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Investing in Junk Bonds: Inside the High Yield Debt Market
By Edward I. Altman and Scott Nammacher 
2003/01 - Beard Books 1587981556 - Paperback - Reprint - 272 pp. US$34.95 An especially informative book for all new investors, but just as useful for the seasoned professional. Publisher Comments This is a reprint of one of the first comprehensive books on the rise and operation of the high yield debt market as illustrated by the “junk” bond. Published 15 years ago, this classic volume is still relevant in today's challenging market. Among the concepts discussed are expected yields; realized returns; default experience; market growth and size; credit quality trends; related mutual fund results and portfolio holdings; mergers/acquisitions and takeovers; new issue and issuer characteristics; underwriter strategies; and developing investment strategies, particularly using an objective credit model. From the back cover blurb: Written by the preeminent academic authority on high yield bonds and co-authored by a highly respected and experienced practitioner, this is a reprint of one of the first comprehensive books on the rise and operation of the high yield debt market as illustrated by the "junk" bond. Published 15 years ago, this classic volume is still relevant in today's challenging market. Among the concepts discussed are: expected yields; realized returns; default experience; market growth and size, credit quality trends, related mutual fund results and portfolio holdings; mergers/acquisitions and takeovers; new issue and issuer characteristics; underwriter standings; and developing investment strategies, particularly using an objective credit model. The development of portfolios is a subject of analysis.
From Book News: Originally printed in 1987, this book examines the rise and operation of the high-yield debt market typified by the junk bond. It discusses expected yields, realized returns, default, market growth, credit quality, mergers and acquisitions, investment strategies, and related topics. Altman teaches finance at New York University. Nanmacher is a consultant. Annotation (c)2003 Book News, Inc., Portland, OR From Amazon.Com: The first comprehensive guide to the burgeoning, new high-yield debt or ``junk bond'' market. Edward Altman and Scott Nammacher, leading experts on debt financing and co-developers of the Zeta model for predicting business failure, offer sophisticated investors a complete analysis of the high-yield bond market, its anatomy, history, participants, risks and returns. With Altman and Nammacher's Zeta model, investors can gauge the safety of an issue before they commit. This book helps private investors and mutual fund, pension, bank, and insurance money managers make sure their junk bonds don't live up to the name. From Amazon.Com: Details the rise and operation of the high yield debt market as illustrated by the "junk" bond.
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Edward I. Altman received an M.B.A and a Ph.D. in Finance from the University of California, Los Angeles. Dr. Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt, and credit risk analysis. He has been visiting Professor abroad and has received several international awards. Dr. Altman is one of the founders and an Executive Editor of the Journal of Banking and Finance, has authored or edited over twenty books, and has written more than one hundred articles for scholarly finance, accounting and economic journals.
Other Beard Books by Edward Altman:
Scott A. Nammacher holds a B.S. degree in Business from the University of Minnesota and a M.B.A. in Finance from New York University. He is a Principal and Managing Director of Empire Valuation Consultants, Inc., where he has worked since 1992. Mr. Nammacher has had extensive experience in financial consulting, business valuations, and acquisitions/divestitures. He has testified as an expert witness in a number of court cases, including litigation regarding a high-yield bond portfolio and has authored a number of articles on "junk" bonds.
