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The Handbook of Fixed Income Securities, Eighth Edition, 8th Edition by Steven V. Mann, Frank J. Fabozzi

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CHAPTERFORTY-THREECREDIT ANALYSIS FOR CORPORATE BONDS

MARTIN FRIDSON, CFA

Global Credit StrategistBNP Paribas Asset Management

FRANK J. FABOZZI, PH.D., CFA, CPA

Professor of FinanceEDHEC Business School

ADAM B. COHEN, J.D.

FounderCovenant Review

The purpose of this chapter is to provide a framework for the credit analysis of corporate bonds. Although there are numerous types of corporate bonds outstanding, three major issuing segments can be differentiated: industrials, utilities, and finance companies. This chapter will deal primarily with industrials in its general description of bond analysis and then discuss utility and finance issues. Special factors that must be considered in the credit analysis of high-yield corporate issues are addressed. ...

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