To speak frankly.Â
Category: credit
Some ‘Mind-Boggling’ Numbers From The World Of Negative-Yielding Debt
“It was monetary mania last week…”
Policy Failure, Ammo Shortages And The ‘Who Pays For It?’ Problem
Some fresh color on familiar topics.
Long Live The Zombies
“The dark side of stimulus.”
‘A Rising Dollar Is The Canary’
“Investors should keep a close eye on this.”
One Bank Marvels At ‘Eye-Watering’ Grab For Yield As New Issue Demand Hits Record
“Whatever it takes”, I suppose.
There Are No More High-Speed Collisions, Only ‘Parking Accidents’
Does corporate leverage pose a systemic risk? Some perspective…
‘Global Recession’ Now Highest Conviction Worry Since ‘Populism’ Ca. 2017
…among European credit investors, that is.
Hypothetical ‘$2 Trillion Disasters’ And What Not…
There’s some hyperbole going on here…
One Bank Marvels At ‘The Strongest Reach-For-Yield Tailwind Since The GFC’
“Who would imagine that 2019 Q1 would have been the strongest quarter since the global financial crisis.”
‘NIRP Mania’ And A Record Streak Of Negative Data Surprises
More bond markets “gone mad”.
The Bad News Is, ‘The Next Recession Could See The Third-Worst Spread Peak In History’
The good news is, it won’t be because of defaults.
For US Credit Investors, The ‘Sum Of All Concerns’ Just Hit A Five-Year Low – Just Don’t Tell Anyone In Europe
“…most concerns have declined notably.”
The Obvious Trade Won’t Be The Right One When It Comes To The BBB Problem, Trader Says
“I think the obvious trade (shorting LQD) will not be a money maker.”
Cov-Lite Reality Check: An Update On The Leveraged Loan ‘Bubble’
Any takers on a leveraged loan story?
As Greed Returns, Remember: ‘Strong Rallies Should Lead To Less, Not More Optimism’
“…sometimes you are compensated for this skewed perception and other times you are not.”
Is Direct Lending The Next Subprime? Goldman Says Probably Not
Another “some worry” story.
The Last Time BBBs Did This, Stocks Were At Record Highs
The latest from the “BBB apocalypse” saga.
Presenting, One Bank’s ‘Refi Losers’
Domino effects.
‘We Feel The Need To Shout About This Risk Even Louder’: Angels In Europe
Fallen angel risk, European style.
‘Fallen Angel Risk’ Still Front And Center Despite Bounce As $186 Billion Of Bonds ‘Migrate’ To BBB
…nobody wants to assign a high probability to what would be a catastrophic event.Â
IG Credit Potpourri: BBB Apocalypse Update And A Liquidity Check
A lot of ad hoc musings here cobbled together and submitted for your approval.
Going ‘Ex Liquidity’ And A Macabre Celebration At TINA’s Funeral
“…cash ’embarrassed’ so many asset classes in 2018.”
What Are Stocks And Other Assets Saying About The Odds Of A US Recession?
Remember: anything is better than Larry Kudlow’s “models”.
Earthquake Insurance And The New Era Of Maturity And Liquidity Transformation
Old habits die hard.
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