This course studies the evolution of the high yield bond and loan markets, and the behavior of market participants from
peak to trough and back again through various credit cycles. Through lectures, case studies, and guest speakers, we
discuss through-cycle changes in valuation, structure, capital raising, liquidity and other investor considerations.
To provide context, we will use the Caesars/Harrah’s 2006 leveraged buyout as a case study that illustrates each phase
of the credit cycle. Four other case studies (HCA, NXP, Realogy and a contemporary case, TWTR) will be used to highlight
the two extremes of the cycle (“feast” and “famine”), and how they build on the calmer (some might even say boring)
phases of the credit cycle.
Students should leave the course with an understanding of the concept of the credit cycle and the ability to identify peak
and trough conditions and behaviors.
Division: Finance
Center/Program: Heilbrunn Center for Graham & Dodd Investing
Prerequisite
Complete ALL of the following Courses
Spring 2025
B8328 - 001
Part of Term
MBA - Block Week - Jan 21 - 25 | TWRFS
Section Syllabus
Download Syllabus
Section Notes
Attendance at the first class is mandatory for all enrolled students as well as those on a waitlist or who hope to add the class during Add/Drop.
Day(s)
Date(s)
Start/End Time
Room
-
Tuesday, Wednesday, Thursday, Friday, Saturday 01/21/2025 - 01/25/2025 9:00AM - 5:00PM Geffen 520
Spring 2024
B8328 - 001
Day(s)
Date(s)
Start/End Time
Room
-
Tuesday, Wednesday, Thursday, Friday, Saturday 01/16/2024 - 01/20/2024 9:00AM - 5:00PM Kravis 870