by David Munves, CFA | Nov 11, 2020 | Credit and Capital Markets
Connoisseurs of past credit catastrophes know that market peaks are typically characterized by especially risky deals, transactions that, with the benefit of hindsight, led rueful investors to clutch their brows and ask “what was I thinking?” The recent sale of...
by David Munves, CFA | Jul 27, 2020 | Credit and Capital Markets
Over the past 20 years companies and financial institutions have borrowed $23 trillion (yes, that’s trillion with a “t”) from the corporate bond market, underlining its crucial role in the American economy. The money flows the other way in the stock market: over a...
by David Munves, CFA | Jul 9, 2020 | Credit and Capital Markets
“The circulation of confidence is better than the circulation of money.” James Madison The corporate bond market has...
by David Munves, CFA | Jun 18, 2020 | Credit and Capital Markets
After a spate of downgrades in the leveraged loan market, more than a third of the sector is rated B- or below — a record level. Despite this, after falling by 21% on the news of Covid-19 outbreak the S&P/LSTA Leveraged Loan Index has now regained almost...
by David Munves, CFA | Jun 10, 2020 | Credit and Capital Markets
Expectations of an economic rebound, government support programs, and low interest rates have all been cited as reasons for the corporate bond market’s strong performance. But when it comes to active fund managers, Fear Of Missing Out on the rally that kicked off in...
by David Munves, CFA | Jun 3, 2020 | Credit and Capital Markets
“Even a dead cat will bounce if it falls from a great height.” Old Wall Street saying After every market collapse traders fret about getting sucker-punched by a relief rally that subsequently reverses itself – a “dead cat bounce” in the markets’...
