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 1–10 of 12 · filtered from 100Clear filters
  1. 004Ambarnagar Municipal Corporation's water revenue bond has net revenue of Rs 180 crore against debt service of Rs 120 crore and a 1.25x rate covenant. Tariffs are frozen for three years while costs rise 6% a year. What happens to coverage, and what does it mean for the credit?Credit analysis and ratingsCoreCredit researchFixed income asset management
  2. 007You are given Pellora Pharma's financials: EBITDA Rs 420 crore, debt Rs 700 crore, receivable days up from 95 to 130. Find the business drivers and credit issues, write your management meeting questions, and work out how much more debt it can take at a 3.0x leverage ceiling.Credit analysis and ratingsHardMoody'sHong Kong · 2018
  3. 023Timed written test: from Kanvika Cement's income statement and balance sheet, compute interest cover, debt service cover, fixed charge cover, net leverage and the current ratio, and say which one breaches the lender's policy.Credit analysis and ratingsWarm upCorporate bankingRating agencies
  4. 029Olvara Textiles asks for a Rs 150 crore five-year term loan on EBITDA of Rs 110 crore and existing debt of Rs 260 crore. Is it creditworthy for this loan?Credit analysis and ratingsCoreScotiabankToronto · 2026
  5. 041Mervaka Retail, a footwear and apparel chain, reports EBITDA of Rs 500 crore and debt of Rs 600 crore, but pays Rs 200 crore a year of rent on long store leases. Which credit metrics would you look at, and what is leverage on a lease-adjusted basis?Credit analysis and ratingsHardTruist SecuritiesAtlanta · 2024
  6. 054Superday case: a packaged foods company asks for a revolving credit facility to fund its festive season. Estimate the peak borrowing need, size the facility and propose two covenants.Credit analysis and ratingsCoreCorporate bankingCredit research
  7. 063Rating case: a tower company plans a debt-funded acquisition that takes leverage past the agency's downgrade trigger. What rating action follows, and what could the company do to avoid it?Credit analysis and ratingsHardRating agenciesCredit research
  8. 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
  9. 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
  10. 094Evaluate a five-year secured bond from a logistics company at 10.25% and identify all the relevant risks: EBITDA Rs 180 crore, debt Rs 720 crore, one customer at 38% of revenue and a heavy warehouse lease book.Credit analysis and ratingsCoreNuveenChicago · 2025

Company names and figures are illustrative.