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What factors do analysts use to evaluate corporate bond default risk?
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What are some qualitative factors in bond evaluation?
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What characterizes a high credit quality business model?
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How does industry competition affect credit quality?
Less intensive competition is favorable for an issuer's credit quality.
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What is business risk in credit analysis?
Risk of unexpected deviations from expected revenues and margins.
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What should high credit quality issuers ensure regarding corporate governance?
Sufficient processes for fair treatment of debtholders.
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What are typical covenants for unsecured investment-grade issuers?
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What type of covenants do high-yield issuers usually have?
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What are warning signs in accounting policies for creditworthiness?
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What does quantitative analysis involve in bond evaluation?
Estimating future financial statements and cash flows.
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What are the two approaches to quantitative analysis?
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What factors indicate higher credit quality in issuers?
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What is the significance of earnings before interest and taxes (EBIT)?
It's a key term in calculating financial ratios.
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What does EBITDA stand for?
Earnings Before Interest, Taxes, Depreciation, and Amortization
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How is EBITDA calculated?
Operating income plus depreciation and amortization
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What is a drawback of using EBITDA for credit analysis?
It does not adjust for capital expenditures and changes in working capital
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What does CFO stand for?
Cash Flow from Operating Activities
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How is CFO calculated?
Net income plus noncash charges minus increase in working capital
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What does FFO stand for?
Funds From Operations
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How is FFO calculated?
Net income from continuing operations plus depreciation, amortization, deferred taxes, and noncash items
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What does FCF stand for?
Free Cash Flow
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How is FCF calculated?
CFO minus fixed asset expenditures plus net interest expense
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What does RCF stand for?
Retained Cash Flow
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How is RCF calculated?
Operating cash flow minus dividends
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What is a bond’s seniority ranking?
Its position in the priority of claims to the issuer’s assets and cash flows
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What is secured debt?
Debt backed by collateral that can be sold to recover funds
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What is unsecured debt?
A general claim to the issuer’s assets and cash flows
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What are the types of secured debt?
First lien, first mortgage, senior secured, junior secured
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What are the types of unsecured debt?
Senior, junior, subordinated
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What is the highest rank of unsecured debt?
Senior unsecured
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What is the general order of seniority rankings for debt repayment?
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What does pari passu mean?
All debt within the same category has the same priority of claims
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What happens to senior claims if collateral value is insufficient?
They rank pari passu with senior unsecured claims
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What is the relationship between seniority ranking and credit risk?
Lower seniority ranking means higher credit risk
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What can happen during a bankruptcy process?
Lower-priority debtholders may get paid even if senior debtholders are not paid in full
ここでカードを閲覧するか、 sign up to study with spaced repetition.
What are the costs associated with bankruptcies?
They can be costly and take a long time to settle
ここでカードを閲覧するか、 sign up to study with spaced repetition.
What factors do analysts use to evaluate corporate bond default risk?
What are some qualitative factors in bond evaluation?
What characterizes a high credit quality business model?
How does industry competition affect credit quality?
Less intensive competition is favorable for an issuer's credit quality.
What is business risk in credit analysis?
Risk of unexpected deviations from expected revenues and margins.
What should high credit quality issuers ensure regarding corporate governance?
Sufficient processes for fair treatment of debtholders.
What are typical covenants for unsecured investment-grade issuers?
What type of covenants do high-yield issuers usually have?
What are warning signs in accounting policies for creditworthiness?
What does quantitative analysis involve in bond evaluation?
Estimating future financial statements and cash flows.
What are the two approaches to quantitative analysis?
What factors indicate higher credit quality in issuers?
What is the significance of earnings before interest and taxes (EBIT)?
It's a key term in calculating financial ratios.
What does EBITDA stand for?
Earnings Before Interest, Taxes, Depreciation, and Amortization
How is EBITDA calculated?
Operating income plus depreciation and amortization
What is a drawback of using EBITDA for credit analysis?
It does not adjust for capital expenditures and changes in working capital
What does CFO stand for?
Cash Flow from Operating Activities
How is CFO calculated?
Net income plus noncash charges minus increase in working capital
What does FFO stand for?
Funds From Operations
How is FFO calculated?
Net income from continuing operations plus depreciation, amortization, deferred taxes, and noncash items
What does FCF stand for?
Free Cash Flow
How is FCF calculated?
CFO minus fixed asset expenditures plus net interest expense
What does RCF stand for?
Retained Cash Flow
How is RCF calculated?
Operating cash flow minus dividends
What is a bond’s seniority ranking?
Its position in the priority of claims to the issuer’s assets and cash flows
What is secured debt?
Debt backed by collateral that can be sold to recover funds
What is unsecured debt?
A general claim to the issuer’s assets and cash flows
What are the types of secured debt?
First lien, first mortgage, senior secured, junior secured
What are the types of unsecured debt?
Senior, junior, subordinated
What is the highest rank of unsecured debt?
Senior unsecured
What is the general order of seniority rankings for debt repayment?
What does pari passu mean?
All debt within the same category has the same priority of claims
What happens to senior claims if collateral value is insufficient?
They rank pari passu with senior unsecured claims
What is the relationship between seniority ranking and credit risk?
Lower seniority ranking means higher credit risk
What can happen during a bankruptcy process?
Lower-priority debtholders may get paid even if senior debtholders are not paid in full
What are the costs associated with bankruptcies?
They can be costly and take a long time to settle
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