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Compiling a Buyers List in Investment Banking

Compiling a Buyers Universe When investment bankers are looking at an asset or a corporate for sale, the natural question is who buys it. This is part of the expertise that the investment banker provides in their services offering. At a large investment bank such as JP Morgan, there are large, dedicated

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

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

Introduction to Green Bonds

Debt Capital Markets - What is a Green Bond? Green bonds are debt securities that use the proceeds to fund sustainable and environmental-friendly projects. Given today's investor focus on environmental, social and governance (ESG) factors - whether for political reasons or other ethical considerations, green bonds can be very attractive bond issuances

Introduction to High Yield Bonds

What Are High Yield Bonds? What separates investment grade and sub-investment grade? The answer is a designated credit rating by the mainstream credit rating agencies - Moody's, S&P and Fitch. Moody's is widely accepted to be the gold standard for rating agencies. The rating agencies will assign scores for corporates based on

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