“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.”
Category: high yield
‘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.”
What’s Going On With Credit Vol.?
“…the tail risk associated with the bond trade unwind has become more visible.”
While You’re Waiting, Can I Interest You In Some Stocks?
So in the meantime…
Are The Locusts Coming? Here’s What History Says About Stocks, Credit, Yields And Inflation
“Lions, tigers, and bears, oh my!”
High Note.
And so the holiday-shortened week comes to a close and it delivered everything that could have been reasonably expected of it.
Wait, What?
If you don’t have a sense of humor, the market’s reaction to the Fed minutes was probably pretty frustrating for you.Â
Trader: ‘The First Canary May Have Already Expired In This Coal Mine’
On the bright side, remember that people were talking about high yield and canaries in November and we got through that ok.
In High Yield: Exodus
“Big league”.
Is This How The Junk Bond ETFs Blow Up?
You know there’s probably something a bit quixotic about the crusade to warn of an eventual blowup in the high yield ETF space. But…
What The Hell Is Going On With The Largest IG Corporate Bond ETF?
Boy, I’ll tell you what: you people are yanking money out of bond funds like there’s no tomorrow.
This Has Only Happened 3 Times Since 2012 (Banana Republic Edition)
Ok, so do you want to see something funny?
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