‘Pigs Just Might Fly’ In A World Where Spreads Are This Out Of Touch With Leverage

The disconnect between rising corporate leverage and post-crisis tights in spreads is something we've spent a lot of time talking about. And for good reason. See the thing is, it doesn't make any sense. It shouldn't be the case that corporate management teams can leverage themselves to the hilt without paying (figuratively and literally in this case) a price for it. But that's the world we live in. This is a world where central banks have created a global hunt for yield and then supercharged i