Research and Markets: Understanding High-Yield Bonds

Research and Markets (http://www.researchandmarkets.com/research/rmjz54/understanding) has announced the addition of the "Understanding High-Yield Bonds" book to their offering.

High-yield bonds are increasingly a financing tool of choice with growth especially strong in Europe and among private equity sponsors. This growth creates a need for knowledge about the nuances of this complex asset class.

This book is an essential top-drawer reference guide for all professionals involved in originating, structuring/restructuring, issuing and investing in high-yield bonds, and drafting and negotiating the covenant package.

This book provides a detailed roadmap to structuring, financing and marketing high yield, the key issues driving the market, and the regulatory environment. It offers an unrivalled insight into the covenant package and their practical implications for those party to them, including investors, issuers and financial sponsors.

This publication will help you to:

- Develop a thorough understanding of the covenant package

- Navigate the complex regulatory environment in the US and EU governing HYB offerings

- Understand the challenges to financing acquisitions using HYBs and mechanisms used

- Prepare and draft the Offering Memorandum

- Appreciate the implications of the covenants from an investor and issuer perspective

- Comprehend the impact of covenants in workout scenarios

Key Topics Covered:

Section 1: Structuring and marketing highyield bonds

1. Commercial factors driving the choice of high-yield terms

2. High-yield bonds in acquisition financing

3. Common issues and regulatory barriers when building a multi-jurisdictional collateral package

4. Drafting the Offering Memorandum

5. Marketing a high-yield transaction to investors

Section 2: The covenant package

6. High-yield covenants and terms - introductory concepts

7. Protecting the bondholder's place in the queue - the role of subordination, anti-layering, liens, guarantees and time

8. Limiting leverage - limitations on incurrence of indebtedness and sale and leaseback transactions

9. Containing and protecting cash and assets - limitations on restricted payments, asset dispositions and dividend stoppers

10. Game changers and self-dealing - limitations on mergers, change of control and affiliate transactions

11. Paying off high-yield bonds - redemptions, tender offers, defeasance and satisfaction and discharge

Section 3: Investor perspectives

12. The value of analysing high-yield bond covenants

13. How the covenant package can influence investment returns

Section 4: Issuer considerations

14. Regulatory considerations when issuing high-yield bonds

15. Options and considerations for structuring high-yield transactions

16. The implications of high-yield bonds for issuers

Section 5: When things go wrong

17. High-yield intercreditor structures and their impact on negotiating dynamics

18. Covenant application and enforcement scenarios - how it works in the real world

For more information visit http://www.researchandmarkets.com/research/rmjz54/understanding