In Europe, Credit Investors Search For A Liquidity Oasis
Who’s thirsty?
Category: high yield
CDS Is Grossly Disconnected From EM, So Now Is A Great Time For A CDS ETF!
All you can do is shake your head.
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What’s Wrong With Investment Grade Credit? Some Possible Answers As Compiled By The Macro Tourist
“Whichever reason you are partial to, at least you now have a good list of excuses to pick from as to why IG is trading so badly.”
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Beware Fallen Angels: One Bank Ponders The Fate Of The European Junk Market
“… it fills us with a lot of fear [and] not just because many central banks would be relatively constrained in their ability to cut rates after their big post-GFC easing.”
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Trader Asks: Does IG Know Something Everything Else Doesn’t?
“Something unusual is happening.”
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Family Time.
Lots and lots of “winning.”
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Give Me Some Damn Credit – Or Actually, No. Don’t.
More on the disconnect.
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‘Transient Or Persistent’: What Does Credit Know That Everything Else Doesn’t?
Maybe nothing. Consider it unresolved.
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No Resolution.
Aaand that’s the week.
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Italian Junk Food.
“Currently, the yield differential between EUR HY and Italy 5yr bond is the tightest it has been throughout the whole history of the EU sovereign crisis, going back to 2010.”
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‘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’!”
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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.”
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A Bit Of Confusion.
Well, that was interesting.
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High Yield Is Back!
Needless to say, all of this could turn on a dime, but for now…