Overview of TTS
Credit Analysis Training
A primer for bankers, analysts and investors seeking to attain knowledge of credit products and analyzing credits. Including understanding various credit products, fundamental credit analysis and understanding indentures and credit agreements
Content Overview
The purpose of this content is to provide participants with a detailed analytical discussion of a analyzing and fixed income securities on a fundamental basis. The course will cover credit analysis including reading credit agreements and indentures, analyzing covenants, performing credit comp analysis, yield and interest calculations on bonds and loans and understanding the ratings process.
Prerequisites
Participants should have a basic understanding of finance, accounting, financial statement analysis and financial modeling. A strong proficiency of Excel is recommended to gain the most from the experience with hands-on modeling exercises.
Course Duration
Course is designed to be covered in 1 day, although custom formats for multiple days or half a day are possible. In addition, a power lunch lecture feature is available.
Course Outline:
• Introduction To Credit Markets and Credit Analysis
o Overview of credit markets and monetary theory
o Money supply and credit creation mechanisim
o Current credit market dislocation overview
▪ Impact of structured credit products and CDS
• Structural Classifications of Debt
o Legal entity issuing debt – “Obligor”
o Seniority
o Contractual Subordination
o Structural seniority and subordination
o Guarantees
o Inter-Company obligations
o Secured vs Unsecured
• Debt Financing Alternatives:
o Bank debt
o Investment grade or high yield bonds
o Mezzanine debt (loans or bonds)
o Convertible securities (preferred stock or bonds)
o PIK preferred stock
• Covenants
o Reading Credit Agreements and Indentures
o Overview of Covenants
▪ Affirmative Covenants
▪ Negative Covenants
• Negative Covenants: Finacial Covenants
o Covenant Comps and Credit Analysis
• Overview of Debt Capital Market Products:
o Committed Bank Debt
o High Yield Debt
o Bridge Loans
o Other Debt Instruments
• Credit Comps
o Leveraged Loan Comparable Transactions
o High Yield Comparable Companies
• Debt Ratings Classification
• Overview of Debt Calculations
o YTW and YTM
o Interest Calculations
o Calculating Fees
o Swaps
Please contact Joshua Nahas at 917-650-2968 jr_nahas@ for further details
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