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Course Calendar Course CalendarHigh Yield and Leverage Finance
This course begins with foundation work covering the background of high yield and leveraged finance markets, the instruments and their key terms and conditions, leveraged buyout (LBO) structuring, and a cash flow template that provides key insights on corporate debt service capacity.
The course then considers business, financial and instrument aspects of high yield credit analysis, recovery analysis and common drivers of corporate distress, and valuation. Real company examples and in-depth case studies cover a variety of high yield issuers across sectors, with a focus on the US. These case studies illustrate various types of investment situations that arise in the high yield space – companies in structural decline, successful and unsuccessful LBOs, turnaround situations, highly cyclical businesses and fallen angels.
The program caters for delegates at all experience levels, from beginner, through intermediate to advanced.
Recommend to a Colleague- Date:
- Please contact us
- Venue:
- Manhattan - New York
- Fee:
This course is also available in London Time Zone and Singapore Time Zone
- High yield credit analysts, Equity analysts
- High yield asset managers
- Hedge fund managers
- Distressed debt investors
- Private equity investors
- Loan portfolio managers
- Mergers and acquisitions bankers
- Debt capital markets/leveraged finance bankers
- CLO managers, Strategy consultants
- Business turnaround/restructuring accountants/corporate finance professionals
- Basic understanding of financial statements
- Basic familiarity with Excel
Rupesh Tailor is a banking sector specialist with over fourteen years’ experience, having worked for sell-side and buy-side financial institutions including Goldman Sachs, Barclays Capital, Merrill Lynch, Auriga Investors and Morgan Stanley. He specialized in the European bank sector as well as the analysis of high yield and leveraged finance investments. His responsibilities included analysis, trading and portfolio management of credit and equity products.
Rupesh has consulted for two of Europe’s Global Systemically Important Banks (GSIBs) regarding their stress test modelling - as part of the 2014 European Central Bank/European Banking Authority stress test of euro area banks - and has also developed stress test models for a variety of other banks’ ICAAP and ILAAP needs. His proprietary stress-testing models are widely recognized as having accurately predicted the failures of various US, Irish, Spanish and Icelandic banks; as well as being highly successful at identifying businesses in structural decline at an early stage.
He delivers courses globally in Asset-Liability Management, Bank Stress-Testing, Basel III, High Yield & Leveraged Finance, Distressed Debt, and Fixed Income Attribution to financial institutions and central banks. He is also a sought-after speaker and chairperson at leading industry events.
Rupesh received a MA in Economics from Cambridge University and achieved First Class Honours.
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07-Feb-2018 - Basel III: Far East regulators strive to maintain good reputation on implementation - globalriskregulator.com
Foundations
- High yield and leveraged finance market background – size, history, participants, historic returns and default rates, composition, credit rating agencies
- Instruments and their key terms and conditions – high yield bonds and leveraged loans, bank debt (revolvers, working capital facilities, bridge finance, and capital expenditure facilities), and PIKs; credit default swaps; corporate structure and capital structure; covenants; security packages and enforcement rights; guarantors; call schedules
- Leveraged buyouts (LBOs) – overview of deal structuring
- Cash flow template to provide key insights on debt service capacity
Example: Hertz Global Holdings, Inc. (car rental company)
Workshop 1: Evaluating key terms and conditions of Toys R Us Inc’s (US toy retailer) bonds; preparing and interpreting cash flow template
High Yield and Leveraged Finance Analysis and Investing
- Delineation of credit analysis process: business assessment, financial assessment, and instrument assessment
- Business assessment – products, competition, customers, company
- Financial assessment – financial statement analysis, forward-looking financial modeling, key credit metrics, covenant compliance testing, liquidity analysis, and debt service capacity
- Instrument assessment – covenant, seniority, security, and guarantor protection
- Stress-testing – what does it take to “break” the company? What are the key ways in which companies get into distress? What are recovery prospects?
- Valuation – identifying comparables for relative valuation; absolute valuation
Example: Hertz Global Holdings, Inc. (car rental company)
Workshop 2: Are Toys R Us Inc’s senior unsecured bonds an attractive investment?
Case Studies
Case Study 1: Identifying and analyzing companies in structural decline
Example: Norske Skogindustrier ASA (Norwegian-based global newsprint and magazine paper producer)
Case Study 2: The vicissitudes of an LBO
Example: Freescale Semiconductor, Inc. (US semiconductors manufacturer)
Case Study 3: Competition in the US supermarket retail
Example: SUPERVALU, Inc. (US supermarket and pharmacy retailer)
Workshop 3: Can Seadrill Limited (offshore deepwater rig company) survive and are its bonds an attractive investment?
Case Study 4: Identifying, analyzing, and investing in a successful turnaround situation
Example: MGM Resorts International (US gaming, hospitality, and entertainments resorts operator)
Case Study 5: Analyzing and investing in cyclical businesses
Example: Freeport McMoRan, Inc. (US metals, mining, and energy group)
Case Study 6: Analyzing many-entity international groups
Example: Liberty Group, Inc. (international cable/multimedia company)
Workshop 4: Can Sears Holdings Corporation (US department store retailer) survive and are its bonds an attractive investment?
Course Details
- Date:
- Please contact us
- Venue:
- Manhattan - New York
- Duration:
- Please contact us
- Fee: Please contact us
This course is also available in London Time Zone and Singapore Time Zone

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