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Relative to Airbus, Boeing was long accountants but short engineers
1 month ago
A qualitative approach can help investors spot boards that are too focused on short-term returns -
There were no surprise events… CDS did exactly what it said on the tin
11 months ago
Good tabloid headlines rely on the obverse of normal expectations and, over the years, Credit Suisse has furnished a deep seam. Banks are meant to be risk-averse, and of unimpeachable character and integrity. -
"A bit ‘woke’? Possibly. But true corporate sustainability derives from sound governance"
1 year ago
Silicon Valley Bank’s collapse underlines the importance of sound governance -
"Dispersion should manifest in potential fallen angel credits that are likely to proliferate"
1 year ago
IG and crossover names present a compelling alternative to shorting HY credit -
"All that remains is to thank all of you who have kept faith with my monthly confessions of insanity"
1 year ago
With the economic outlook now beyond a joke, Welshcake signs off amid denials he is actually a Welsh footballer -
“Pension fund managers should look to take advantage of a rare opportunity in corporate CDS”
1 year ago
The October sell-off in gilts highlights a glaring lack of exposure to CDS -
"This ‘higher rates for longer’ saga is more like the 1920-21 depression than the 1970s high inflation era"
1 year ago
Sometimes you have to swallow your medicine and take a step back to go forwards -
"Forget the World Cup, the macro-economic catastrophe cup has more well-matched contenders"
1 year ago
Government bonds are rallying in some quarters, but the odds are on more stress feeding into credit -
"Value persists in IG, but higher interest rates are a threat. Opening the synthetic toolbox can help"
1 year ago
Fiscal and monetary policy are pulling in opposite directions, but value in IG can be accessed via CDS and CSOs -
"Short memories forget how rampant anti-EU sentiment was before Mario Draghi became Italy’s prime minister"
1 year ago
Unrest in Italy threatens to escalate into a bigger crisis than Greece in 2012 -
Points up front: Andromeda aims to stand tall against credit beasts
1 year ago
There are no end of monsters lurking in the credit markets this year, so it is perhaps fitting that Alberto Gallo has dubbed his new credit fund management business Andromeda -
"If anything is to be salvaged from the rest of 2022, the economy needs a hero — and quickly"
1 year ago
Something has gotta give as a recession looms in the US. Might it be energy? -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
1 year ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
Points up front: Making a meal of the arb
1 year ago
Credit market participants are always looking at the best arbitrage opportunity and right now that seems to be at McDonald’s -
"It’ll take something special to drag my attention away from Depp/Heard, but Jerome Powell could just do it"
2 years ago
It’s not easy letting go of the past, but May heralds the start of something new in credit -
"Derivative longs versus cash corporate shorts looks attractive, especially if we see a market sell-off"
2 years ago
Technicals are keeping cash credit spreads tight, but as central banks reduce purchases there will be relative value opportunities -
Points up front: Italian international tackles banking after rugby
2 years ago
In his latest column, on page 21, Thomas Majewski draws similarities between the CLO market and a youth soccer game. Turns out there might also be parallels between investment banking and rugby -
Points up front: "It’s all me, me, me"
2 years ago
A study last month by the University of Marburg found that narcissistic fund managers are up to 34% more likely to deviate from their advertised investment style, and they tend to underperform non-narcissists. -
That’s another fine mezz I’d like to get into
2 years ago
Structural protection and flatter curves make short-dated mezz tranches attractive. Speakers at Credit Dimensions discuss which positions they’d take in CSOs, options and tranches this year -
"The loan market is the septic tank for sub-single B LBO financing"
2 years ago
Portfolios of single name IG CDS are less complex and more liquid than CLOs -
"Pivot points in curves may not stay where they have been historically"
2 years ago
CTAs and CSOs are changing the way credit curves move -
"Rules require 5% risk retention, but for first loss CRS that is not enough"
2 years ago
PGGM's Mascha Canio takes our credit quiz -
They said it: "The third term is Jinping’s legacy..."
2 years ago
... He does not care about near-term growth." -
"Credit investors should interpret 100,000 Russian troops on the Ukrainian border as worth pricing in"
2 years ago
Welshcake tells credit portfolio managers to under-promise and over-deliver in 2022 -
"If omicron paradoxically lowers the temperature of the market, that may be no bad thing"
2 years ago
The global economy is well protected against omicron — and a mild infection may be beneficial
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