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A Pragmatist’s Guide to Leveraged Finance: Credit Analysis for Bonds and Bank Debt by Robert S. Kricheff

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21. Value, Relative Value, and Comparable Analysis

What’s in this chapter:

• What tools to use to start comparing securities

• Using financial metrics, yields, and spreads to determine relative value

• Using operational metrics to determine relative value

What makes an investor choose to buy one bond versus another? It is not always just a formula; it involves numerous factors. Additionally, with many types of investors in the market, a bond that may be attractive to one style of investor may be of no interest to another.

Although most investors in stocks or leveraged debt want to maximize their returns, there are different philosophies on how to achieve this. Just as in equities there may be macro or momentum investors, or growth or value investing, ...

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