Debt Capital Markets case studies, worked step by step

Cases
100
Traced to a firm
34
Topics
12
Hard
30
Topic
All topicsPrivate credit and direct lending8Debt capacity and loan structuring9Bond issuance and execution9Credit analysis and ratings12Asset-backed, project and real-asset lending8Structured finance and securitisation9Leveraged finance and LBO financing11Capital structure decisions6Rates and hedging8Liability management and refinancing8Indian debt market execution5Restructuring and recoveries7
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 21–30 of 34 · filtered from 100Clear filters
  1. 058A company has filed. Given the enterprise value and a list of claims, including a bank loan only partly covered by its collateral, what is the recovery on each claim?Restructuring and recoveriesHardHoulihan LokeyNew York · 2026
  2. 065Basic credit analysis on a made-up steel company: compute net leverage, interest cover and free cash flow, then give an indicative rating band and outlook.Credit analysis and ratingsWarm upS&P GlobalChicago · 2022
  3. 068Build a simple delinquency model for a mortgage pool using monthly roll rates between arrears buckets, project the 90+ bucket for three months, and say which borrower factors you would add.Structured finance and securitisationCoreNeuberger BermanChicago · 2024
  4. 071A microfinance lender securitises a loan pool through pass-through certificates. Size the credit enhancement from expected loss, split it between cash collateral and over-collateral, and name the risks specific to this asset class.Structured finance and securitisationHardMoody'sNew York · 2024
  5. 074Modelling test: a half-filled debt schedule gives opening balances, rates, the sweep and cash flow, but the sweep, PIK accrual and closing balances are blank and one given line is wrong. Fill it in and find the error.Leveraged finance and LBO financingHardCarlyle GroupNew York · 2023
  6. 080A company at 25x earnings issues bonds at 8% to buy back its own shares. What happens to EPS, and what happens to leverage and the rating as bondholders see it?Leveraged finance and LBO financingCoreDeutsche BankSan Francisco · 2025
  7. 082Three borrowers ask for similar loans: a steady dairy at 2.5x, a fast-growing cold chain at 3.5x with one big contract, and a seasonal resort at 3.0x. What do you look for, and which do you lend to first?Credit analysis and ratingsWarm upHPS Investment PartnersNew York · 2021
  8. 083An airline flies 180-seat aircraft at an 82% load factor and a cost per flight of Rs 9.6 lakh before aircraft financing. What fare breaks even, and can it service a Rs 800 crore aircraft loan if fares run 10% above that?Asset-backed, project and real-asset lendingHardBain CapitalBoston · 2024
  9. 085A software company with Rs 400 crore of recurring revenue and thin EBITDA offers a senior loan, mezzanine with warrants, or equity. Where in the capital structure would you invest?Private credit and direct lendingCoreHPS Investment PartnersNew York · 2021
  10. 086Can debt ever be more expensive than equity? A distressed company is offered a rescue loan at 16% plus a 3% fee plus warrants for 10% of the equity, or a rights issue at a 30% discount. Which money costs more?Leveraged finance and LBO financingCoreTD SecuritiesNew York · 2025

Company names and figures are illustrative.