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Category: credit

Junk Just Keeps Notching Records

April 24, 2021April 25, 2021

The first quarter of 2021 was the busiest ever for US junk sales. Almost $150

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US Junk Bond Market Becomes Oxymoron

February 9, 2021February 14, 2021

It’s hard to know what a “milestone” is these days, mostly because we seem to

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3 Comments on US Junk Bond Market Becomes Oxymoron

Junk Eyes January Sales Record As Risk-Taking En Vogue

January 24, 2021January 25, 2021

The US corporate bond market remains robust coming off a banner 2020. Last year, both

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Here’s When Higher Yields Will ‘Become A Problem,’ According To One Bank

January 12, 2021January 13, 2021

When will rising US bond yields become a problem for equities and risk assets more

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3 Comments on Here’s When Higher Yields Will ‘Become A Problem,’ According To One Bank

Many Marvels: The Year In Corporate Credit

December 31, 2020January 4, 2021

One the many marvels of 2020 was the US corporate bond market, where borrowers were

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2 Comments on Many Marvels: The Year In Corporate Credit

‘Return-Free Risk’

December 25, 2020December 28, 2020

In a world where some $18 trillion in debt “boasts” a negative yield, bonds no

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5 Comments on ‘Return-Free Risk’

‘Morphing Into A Structural Shift’

December 16, 2020December 16, 2020

For all the celebration (and simultaneous derision) around the Fed’s success in helping to drive

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2 Comments on ‘Morphing Into A Structural Shift’

‘Frankenbull’ And Corporate America’s Multi-Trillion Dollar Bonanza

December 11, 2020December 11, 2020

Forget the “everything rally.” That’s not nearly colorful enough as a description of 2020’s various

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3 Comments on ‘Frankenbull’ And Corporate America’s Multi-Trillion Dollar Bonanza

What Risk? None In Junk, Apparently

December 4, 2020December 4, 2020

Well, junk bond yields are at new record lows, which would be surprising if all

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3 Comments on What Risk? None In Junk, Apparently

You Can Add Record-Low Investment Grade Corporate Bond Yields To November’s Milestones

November 30, 2020November 30, 2020

November scarcely needed another market milestone, having offered up a veritable cornucopia already, but I’ll

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1 Comment on You Can Add Record-Low Investment Grade Corporate Bond Yields To November’s Milestones

The $17 Trillion Reason Not To Panic About Corporate Bonds

November 20, 2020November 20, 2020

You might be inclined to think market participants are suddenly nervous about the outlook for

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Investors Just Rushed Back Into Junk

November 13, 2020

Earlier this week, US junk bond yields hit all-time lows amid the rampant euphoria that

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Meanwhile, More Milestones In Junk

November 10, 2020

Since April, one of the most astounding dynamics to observe was the dramatic abatement of

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1 Comment on Meanwhile, More Milestones In Junk

Markets Showed Blue Sweep Bias Into Vote Count As Trump Predicted ‘Victory’

November 3, 2020November 3, 2020

Markets generally retained what felt like a “blue sweep” bias across the Election Day cash

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1 Comment on Markets Showed Blue Sweep Bias Into Vote Count As Trump Predicted ‘Victory’

Meanwhile, In Junk Exodus News…

November 2, 2020

The following short bit will come as no surprise to regular readers, and as such,

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Stocks’ Worst Week Since March Spills Over Into Junk

October 30, 2020October 30, 2020

The same risk aversion that sent US stocks tumbling towards their worst weekly performance since

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2 Comments on Stocks’ Worst Week Since March Spills Over Into Junk

Back To The Twilight Zone: Companies Get Paid To Borrow During Pandemic

October 21, 2020October 21, 2020

Nothing gets the crowd going quite like negative rates. “Perversion” is a term that invariably

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13 Comments on Back To The Twilight Zone: Companies Get Paid To Borrow During Pandemic

This Is No Lehman. Meet Me At Dave & Buster’s!

October 20, 2020October 20, 2020

There’s talk of “lockdowns 2.0,” which I suppose is market parlance for politicians’ latest efforts

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8 Comments on This Is No Lehman. Meet Me At Dave & Buster’s!

The Bankers Are Fine

October 15, 2020

US equities managed to recover from fairly steep early losses to close mixed Thursday, as

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$2 Trillion In A Pandemic? Corporate America’s 2020 Debt Binge Has No Precedent

October 11, 2020October 12, 2020

No, really. “Investors really can’t get enough high-grade corporate bonds,” Bloomberg’s James Crombie wrote late

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6 Comments on $2 Trillion In A Pandemic? Corporate America’s 2020 Debt Binge Has No Precedent

When It Comes To Huge Corporate Leverage, There Is No Easy Way Out

September 28, 2020

“Records were shattered on debt, GDP, and leverage”, SocGen’s Stephen Gallagher writes, recapping what will

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5 Comments on When It Comes To Huge Corporate Leverage, There Is No Easy Way Out

As Junk Bond Sales Smash All-Time Record, Outflows Suddenly Accelerate

September 24, 2020September 24, 2020

In what looks like more evidence that September’s equity market tumult is spilling over into

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Cracks Emerge In Junk As Stock Slump Spills Over

September 22, 2020

There’s consternation in high yield bonds. Or at least that’s the impression one gets from

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1 Comment on Cracks Emerge In Junk As Stock Slump Spills Over

Bonanzas, Borrowing Binges, And Cash Off The Sidelines

September 17, 2020September 17, 2020

Investment grade credit funds took in another $5.17 billion in the week through Wednesday, the

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2 Comments on Bonanzas, Borrowing Binges, And Cash Off The Sidelines

Blue-Chip Supply, Debt Demand, And $105 Billion In Cash Off The Sidelines

September 10, 2020September 10, 2020

As expected, this week saw a deluge of new high-grade supply, with the US investment

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8 Comments on Blue-Chip Supply, Debt Demand, And $105 Billion In Cash Off The Sidelines

Meanwhile, In Credit: More Records

September 5, 2020September 7, 2020

Week after week, it’s the same story: investors’ appetite for corporate credit is insatiable. Although

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6 Comments on Meanwhile, In Credit: More Records

Cash Is Trash Again

August 31, 2020August 31, 2020

“[You’re] going to feel pretty stupid if you’re holding cash”, Ray Dalio famously said, in

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Monthly Letter+

  • Lost At Sea

    March 11, 2023March 11, 2023

Week’s News

It’s Not A Wage-Price Spiral. It’s ‘Greedflation’!

March 23, 2023March 23, 2023

Fed Delivers Dovish Hike Amid Bank Crisis

March 22, 2023March 23, 2023

Xi, Putin Revel In Pageantry As Show Of Defiance

March 20, 2023March 22, 2023

The Swiss Killed The CoCos

March 20, 2023March 21, 2023

Book Closes On Credit Suisse After 167 Years

March 19, 2023March 20, 2023

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Monthly Letters

Lost At Sea

March 11, 2023March 11, 2023

Exiles On Main Street

February 4, 2023March 11, 2023

That’s Great, It Starts With An Earthquake

January 22, 2023February 4, 2023

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