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Category: high yield

Forget Stocks, IG Credit’s Half-Trillion, Back-To-Back Bonanza Is The Real Story

April 30, 2020April 30, 2020

Go ahead, everybody – indulge yourself in Fed jokes.

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2 Comments on Forget Stocks, IG Credit’s Half-Trillion, Back-To-Back Bonanza Is The Real Story

Carnivals And Pixie Dust.

April 2, 2020

Go figure.

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4 Comments on Carnivals And Pixie Dust.

Behold! A Six Standard Deviation Blowout In High Yield Credit Fear Gauge

March 9, 2020

This is what “stress” looks like.

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4 Comments on Behold! A Six Standard Deviation Blowout In High Yield Credit Fear Gauge

Zombieland.

January 27, 2020January 28, 2020

“Very few people on the streets, everyone wearing face masks”.

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3 Comments on Zombieland.

Leveraged Loan ‘Bubble’ Warnings Are A Thing Again And Goldman Is ‘Concerned’

October 30, 2019

“Fragile”.

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Now Is Not The Time To Lean Into The Illiquidity Premium In Credit, One Bank Warns

August 16, 2019

There’s always ETFs, though, right?

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3 Comments on Now Is Not The Time To Lean Into The Illiquidity Premium In Credit, One Bank Warns

In Junk Bonds: Exodus

August 9, 2019November 18, 2021

So, is there any good news here?

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Don’t Look Now, But Junk Bond Spreads Just Blew Out The Most In 12 Years

August 6, 2019

Well, that’s not great news.

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2 Comments on Don’t Look Now, But Junk Bond Spreads Just Blew Out The Most In 12 Years

A Nightmare On Wall Street.

August 2, 2019August 3, 2019

The algos do not appreciate that kind of thing, Mr. President.

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oil2 Comments on A Nightmare On Wall Street.

David Vs. Goliath: Einhorn Takes On The US Corporate Debt Bubble

July 25, 2019November 14, 2021

“Good luck, we’re all counting on you”.

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4 Comments on David Vs. Goliath: Einhorn Takes On The US Corporate Debt Bubble

More Adventures In The Exciting World Of Negative-Yielding Debt And The Ultimate Oxymoron

July 6, 2019July 7, 2019

NIRP-ianâ„¢ insanity.

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2 Comments on More Adventures In The Exciting World Of Negative-Yielding Debt And The Ultimate Oxymoron

‘The Last Thing We Need’

May 31, 2019June 1, 2019

All in all, it was a fittingly sour end to the second-worst May for US equities since the 1960s.

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And Then, Things Really Started To Go Wrong…

May 29, 2019May 29, 2019

Things have taken a wholly unfortunate turn into month-end.

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6 Comments on And Then, Things Really Started To Go Wrong…

The Bad News Is, ‘The Next Recession Could See The Third-Worst Spread Peak In History’

April 3, 2019April 14, 2019

The good news is, it won’t be because of defaults.

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7 Comments on The Bad News Is, ‘The Next Recession Could See The Third-Worst Spread Peak In History’

For US Credit Investors, The ‘Sum Of All Concerns’ Just Hit A Five-Year Low – Just Don’t Tell Anyone In Europe

March 11, 2019

“…most concerns have declined notably.”

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As Greed Returns, Remember: ‘Strong Rallies Should Lead To Less, Not More Optimism’

February 5, 2019October 26, 2021

“…sometimes you are compensated for this skewed perception and other times you are not.”

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‘We Feel The Need To Shout About This Risk Even Louder’: Angels In Europe

January 26, 2019

Fallen angel risk, European style.

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‘Fallen Angel Risk’ Still Front And Center Despite Bounce As $186 Billion Of Bonds ‘Migrate’ To BBB

January 25, 2019

…nobody wants to assign a high probability to what would be a catastrophic event. 

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1 Comment on ‘Fallen Angel Risk’ Still Front And Center Despite Bounce As $186 Billion Of Bonds ‘Migrate’ To BBB

IG Credit Potpourri: BBB Apocalypse Update And A Liquidity Check

January 22, 2019

A lot of ad hoc musings here cobbled together and submitted for your approval.

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‘V’ Is For ‘V-Shaped’

January 9, 2019January 9, 2019

Waiting on “a message”.

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6 Comments on ‘V’ Is For ‘V-Shaped’

Jeff Gundlach Talks ‘Horrific Situations’, ‘Relativistic’ Opportunities, Bitcoin In Annual Webcast

January 8, 2019October 24, 2021

Here we go.

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4 Comments on Jeff Gundlach Talks ‘Horrific Situations’, ‘Relativistic’ Opportunities, Bitcoin In Annual Webcast

Who’s Still Hungry (For Risk)?

January 7, 2019

All in all, not a bad day.

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What Are Stocks And Other Assets Saying About The Odds Of A US Recession?

January 7, 2019

Remember: anything is better than Larry Kudlow’s “models”.

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Earthquake Insurance And The New Era Of Maturity And Liquidity Transformation

January 2, 2019January 2, 2019

Old habits die hard.

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‘What Gives Us A Pause Here’ Are The ‘Facts’: Why The Cycle May Be Turning

January 2, 2019October 24, 2021

Who needs “facts”?

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Requiem For 2018: A Visual Retrospective

January 1, 2019October 24, 2021

At least we know what 2019’s consensus longs are.

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Fear And The Market’s Perverse Fascination With Calamity

December 30, 2018April 11, 2022

Fear is self-reinforcing.

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Monthly Letter+

  • Deterioration, Dissolution And Default

    May 29, 2023May 29, 2023

Week’s News

Dam It

June 6, 2023June 6, 2023

Zeitgeist 2023

June 3, 2023June 5, 2023

US Jobs Report Is Goldilocks With Caveat

June 2, 2023June 3, 2023

Rallies And Epochs

May 31, 2023June 1, 2023

China’s Rebound ‘Over’ Amid Dour Data, ‘Miserable’ Stocks

May 31, 2023June 2, 2023

Most Read

  • Zeitgeist 2023
    Zeitgeist 2023
  • Lessons From The Apparent Nord Stream Coverup
    Lessons From The Apparent Nord Stream Coverup
  • Dam It
    Dam It
  • Goldman Cuts US Recession Odds, 'Undoing' SVB-Inspired Revision
    Goldman Cuts US Recession Odds, 'Undoing' SVB-Inspired Revision
  • When A Pause Is Just A Pause
    When A Pause Is Just A Pause

Recent Comments

  • John Liu on ‘Worst Liquidity Contraction Since Lehman’ Adds To Bear Case
  • Emptynester on Dam It
  • Wave Dash on Goldman Cuts US Recession Odds, ‘Undoing’ SVB-Inspired Revision
  • therealheisenberg on Lessons From The Apparent Nord Stream Coverup
  • derek on Lessons From The Apparent Nord Stream Coverup

Monthly Letters

Deterioration, Dissolution And Default

May 29, 2023May 29, 2023

Reinventing Wheels

April 23, 2023May 29, 2023

Lost At Sea

March 11, 2023April 29, 2023

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