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
Interview With A Mergers & Acquisitions Investment Banker – Part II
Interview with a Mergers & Acquisitions Investment Banker – Part I
Common Investment Banking Behavioral Question Pitfalls
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
How to Answer the “What Are Three Strengths and Weaknesses” Question
We are posting another behavioral interview question set because this is where most of our readers strike out on their interviews. We would think that most readers that stumble upon our website are fairly diligent and are looking to advance their careers - so mastering the technical interview questions is
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
A Very Investment Banking Christmas
Don't take this too seriously Working in Investment Banking During the Holidays Most investment bankers look forward to December for one or two reasons. Senior investment banker schedules (Managing Directors and Executive Directors) are aligned with their clients, so if the client is going on vacation in December then senior bankers will
High Yield Bond Characteristics
High yield bonds are a major financing vehicle for many corporates. After introducing the high yield bond market in the previous post, we will discuss major characteristics of these bonds here. What matters to bondholders? Coupon, maturity, optionality, security, purpose, relative value - the other factors will all inform the ultimate