Investing Across the Capital Structure

Water Cooler
#1

Hey guys:

I am looking for in-depth example of investing across the capital structure regarding credit instruments. For example, conducting a relative value analysis of Senior Debt, Junior debt, unsubordinated debt, Preferred and Equity of the same company. The more complicated, the better (in this case).

I am writing a piece that explains the concept (which i understand) but haven’t done it in a professional setting - looking to understand the details.

Thanks

#2

Law firms that specialize in high capital intensive industries might have white papers on it. I’d be interested in reading whatever you can get your hands on.

#3

Haven’t read these cover to cover, but check out some of the links below,

Some firms that come to mind: OakTree, Canyon, Elliott, Apollo, GoldenTree, etc…

https://www.mercer.com/our-thinking/high-yield-and-distressed-debt.html

https://www.cambridgeassociates.com/insight/distressed-debt-a-new-way-to-categorize-managers/

http://pages.stern.nyu.edu/~ealtman/The%20Role%20of%20Distressed%20Debt%20Markets2.pdf