HY is not a Cheap Date
When it comes to high yield- by far the most engaging and attractive of the credit girls- she's not a cheap date. The value is in the...
Does a Greece Default Matter? The View from Bank Debt
EU banks most exposed to a Greek default are showing some spread widening, but nothing special.I think that the driver is that ECB-QE...
The HY24 Roll and Some Expected Compression
So the HY CDX roll is over and done (see red arrow). The initial roll widened to the intrinsic bps 347level, while the 10Y index market...
Central Bank Dispersion Trading
We live in an age where it makes little sense to evaluate the creditworthiness of a construction company versus a cosmetics company when...
When in Default, Do it Right: Ukrainian Competence versus the Insane Clown Posse
Ukraine’s "history with a twist" means a resolution quick off the mark and sharp is the action. Greece’s "game-theory-you-to-death"...
The Center can Hold. Forget the Barbell Trade
Financial markets have accepted market inefficiency. This is another way of saying that the martingale property in markets is satisfied...
Pricing Bonds Untested by Time and Convention
Just because some cute girl likes the same weird music you do, that doesn’t make her your soul mate. Just because there is a new type of...
Bagehot is Rolling in His Grave over AT1s
Iris: Courage, old men! She, whom you see, is Lyssa (Madness), daughter of Night… Come then, unwed maid, child of black Night, harden...
Greece: Clowns and Circuses are Getting Real
My twitter account will attest to my low opinion of Syriza's negotiating team, first and foremost the game-theory academic who clearly...
Ukraine, De-Corruption, and the Cold-Eyed Lizard
"Having done what what men could do, they suffer as they must." --Thucydides Like a poor imitation of Thucydides, I continue the effort...