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High Yield Investment Process

  • Proprietary research involving financial models similar to rating agencies
  • Initial step (normally when new issue) involves presentations/meetings with sponsor bank and one on one meeting with senior management of issuer
  • Can fail to pass this stage if concerns on business/structure/management - possible defer for revisit or reject
  • If pass then model covering next few years constructed which may have different assumptions to sponsor/management and will be stress tested
  • Terms of deal compared to existing stocks available in market for relative value
  • If relatively expensive will put on watchlist for review otherwise will be added to portfolios
  • Stocks on watchlist and portfolios constantly monitored for news/results and relative value
  • Portfolio models kept up to date for results and sector, refinancing, liquidity and other risks assessed on continuous basis
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