Program Level: Intermediate; Prerequisites: Either approx. two years experience in a credit-related function or attendance on an intermediate-level credit seminar. This seminar reviews the basics of high-yield debt while providing an overview of relevant current issues. Among the topics covered are credit analysis of risky debt, today's market for high-yield, seniority and subordination, use of "junk" bonds in LBOs, high risk debt in troubled or leveraged companies, the effect of secondary markets and vulture funds, and debt structures in multi-layered or international corporate entities.