Course curriculum

  • 1

    High-Yield Bonds

    • Course Introduction

    • Downloadable Files

    • Capital Stack

    • Introduction to High-Yield Bonds

    • High-Yield Bond Markets

    • High-Yield vs. Investment Grade Bond Returns

    • Diversification

    • High-Yield Bond Issuers

    • Issuing High-Yield Bonds

    • High-Yield Bond Final Offering Circular

    • Common Features of High-Yield Bonds

    • Other Features of High-Yield Bonds

    • Investment Considerations

    • Interactive Exercise 1

    • Key Risks of High-Yield Bonds

    • Covenants

    • Credit Deterioration, Upgrades, and Downgrades

    • Finding Covenants on Bloomberg

    • High-Yield Bond Prospectus Case Study

    • Trading High-Yield Bonds

    • Tenders, Consents, and Restructurings

    • Trading Defaulted Bonds

    • High-Yield Bond Indexes

    • High-Yield Bond Derivatives - Credit Default Swaps

    • High-Yield Bond Derivatives - CDX Index

    • Interactive Exercise 2

  • 2

    Subordinated Debt

    • Subordinated Debt

    • Forms of Subordination

    • Sub Debt vs. High-Yield Bonds

    • Issuers of Sub Debt

    • Optimal Ratios of Corporate Sub Debt

    • Bank Capital

    • Components of Bank Capital

    • Interactive Exercise 3

    • Bank Capital - Senior Debt Example

    • Bank Capital - Tier 2 Example

    • Bank Capital - AT1 CoCo Example

    • Sub Debt and Bank Cap Buyers

    • Key Risks of Sub Debt and Bank Cap

    • Interactive Exercise 4

  • 3

    Leveraged Loans

    • Leveraged Loans

    • Leveraged Loan Markets

    • Leveraged Loan Buyers

    • Collateralized Loan Obligations (CLOs)

    • Originating Loans

    • Interactive Exercise 5

    • Underwritten Deal

    • Best-Efforts Syndication

    • Club Deal

    • Common Features of Leveraged Loans

    • Leveraged Loan Structures

    • Key Risks of Leveraged Loans

    • Trading Leveraged Loans

    • Trading Leveraged Loans - Bridge Loan Example

    • Defaults

    • Restructurings

    • Trading Distressed Loans

    • Interactive Exercise 6

  • 4

    Qualified Assessment

    • Qualified assessment

    • Share Your Feedback

    • Course Completion