Bond Credit Analysis:
Framework and Case Studies
Frank J. Fabozzi
Copyright: 2001
Credit analysis is an
important factor in judging investment value. Fundamentally sound credit analysis can
offer more insight into the value of an investment and lead to greater profits. This study
presents a professional framework for understanding and managing a successful corporate or
municipal bond analysis, while providing informative case studies from well-known private
and government organizations.
Contributing Authors.
SECTION I: FRAMEWORK.
Why Does Credit Analysis
Work? (M. Fridson).
Review of Financial
Statements (F. Fabozzi, et al.).
Credit Analysis for Corporate
Bonds (J. Howe).
The Analysis of High-Yield
Corporate Bonds (J. Howe).
Basics of Fundamental Equity
Analysis for High-Yield Credit Analysts (F. Fabozzi, et al.).
Critical Failings of EBITDA
as a Cash Flow Measure (P. Stumpp).
Challenges in the Credit
Analysis of Emerging Market Corporate Bonds (C. Taylor).
Debt Covenants: Applications
in Emerging Markets (A. Vine and D. Sohnen).
Municipal Bond Credit
Analysis (S. Feldstein).
The Measurement of
Prepayments and Defaults in ABS Markets (A. Bhattacharya).
Understanding MBS/ABS Loss
Terminology (T. Zimmerman).
A Credit Intensive Approach
to Analyzing Whole Loan CMOs (E. Toy).
Mortgage Credit Analysis (J.
Brown and W. Wadden IV).
Credit Considerations in
Analyzing Asset-Backed Securities: A Rating Analyst's Perspective (A. Silver).
Credit Considerations in the
Analysis of Asset-Backed Securities: A Research Analyst's Perspective (K. Weaver and S.
Whitten).
Considerations in the Credit
Analysis of Commercial Mortgage-Backed Securities (J. Price and J. Story).
Credit-Driven Prepayment and
Default Analysis (M. Ervolini, et al.).
AAA CMBS: Prospective
Analysis to Manage Perception-Diminished Liquidity (M. Ervolini and A. Fazlullah).
SECTION II: CASE SUDIES.
Bergen Brunswig Corporation
(F. Fabozzi).
Einstein/Noah Bagel
Corporation (S. Tufo).
Sun Healthcare Group, Inc.
(S. Tufo).
572 pages