicts in modern credit analysis - that of models for decision making versus traditional credit analysis. The 2008 financial crisis was rooted in the mortgage backed securities business. Sophisticated models were used by investors, banks, and rating agencies to judge the credit worthiness of billions (and maybe trillions) of dollars worth of residential mortgage loans that were packaged into securities and distributed to investors. The models indicated that these securities would have very low losses. Of course, huge losses were incurred. Mr. Morgan had a good point. In this case is was both property and character. The properties that were the collateral for many of the mortgages had much less value than was anticipated. The valuation of the collateral was na�ve and flawed. Many assumptions were made that the value of homes would rise without pause. Many mortgage loans were made that were at or even above the appraised value of a residence.But character was a huge, perhaps larger, factor behind these losses. Many of the residential mortgage loans were made to individuals who knew that they did not have the income to make the required payments on the mortgages. Many of the mortgage brokers and lenders who made these loans also knew that many of the borrowers were not properly qualified. And, many of the bankers who securitized these loans also may have doubted the credit quality of some of the underlying mortgages. If bankers and rating agencies understood the extent of the fraud and lax standards in the fundamental loans backing the mortgage securities, or were willing to acknowledge it, the fiasco would not have occurred.
Advanced Credit Risk Analysis And Management
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Author : Ciby Joseph
language : en
Publisher: Wiley
Release Date : 2013-06-17
Advanced Credit Risk Analysis And Management written by Ciby Joseph and has been published by Wiley this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-17 with Business & Economics categories.
Credit is essential in the modern world and creates wealth, provided it is used wisely. The Global Credit Crisis during 2008/2009 has shown that sound understanding of underlying credit risk is crucial. If credit freezes, almost every activity in the economy is affected. The best way to utilize credit and get results is to understand credit risk. Advanced Credit Risk Analysis and Management helps the reader to understand the various nuances of credit risk. It discusses various techniques to measure, analyze and manage credit risk for both lenders and borrowers. The book begins by defining what credit is and its advantages and disadvantages, the causes of credit risk, a brief historical overview of credit risk analysis and the strategic importance of credit risk in institutions that rely on claims or debtors. The book then details various techniques to study the entity level credit risks, including portfolio level credit risks. Authored by a credit expert with two decades of experience in corporate finance and corporate credit risk, the book discusses the macroeconomic, industry and financial analysis for the study of credit risk. It covers credit risk grading and explains concepts including PD, EAD and LGD. It also highlights the distinction with equity risks and touches on credit risk pricing and the importance of credit risk in Basel Accords I, II and III. The two most common credit risks, project finance credit risk and working capital credit risk, are covered in detail with illustrations. The role of diversification and credit derivatives in credit portfolio management is considered. It also reflects on how the credit crisis develops in an economy by referring to the bubble formation. The book links with the 2008/2009 credit crisis and carries out an interesting discussion on how the credit crisis may have been avoided by following the fundamentals or principles of credit risk analysis and management. The book is essential for both lenders and borrowers. Containing case studies adapted from real life examples and exercises, this important text is practical, topical and challenging. It is useful for a wide spectrum of academics and practitioners in credit risk and anyone interested in commercial and corporate credit and related products.
Handbook Of Corporate Lending
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Author : James S. Sagner
language : en
Publisher:
Release Date : 2011-05-01
Handbook Of Corporate Lending written by James S. Sagner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-01 with Business & Economics categories.
This book focuses on the credit environment in today's financial world. Whether the reader is a practicing bank lender or involved in corporate finance, this book demonstrates how various factors influence credit, funding, pricing decisions and proper structuring of loan agreements. An understanding is developed of the most important issues confronting financial and banking managers today, with the discussion of the financial processes used to formulate decisions and analyze the strengths and weaknesses of credit metrics. Eight cases are discussed to illustrate aspects of the corporate credit decision.
Corporate Credit Analysis
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Author : Alastair Graham
language : en
Publisher: Routledge
Release Date : 1999
Corporate Credit Analysis written by Alastair Graham and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Captures the full range of existentialism For the quarter-century following World War II, existentialism was a pervasive current of thought worldwide, not only in philosophy, but also in literature and in much of psychological and social theory. Jean-Paul Sartre was the towering, controversial figure who gave impetus to the movement and with whom existentialism was identified. Sartre's philosophy, which evolved considerably over more than three decades, continues to generate attention today. Scholarship on all of Sartre's writings The collection begins with contemporary articles that recapture the atmosphere in which the idea of existentialism crystallized. It presents important comparative and background studies that establish connections between Sartre and existentialist writers who preceded him, and offers some of the best scholarship on his writings, including posthumous publications. The articles also connect Sartre's philosophy with the work of his best-known French contemporaries and associates, notably Camus, de Beauvoir, and Merleau-Ponty, and with major post-existentialist intellectual currents. Interdisciplinary and balanced coverage While presenting Sartre as a philosopher, as he saw himself, this interdisciplinary collection of articles includes both comprehensive overviews of his philosophy and in-depth analyses of it, some highly sympathetic and some highly critical. Because of its interdisciplinary character and its chronological range over more than half a century, this series is an exceptionally valuable resource for scholars in the humanities and social sciences. A multidisciplinary resource This collection of outstanding articles brings multiple perspectives to bear on existentialism and draws on a wider range of periodicals than even the largest library usually holds. Even if all the articles were available on campus, chances are that a student would have to track them down in several libraries and microfilm collections. Providing, of course, that no journals were reserved for graduate students, out for binding, or simply missing. This convenient set saves students substantial time and effort by making available all the key articles in one reliable source. Comprehensive-contemporary to classic Not only does the collection offer the best of contemporary articles, but it also includes important classics and seminal pieces. Thus a student can view in one place the historical evolution and advances in existentialist thought, as well as be informed about the latest developments. Authoritative introductions A distinguished authority in the field, the series editor has put together a balanced and well thought-out selection of the most significant works, accompanied by expert commentary. A general introduction gives important background information and outlines fundamental issues, current scholarship, and scholarly controversies. Introductions to individual volumes put the articles in context and draw attention to germinal ideas and major shifts in the field. After reading the material, even a beginning student will have an excellent grasp of the basics of the subject. Durable and permanent Unlike journals, which cannot withstand the rigors of constant use, the hardbound books in this series have sturdy library-style bindings and are printed on acid-free paper that has a guaranteed shelf life of 300 years. Consequently, the set will still be in excellent condition when the original periodicals are long gone. An affordable research resource Even if a library has all of the journals represented in the series, this inexpensive core collection of articles in permanent form saves wear and tear on the fragile journals themselves. The series puts into the hands of undergraduates a selection of the best writings on existentialism that is convenient, comprehensive, multidisciplinary, and ideal as a starting point for research. The many articles introduce students in a use
The Analysis Of Credit
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Author : Alexander Bathory
language : en
Publisher:
Release Date : 1987
The Analysis Of Credit written by Alexander Bathory and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Credit categories.