The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt (Wiley Finance) 1st Edition

I read The Credit Investor’s Handbook this past spring, and it turned out to be one of the most practical and insightful resources I’ve come across. Michael Gatto does an excellent job of distilling complex credit investing concepts into a well-structured book full of clear frameworks, anecdotes, and resources that make the material approachable for students and professionals alike.What stood out most for me was the seven-step credit analysis framework. As a rookie intern, it gave me a systematic and repeatable process for thinking through different types of debt, which made credit analysis far less intimidating. It provided a foundation I could rely on when approaching new situations, and it really sharpened my understanding of how to break down risks and key drivers across credits.Over the summer, I worked on both a leveraged buyout and a debt restructuring alongside creditors, and I kept finding myself returning to lessons from the book. The leveraged buyout helped me appreciate the capital structure dynamics Mr. Gatto lays out, while the restructuring made me realise just how useful his chapters on distressed situations really are.I can honestly say this book made me a stronger intern and left me better prepared for a career in finance. For that, I’m genuinely grateful, and I highly recommend it to anyone serious about building a foundation in this field.— H.C.

As someone who has started his career in credit and wishes to continue, this was the most helpful finance book I have read by far. I very much wish I could have had access to it when I started working after undergrad. It was smooth like a novel but informed like a dense textbook. Mr. Gatto condenses highly complicated financial topics (bankruptcy, Leverage Buyouts) into an easy and enjoyable read. I found the constant use of real companies and past cases to be quite helpful, and for those of you who enjoy history, the high level of detail on prior distressed scenarios from decades earlier is really fun to explore. The last few chapters are certainly more complicated, but he leads through it methodically without rushing any of his key points. The book does a great job of explaining the nuances on valuation and capital structures through multiple scenarios, so you never are thinking "what if this was the case instead?"Beyond writing a great novel, Mr. Gatto also mentions a plethora of resources and books to help encourage greater learning should something catch your eye. I'm not sure I have ever read a book that endorses so many others as well. Overall, a fantastic read and I can't recommend it enough.

This is a great resource not only for credit analysts but for a broad group of finance professionals.Most books on the subject are too intense for those starting out or are too theoretical and don’t teach job applicable skills. The Credit Investors Handbook does a great job balancing accessibility and practicality, while still being highly educational.The first part of the book provides a framework for analyzing a business and its financials, a walkthrough of how to build a forecast model, and an overview of valuation methodologies. These are essential skills for almost any corporate finance role and entire textbooks have been written on each of these subjects.The second portion of the book is more applicable to those interested in restructuring or distressed investing. It provides an overview of bankruptcy, liability management and “creditor on creditor violence”, as well as different approaches to distressed investing. This was my favorite section as there is a shortage of accessible material out there on these subjects - for example, good luck finding another book that clearly describes how subordination works in bankruptcy.Overall, a great guide for aspiring or early career professionals and a helpful refresher for those more experienced. I’ve worked as a restructuring advisor for almost a decade, still learned a bunch, and developed a better appreciation of the credit investor’s process. The real world examples were all really interesting and clearly described to support the highlighted topic.Overall, great job. Would recommend.