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

The Credit Investor’s Handbook is the most practical, insightful, and well-structured book I’ve read on credit investing. Michael Gatto distills decades of institutional experience into clear frameworks that are both intellectually rigorous and highly actionable.As a student preparing for a summer internship in credit research, I found this book invaluable. It not only sharpened my technical understanding of leveraged loans, high yield bonds, and distressed debt—but also helped me grasp the broader market context, key risks, and behavioral dynamics that separate good investors from great ones.What sets this book apart is how Gatto blends academic theory with real-world application. His chapter on distressed investing and the nuances of legal structuring was especially eye-opening. Whether you're new to credit or already working in the space, this book will deepen your edge.Highly recommend to anyone serious about a career in credit markets.— Justin C.

As a student learning about credit, I found Michael Gatto's "The Credit Investor's Handbook" incredibly helpful and surprisingly fun to read. Unlike other dry finance textbooks, Gatto uses humor and real war stories to explain complex topics like bankruptcy and distressed debt in a way that actually makes sense. His seven-step framework gave me a clear process for analyzing credits, and the JC Penney case study that runs throughout the book really helped me see how everything works in practice. The book turned what seemed like an intimidating field into something I could actually understand and enjoy learning about.

Michael Gatto’s The Credit Investor’s Handbook is an outstanding resource for structured finance professionals looking to deepen their understanding of leveraged loans, high-yield bonds, and distressed debt. Given the increasing convergence between structured finance and private credit, this book provides critical insights that enhance risk assessment, deal structuring, and portfolio management in today’s evolving credit markets.For structured finance experts accustomed to analyzing cash flows, collateral pools, and tranche mechanics, Gatto’s approach to corporate credit investing is both complementary and enlightening. He masterfully dissects capital structures, credit documentation, and covenant protections, offering a level of depth that resonates with professionals who are used to the rigorous analytical frameworks of securitization and structured products. His discussion of risk-adjusted returns and credit deterioration is particularly relevant for those who structure or invest in CLOs, private credit funds, or hybrid vehicles bridging structured and corporate finance.The sections on distressed debt and restructuring are especially valuable for structured finance practitioners expanding into more opportunistic credit strategies. Gatto’s practical insights into distressed investing—including workout negotiations, legal considerations, and downside protection—offer a clear roadmap for professionals accustomed to structured deal dynamics but seeking to navigate direct credit risk more effectively.In a market where credit investors must think holistically—blending structured finance principles with fundamental credit analysis—The Credit Investor’s Handbook is an essential read. It bridges the gap between structured products and corporate credit, making it an indispensable resource for those seeking to expand their expertise beyond traditional securitization.Highly recommended for structured finance professionals who want to refine their approach to credit investing and broaden their skill set in an increasingly interconnected market.

The Credit Investor's Handbook book was invaluable in helping me find my “credit legs” and start to develop a research process. I have recommended the book to numerous colleagues. Gatto does an incredible job distilling credit research into the most important steps and reinforces the teachings with a real-life case study that the reader can complete themselves. A must read for any aspiring credit analysts.

This book stands as the most valuable insight into credit investing that readily available. Mr. Gatto's insights has already made a meaningful impact on my career. I strongly recommend this book to anyone that is interested in the growing credit market.