Finance Must Reads
Essential reading for anyone interested in Restructuring.
What is Distressed Debt Analysis by Moyer?
Nickname for the market-shaking policy announced in April 2025.
What is Liberation Day?
Covenants that require a borrower to keep financial ratios within specified thresholds on an ongoing or periodic basis.
What are maintenance covenants?
Investor who made his name by buying credit default swaps on subprime mortgage tranches before the 2008 financial crisis.
Who is Michael Burry?
Debt with no direct claim on collateral but still ranking ahead of equity.
What is unsecured debt?
An insider’s account of Wall Street trading culture and the rise of modern fixed-income markets; often the gateway book into credit and trading.
What is Liar's Poker by Michael Lewis?
The recent nominee for Chair of the Federal Reserve.
Who is Kevin Warsh?
Covenants that restrict actions only when a borrower takes a specific action.
What are incurrence covenants?
Investor famous for seizing an Argentine Navy Ship.
Who is Paul Singer?
Equity that receives priority over common stock for dividends and liquidation proceeds.
What is preferred equity?
The value investor’s bible.
What is The Intelligent Investor by Benjamin Graham?
Two recent high-profile bankruptcies involving alleged double-pledging of collateral.
What are First Brands and Tricolor?
A breach of the credit agreement that gives lenders the right to accelerate the loan or exercise remedies.
What is an event of default?
Co-Founder of Oaktree Capital Management known for his memos.
Who is Howard Marks?
Debt that combines high coupons with equity-like features such as warrants or payment-in-kind interest.
What is mezzanine debt?
The definitive account of the RJR Nabisco LBO.
What is Barbarians at the Gate by Bryan Burrough and John Helyar?
The current federal funds target range.
What is 3.5–3.75%?
A provision that triggers lender protections or repayment if control of the borrower changes hands.
What is a change of control covenant?
PIMCO co-founder known as the "Bond King".
Who is Bill Gross?
A revolving credit facility that ranks on equal priority with term loans.
What is pari passu?
A narrative of how creditors used capital structure engineering and legal tools to seize control in a modern restructuring.
What is The Caesars Palace Coup by Matt Levine?
The current U.S. 10-year Treasury yield.
What is 4.26%?
A covenant that limits dividends, share buybacks, or payments to junior capital unless specific conditions are met.
What is a restricted payments covenant?
Distressed Debt Investor, Founder of Appaloosa Management, and owner of the Carolina Panthers.
Who is David Tepper?
Debt that sits below all operating-company liabilities due to its position at the holding-company level.
What is structurally subordinated debt?