The Credit Investor’s Handbook  aims to be the "go-to" book for all finance majors thinking about a career in the credit markets, as well as newly minted credit analysts in the first few years of their careers. Based on discussions with many senior industry professionals, as well as my experience teaching at the university level over the last decade, Gatto’s book serves as a roadmap to analyze and make credit investment recommendations properly and effectively. Traditional credit training programs focus on "The 5 C’s of Credit": 1)    Character - A view on the leadership of the borrower, its reputation, and its strategy. 2)    Capacity - A focus on the borrowers ability to generate enough cash flow to service its debt (interest and principal). 3)    Capital - A review of how much equity the business has relative to its debt. 4)    Conditions - An analysis of the firms competitive environment. 5)    Collateral - An evaluation of the quality of the assets securing the borrowers debt. This book will modify the traditional approach to the debt markets by making it more comprehensive and tie it to how todays top investors evaluate credit. While this framework can be a guide to assessing any corporate investment from debt to equity, Gatto focuses primarily on (a) originating and structuring debt, (b) secondary purchases of debt, and (c) distressed debt investing. The first half of the book will focus on investing in performing transactions and the second half will focus on distressed debt. In all credit analysis, the investor needs to have an informed view of (i) the companys default risk (i.e., how likely are they to get into financial trouble) and (ii) the companys recovery prospects if it gets into financial trouble (often referred to as severity of loss). While credit analysis is an art and highly subjective, this does not mean there cannot be an organized approach to guide an investment decision. The book will walk the readers through a seven-step process of analyzing an investment opportunity. 

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