High-Yield Bonds and Subordinated Debt: A Practical Guide

Navigating the high-yield debt market requires a solid understanding of how corporate bonds, subordinated debt, and leveraged loans operate. For professionals and investors entering fixed-income capital markets, mastering these instruments is essential for balancing risk and return. This text-based course guides you through the mechanics of non-investment grade debt. You will learn how to assess credit risk, interpret debt covenants, and evaluate different instruments in the capital structure, preparing you to make informed decisions in the high-yield space. What you'll learn: Understand the fundamental differences between senior secured loans, high-yield bonds, and subordinated debt; Analyze credit risk and rating methodologies used to evaluate non-investment grade issuers; Interpret key debt covenants and structural protections that safeguard investor capital; Evaluate how modern market trends, such as the growth of private credit and ESG considerations, impact high-yield investing; Practice calculating essential yield metrics, including yield-to-worst and credit spreads, through written scenarios. The course begins with foundational definitions of capital structure and fixed-income terminology before moving into detailed analyses of specific debt instruments and modern risk-assessment frameworks. Designed for beginners, finance professionals transitioning to debt markets, and individual investors, this course requires no prior experience in investment banking. Start reading today to build your expertise in high-yield capital markets.