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Accessing Leveraged Capital Markets – Part I

Issuing High Yield Bonds For levered companies that do not fit the investment grade bucket, there are still robust capital markets options available for debt issuance through the leveraged finance divisions of global investment banks. As discussed in other leveraged finance posts, a large suite of buyers invest in high yield bonds

Statistical Inference and Hypothesis Testing

Whenever we observe data, we are usually observing one or a few samples from a much larger population. For example, if we are looking at daily stock market returns for AAPL for last year, we are looking at only a small portion of the overall daily returns. More often than

Preferred Shares Primer

When investment bankers look at quick and dirty enterprise value calculations, they generally think: EV = Net Debt (Debt - Cash) + Equity In corporate finance theory, enterprise value includes all levels of the capital stack including preferred shares ('prefs"). Preferred shares are securities that are senior to common equity and generally pay

Understanding Porter’s Five Forces

Porter's five forces is the most famous concept in strategy, and is a part of every business undergrad/MBA curriculum. The concept is a succinct yet brilliant way of describing the competitive forces in an industry. For banking, it is an immensely useful framework for industry analysis, a key part of

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