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Category: high yield

Italian Junk Food.

June 2, 2018June 2, 2018

“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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1 Comment on Italian Junk Food.

‘The Credit Risk Premium Is Now Negative’: How Expensive Are CCCs?

May 24, 2018

Nosebleed.

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‘The Snapback When It Comes Can Be Vicious’: Albert Edwards Thinks Credit ‘Isn’t Getting The Message’ (Yet)

May 5, 2018

“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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1 Comment on ‘The Snapback When It Comes Can Be Vicious’: Albert Edwards Thinks Credit ‘Isn’t Getting The Message’ (Yet)

Here’s Why There May Be Rainy Days Ahead For A Popular Hedge Fund Strategy

April 25, 2018

“The strategy almost looks foolproof on paper.  Yet like most things in the markets, nothing lasts forever.”

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hedge funds2 Comments on Here’s Why There May Be Rainy Days Ahead For A Popular Hedge Fund Strategy

A Bit Of Confusion.

April 19, 2018April 19, 2018

Well, that was interesting.

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High Yield Is Back!

April 19, 2018April 19, 2018

Needless to say, all of this could turn on a dime, but for now…

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From Inflation To ‘Quantitative Failure’: What Are Credit Investors Most Concerned About?

April 5, 2018April 5, 2018

“Slim margin”of error for Goldilocks.

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One Bank Presents: ‘The Irony Of Binging On Debt’ In A QE World

March 31, 2018

Imagine a world without QE…

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1 Comment on One Bank Presents: ‘The Irony Of Binging On Debt’ In A QE World

‘Rates < HY < IG < Equity': Hierarchy Of Vulnerability Revisited

March 28, 2018March 28, 2018

“This seemingly counterintuitive result has a distinct ‘path-dependent’ flavor.”

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2 Comments on ‘Rates < HY < IG < Equity': Hierarchy Of Vulnerability Revisited

Hide The Women And Children.

March 23, 2018March 23, 2018

“Tremendous” things are happening.

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oil4 Comments on Hide The Women And Children.

Trader: ‘I Know This Seems Crazy, But’…

March 13, 2018November 13, 2018

“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.”

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Rise And Fall Of The ‘Zombies’

March 6, 2018March 6, 2018

What happens to the zombies (so to speak)?

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2 Comments on Rise And Fall Of The ‘Zombies’

High Yield ETF Shell Game On Full Display

March 5, 2018March 5, 2018

Ok, dammit….

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Have Genius, Will Travel.

March 2, 2018March 2, 2018

Well needless to say, this was not a particularly inspiring week.

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oil5 Comments on Have Genius, Will Travel.

The Wolf Finally Came.

February 28, 2018February 28, 2018

And so we close the book on February.

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oil2 Comments on The Wolf Finally Came.

Short Demand For HY ETFs Hits Record

February 28, 2018

“The ability to achieve HY short exposure via exchange listed products has allowed a wider range of market participants to put the trade on.”

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2 Comments on Short Demand For HY ETFs Hits Record

What’s Going On With Credit Vol.?

February 27, 2018February 27, 2018

“…the tail risk associated with the bond trade unwind has become more visible.”

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2 Comments on What’s Going On With Credit Vol.?

While You’re Waiting, Can I Interest You In Some Stocks?

February 26, 2018February 26, 2018

So in the meantime…

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oil, OPEC5 Comments on While You’re Waiting, Can I Interest You In Some Stocks?

Are The Locusts Coming? Here’s What History Says About Stocks, Credit, Yields And Inflation

February 25, 2018February 25, 2018

“Lions, tigers, and bears, oh my!”

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High Note.

February 23, 2018February 23, 2018

And so the holiday-shortened week comes to a close and it delivered everything that could have been reasonably expected of it.

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oil2 Comments on High Note.

Wait, What?

February 21, 2018February 21, 2018

If you don’t have a sense of humor, the market’s reaction to the Fed minutes was probably pretty frustrating for you. 

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oil6 Comments on Wait, What?

Trader: ‘The First Canary May Have Already Expired In This Coal Mine’

February 21, 2018

On the bright side, remember that people were talking about high yield and canaries in November and we got through that ok.

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1 Comment on Trader: ‘The First Canary May Have Already Expired In This Coal Mine’

In High Yield: Exodus

February 19, 2018

“Big league”.

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1 Comment on In High Yield: Exodus

Is This How The Junk Bond ETFs Blow Up?

February 19, 2018February 19, 2018

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…

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7 Comments on Is This How The Junk Bond ETFs Blow Up?

What The Hell Is Going On With The Largest IG Corporate Bond ETF?

February 16, 2018February 16, 2018

Boy, I’ll tell you what: you people are yanking money out of bond funds like there’s no tomorrow.

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50 Yards…

February 15, 2018February 15, 2018

“Wow, dad.”

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oilLeave a Comment on 50 Yards…

This Has Only Happened 3 Times Since 2012 (Banana Republic Edition)

February 15, 2018February 15, 2018

Ok, so do you want to see something funny?

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