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…
Category: investment grade
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.
One Bank Reveals 7 Key Calls For The New Year
But for those interested in trying to “DO SOMETHING” (as opposed to just kicking back and being “actively” passive)…
Requiem For 2017: The Year In Charts
Cheers to you in the new year…
Fallen Angels And Draghi’s Steinhoff Demons
“It is not unusual that losses may be happening.”
Here Are A Bunch Of Scary Charts For Halloween.
“The only thing to fear is fear itself.”
Bubbles, Bubbles, Everywhere…
“Bubbles, bubbles, every where, Nor any one to pop.”
‘Pigs Just Might Fly’ In A World Where Spreads Are This Out Of Touch With Leverage
“However, by 2008’s final quarter, corporate debt reached 523% of internal funds and the high-yield EDF soared to 10.33%. At the same time, a mild recession was turning into a global calamity.”
‘They Bought It All – Literally’
To be sure, traders and investors were left to cope with conflicting signals in the
Fed QE’s Dramatic Effect On Credit Markets In One Annotated Chart
Global central banks certainly haven’t succeeded in creating the type of robust recovery they ostensibly
More ‘Junk’ Talk
Dispersion is the trend.
To Infinity And Beyond: Blue-Chip Debt Sales Top $1 Trillion Faster Than Ever
I sincerely hope everyone who’s still plowing money into corporate credit has a good handle on what it is they’re doing because investment grade corporate debt issuance is running at a record pace, and just topped $1 trillion faster than any year in history.
Requiem For A Crisis.
Kind of makes you think…
A Record Percentage Of BofAML Clients Now Expect A Credit Selloff
Listen, here’s the thing: at some point, credit markets are going to wake up. Now
Stocks Fly To Records, Global Risk Rally Continues As Bad Data, ‘Good’ Yellen Keep Hope Alive
The message is loud and fucking clear: the vol. seller’s/ carry trader’s paradise and the risk party that’s made every homegamer with some SPY and QQQ look like a guru for the past eight years depends on DM central bankers staying some modicum of dovish. And on that score, bad data helps.
That’s Not Low Volatility, THIS Is Low Volatility…
We both agreed that while suppressed equity vol. grabs all the headlines, it is in fact credit’s Teflon performance that wins the John Gotti prize for “most bulletproof asset class.”Â
Chart Of The Day: Asset Prices In The Trump Era
See if you can spot what’s still hanging on for dear life at record highs/tights despite lackluster incoming data and central bank tightening…
Goldman Presents: “The Good, The Less Good, And The Ugly”
“Against this friendly backdrop in Europe, fundamentals remain weaker in North America despite the recent signs of improvement since 1Q 2016. Relative to the peak in credit quality reached at the end of 2010, median net leverage ratios remain significantly higher while interest coverage ratios are also lower.”
“Political Immunity” And Markets
“Technical factors and central bank liquidity have allowed markets to suspend disbelief.”
“As The Beast Sleeps, The Tendency Is Toward Complacency”
“Yet there are indications that the marketplace is growing comfortable, perhaps too comfortable, with the calm.”
“Max Long Liquidity,” A “Bonanza,” & The Coolest Thing You’ll Read On Monday
“Liquidity and tight bid/offers in the CDS index market has been pivotal for a number of investors to use the CDS product as a risk allocation tool, rather than a hedging tool that has been traditionally used.”
Chart Of The Day: (No) Go With The Flow
“Flows across the asset classes we track have slowed down to the lowest level since late 2015.”
Deutsche Bank Exclaims: “This Is The Most Boring Year Ever!!!”
Credit. Is. Passed. The. F*ck. Out.
Chart Check: Q1’s Outperformers & Underperformers
Q1 – in aesthetically pleasing hues of blue.
A Good News Type Of Day
Well damned if this wasn’t a good news type of day. We’d wager the only people
“Canaries”
“A sign that the market is accepting that rates are indeed going higher? That issuance is finally taking more to digest? Or just another correction that looks mild if you’ve ridden this thing for the last year? My hint: it may not matter as funds were marked-to-market at year-end.”
You must be logged in to post a comment.