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Global Financial Markets Institute»Leveraged Loan

Leveraged Loan

Leveraged Loans

The syndicated loan market is the dominant channel through which issuers around the world obtain loans from banks and other capital-providing institutions. Some borrowers in this market are high quality investment-grade companies, which typically borrow through unsecured revolving credit facilities. A large part of the market, however, consists of lending to lower quality sub-investment-grade borrowers. These so-called leveraged loans can be much more difficult to analyze than investment-grade loans, due to the high leverage (and hence high credit risk) of the issuer, heavier reliance on security and collateralization, complicated corporate structures, and complex covenant packages. They also constitute the overwhelming majority of loans traded in the secondary market.

In this course, we offer an overview of the leveraged loan market and discuss key drivers of credit risk for leveraged borrowers and leveraged loans.

Course Objectives

By the end of the course, participants will be able to:

  • Describe the development and composition of the syndicated loan market
  • Explain why companies issue leveraged loans and why investors invest in them
  • Discuss recent trends in the market for leverage loans
  • Explain the role of covenants in lending agreements and describe the main covenants encountered in leveraged loans
  • Explain how collateral and other types of security affect risk in leveraged loans
  • Explain how contractual and structural subordination affect credit risk
  • Define events of default and describe possible responses to technical and payment defaults, including waivers, amendments, restructuring, and liquidation
  • Discuss factors that affect recovery rates on leveraged loans
  • Discuss the role of credit ratings in the leveraged loan market
  • Define and interpret key financial ratios and explain how they can be used to assess the financial health of leverage borrowers
  • Discuss ways in which leveraged lending may contribute to systemic financial risk
  • Discuss recent and likely future developments in the market for leveraged loans

Suggested Prerequisites: None

Program Level: Foundational

Advance Preparation: None

Computers and Financial Calculators: N/A

Recommended CPE Credits: 7

Duration: 1 day

 

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  • About Us
    ▼
    • Our Story
    • Our Team
    • Our Clients
    • Strategic Alliance
    • Our Associations
  • Services
    ▼
    • Training Needs Analysis
    • Custom Built Training
    • Subject Matter Experts
  • Training Courses
    ▼
    • Alternative Investments
    • Asset Liability Management
    • Capital Markets
    • Commodities
    • Corporate Finance Course
    • Credit and Credit Analysis Course
    • Credit Derivatives
    • Derivatives
    • Digital Assets
    • Economics
    • Equities
    • Financial Statement Analysis Accounting
    • Fixed Income Courses
    • Foreign Exchange
    • Insurance
    • Municipals
    • Mutual Funds and ETFs
    • Operations
    • Portfolio Management
    • Quantitative Methods and Excel
    • Regulation and Compliance
    • Risk Management
    • Securities Lending — Repurchase Agreements
    • Securitization and Structured Finance
    • Structured Products
    • Wealth Management
  • Training Methods
    ▼
    • Classroom Training
    • Virtual Instructor-Led Training (VILT)
    • Online Learning — eLearning
    • Financial Simulation
    • Blended Learning
  • Insights
    ▼
    • eNews
    • Articles
    • Glossary
    • Blog
    • Case Studies
  • Contact us
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