Leveraged Finance and High Yield Credit Risk

Fitch Learning
Course summary
2 days
2,995 USD, 2,295 GBP excl. VAT
Open / Scheduled
Next available date: 04/05/2020 09:00 - New York
Course Dates
New York
04/05/2020 09:00 
2,995 USD
22/07/2020 09:00 
2,295 GBP

Course description

Leveraged Finance and High Yield Credit Risk

Intermediate | 16 CPD pts | 2 Days

The goal of this two-day course is to enhance analytic skills needed to assess high yielding sub-investment grade and cross-over issuers and instruments. This is a highly interactive course where case studies and exercises are used to illustrate key learning points, allowing participants to apply the concepts acquired during the workshop to a real-life scenario. Participants are encouraged to be focused and concise in developing and articulating credit judgement.

Key Learning Outcomes:

  • Apply a structured approach to credit analysis and understand how credit fundamentals can drive relative value
  • Identify factors that might change a company's credit standing, and thus the value of the underlying security, by anticipating upward and downward credit migration
  • Evaluate the performance of a sub investment grade company based on a qualitative approach, backed by appropriate quantitative analysis (using ratios and cash flow tools) 
  • Understand how market conditions have affected debt structures in the market place for high yield bonds and leveraged loan transactions.

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Suitability - Who should attend?

Anyone with an interest in building or further enhancing their analysis skills which are needed to assess exposures to highly leveraged borrowers. Financial professionals in a credit risk, asset investment or relationship management role, as well as those engaged in the assessment of counterparty risk from an underwriting viewpoint or trade debtor exposure. Regulators or those in a supervisory role with an interest in understanding the underlying credit assessment needed in the organizations or departments they assess. Participants are expected to be familiar with financial statements. 

Training Course Content

Day One

Market Trends and Analytic Framework

Introduction to the leveraged finance market and analytic framework applicable to corporate leverage borrowers.

Creditworthiness of Non-Investment Grade Issuers

Assessment of the credit worthiness of sub-investment grade and cross-over credits using qualitative and quantitative factors.

Leveraged Funding Structures and Instruments

Appreciation of factors which drive leverage and choice of key features of high yield and leveraged finance structures with junior and senior debt instruments. Senior secured (or unsecured) loan and credit facilities

Day Two


Recognition of the different types of subordination and the risks for investors across the capital structure.


Overview of safeguard mechanisms in leveraged loan and high yield bond documentation.

High Risk – High Yield

Drivers of credit pricing and overview of market pricing data related to high yield bonds and leveraged loans. 

Problematic Structures

Identification of options available to lenders of deteriorating credits.

Visit the Fitch Learning website for the full course outline.


The cost of this course includes a light breakfast, lunch and two additional refreshment breaks during each day of the course.

In-house training

Fitch Learning can also deliver this course as in-house training for your company, anywhere in the world. Tailored courses by Fitch Learning are designed to reflect your goals at both a corporate and a team level and help meet your specific training requirements.

About provider

Part of the Fitch Group, Fitch Learning partners with clients to enhance knowledge, skills and conduct. With centers in London, New York, Singapore, Dubai and Hong Kong, we are committed to questioning and understanding client needs across the globe and...

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Fitch Learning

17th Floor, 25 Canada Square
E14 5LQ Canary Wharf London

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