‘The Credit Risk Premium Is Now Negative’: How Expensive Are CCCs?
Nosebleed.
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‘The Snapback When It Comes Can Be Vicious’: Albert Edwards Thinks Credit ‘Isn’t Getting The Message’ (Yet)
“And another straw in the wind may be the performance of a newly issued junk bond of a company called WeWork who have invented an entirely new, nonsense valuation metric – ‘community-based EBITDA’!”
Here’s Why There May Be Rainy Days Ahead For A Popular Hedge Fund Strategy
“The strategy almost looks foolproof on paper. Yet like most things in the markets, nothing lasts forever.”
A Bit Of Confusion.
Well, that was interesting.
High Yield Is Back!
Needless to say, all of this could turn on a dime, but for now…
From Inflation To ‘Quantitative Failure’: What Are Credit Investors Most Concerned About?
“Slim margin”of error for Goldilocks.
One Bank Presents: ‘The Irony Of Binging On Debt’ In A QE World
Imagine a world without QE…
‘Rates < HY < IG < Equity': Hierarchy Of Vulnerability Revisited
“This seemingly counterintuitive result has a distinct ‘path-dependent’ flavor.”
Hide The Women And Children.
“Tremendous” things are happening.
Trader: ‘I Know This Seems Crazy, But’…
“They’re back. I thought they had all given up, but like an old college buddy who’s going through a bad divorce and just needs a place to crash for a ‘few days,’ the corporate credit skeptics are a tough lot to shake.”
Rise And Fall Of The ‘Zombies’
What happens to the zombies (so to speak)?
High Yield ETF Shell Game On Full Display
Ok, dammit….
Have Genius, Will Travel.
Well needless to say, this was not a particularly inspiring week.
The Wolf Finally Came.
And so we close the book on February.
Short Demand For HY ETFs Hits Record
“The ability to achieve HY short exposure via exchange listed products has allowed a wider range of market participants to put the trade on.”