Эти карточки ещё не сохранены — они исчезнут, как только ты уйдёшь. Заведи бесплатный аккаунт, чтобы сохранить их и получить доступ ко всем функциям ниже.
What factors do analysts use to evaluate corporate bond default risk?
Просматривай карточки здесь или sign up to study with spaced repetition.
What are some qualitative factors in bond evaluation?
Просматривай карточки здесь или sign up to study with spaced repetition.
What characterizes a high credit quality business model?
Просматривай карточки здесь или sign up to study with spaced repetition.
How does industry competition affect credit quality?
Less intensive competition is favorable for an issuer's credit quality.
Просматривай карточки здесь или sign up to study with spaced repetition.
What is business risk in credit analysis?
Risk of unexpected deviations from expected revenues and margins.
Просматривай карточки здесь или sign up to study with spaced repetition.
What should high credit quality issuers ensure regarding corporate governance?
Sufficient processes for fair treatment of debtholders.
Просматривай карточки здесь или sign up to study with spaced repetition.
What are typical covenants for unsecured investment-grade issuers?
Просматривай карточки здесь или sign up to study with spaced repetition.
What type of covenants do high-yield issuers usually have?
Просматривай карточки здесь или sign up to study with spaced repetition.
What are warning signs in accounting policies for creditworthiness?
Просматривай карточки здесь или sign up to study with spaced repetition.
What does quantitative analysis involve in bond evaluation?
Estimating future financial statements and cash flows.
Просматривай карточки здесь или sign up to study with spaced repetition.
What are the two approaches to quantitative analysis?
Просматривай карточки здесь или sign up to study with spaced repetition.
What factors indicate higher credit quality in issuers?
Просматривай карточки здесь или sign up to study with spaced repetition.
What is the significance of earnings before interest and taxes (EBIT)?
It's a key term in calculating financial ratios.
Просматривай карточки здесь или sign up to study with spaced repetition.
What does EBITDA stand for?
Earnings Before Interest, Taxes, Depreciation, and Amortization
Просматривай карточки здесь или sign up to study with spaced repetition.
How is EBITDA calculated?
Operating income plus depreciation and amortization
Просматривай карточки здесь или sign up to study with spaced repetition.
What is a drawback of using EBITDA for credit analysis?
It does not adjust for capital expenditures and changes in working capital
Просматривай карточки здесь или sign up to study with spaced repetition.
What does CFO stand for?
Cash Flow from Operating Activities
Просматривай карточки здесь или sign up to study with spaced repetition.
How is CFO calculated?
Net income plus noncash charges minus increase in working capital
Просматривай карточки здесь или sign up to study with spaced repetition.
What does FFO stand for?
Funds From Operations
Просматривай карточки здесь или sign up to study with spaced repetition.
How is FFO calculated?
Net income from continuing operations plus depreciation, amortization, deferred taxes, and noncash items
Просматривай карточки здесь или sign up to study with spaced repetition.
What does FCF stand for?
Free Cash Flow
Просматривай карточки здесь или sign up to study with spaced repetition.
How is FCF calculated?
CFO minus fixed asset expenditures plus net interest expense
Просматривай карточки здесь или sign up to study with spaced repetition.
What does RCF stand for?
Retained Cash Flow
Просматривай карточки здесь или sign up to study with spaced repetition.
How is RCF calculated?
Operating cash flow minus dividends
Просматривай карточки здесь или sign up to study with spaced repetition.
What is a bond’s seniority ranking?
Its position in the priority of claims to the issuer’s assets and cash flows
Просматривай карточки здесь или sign up to study with spaced repetition.
What is secured debt?
Debt backed by collateral that can be sold to recover funds
Просматривай карточки здесь или sign up to study with spaced repetition.
What is unsecured debt?
A general claim to the issuer’s assets and cash flows
Просматривай карточки здесь или sign up to study with spaced repetition.
What are the types of secured debt?
First lien, first mortgage, senior secured, junior secured
Просматривай карточки здесь или sign up to study with spaced repetition.
What are the types of unsecured debt?
Senior, junior, subordinated
Просматривай карточки здесь или sign up to study with spaced repetition.
What is the highest rank of unsecured debt?
Senior unsecured
Просматривай карточки здесь или sign up to study with spaced repetition.
What is the general order of seniority rankings for debt repayment?
Просматривай карточки здесь или sign up to study with spaced repetition.
What does pari passu mean?
All debt within the same category has the same priority of claims
Просматривай карточки здесь или sign up to study with spaced repetition.
What happens to senior claims if collateral value is insufficient?
They rank pari passu with senior unsecured claims
Просматривай карточки здесь или sign up to study with spaced repetition.
What is the relationship between seniority ranking and credit risk?
Lower seniority ranking means higher credit risk
Просматривай карточки здесь или sign up to study with spaced repetition.
What can happen during a bankruptcy process?
Lower-priority debtholders may get paid even if senior debtholders are not paid in full
Просматривай карточки здесь или 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
Просматривай карточки здесь или 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
Вы уверены, что хотите удалить 0 карточку(и)? Это невозможно будет отменить.
Выберите теги для удаления из 0 выбранные карточки:
Загрузка тегов...