highyieldbonds
The year is off to a great start for fixed income markets. What are your expectations for the rest of the year?Jordan Lopez: It’s hard to not see more of the same at this point. The data continues to come in fairly strong. Inflation has been stickier than I think the Federal Reserve would like to see. Unemployment remains historically low, so for fixed income it’s hard to see anything other than a fairly hawkish Federal Reserve and strong fundamental macro data. We don’t expect to see the same type of spike in rates that we saw last year, but rather staying range bound. Barring an exogenous sh...
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Why Investors Should Consider Investing In High-Yield BondsQ: The year is off to a great start for fixed income markets. What are your expectations for the rest of the year? Jordan Lopez: It’s hard to not see more of the same at this point. The data continues to come in fairly strong. Inflation has been stickier than I think the Federal Reserve would like to see. Unemployment remains historically low, so for fixed income it’s hard to see anything other than a fairly hawkish Federal Reserve and strong fundamental macro data. We don’t expect to see the same type of spike in rates that we saw las...
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Investing is a game of risk. No matter what the economy looks like and what you invest in, it’ll always involve some uncertainty. Taking that leap can lead to big payoffs in some cases, but some investments are too risky to be worth your time. There’s a lot of financial noise out there, including many promises that can seem too good to be true. To help you separate that noise from real opportunities, here are five investment types to avoid and five alternatives to try instead. Q3 2022 hedge fund letters, conferences and more Find A Qualified Financial AdvisorEach advisor has been vetted by Sma...
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When was the time you checked your savings account? If it’s been a while, I’m sure that you were expecting a big, juicy return. Guess what? You’re probably severely disappointed to find out that you’ve made nothing. Q4 2021 hedge fund letters, conferences and more Considering that your bank is paying you a measly 0.00000000000000001% this shouldn’t be all that surprising. But, why is your bank treating you that way? Banks often pay low-interest rates on savings accounts. At the moment, the national average interest rate is 0.06% and inflation is around 5%. Financial institutions profit from ha...
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In a new special report, Xtract Research reviews a few noteworthy provisions from June’s high yield bonds. Q2 2021 hedge fund letters, conferences and more Highlights Of June's High Yield BondsHighlights from the report include: The builder basket in PRA Health’s new notes builds in the following way: 50% of CNI since the first day of the FQ in which the Issue Date occurs, plus other typical amounts, plus a starter amount, plus declined asset sale proceeds, plus subordinated debt repayments. Back in 2019 several issuers attempted to use a leverage no worse test for investments, which would hav...
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In a new special report Xtract Research highlights some things you may have missed in May’s high yield bonds. Q1 2021 hedge fund letters, conferences and more May's High Yield BondsHighlights from the report include: One noteworthy deal is that of DT Midstream. Its debt and lien regime appears to contain limits on secured debt, but it is illusory. The covenants are essentially worthless, because the permitted lien carveout for Credit Facilities permits any "Credit Facility" to be secured, regardless of what debt exception is used (including the 2x FCCR or even refinancing debt). As a result, a...
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In a new special report Xtract Research highlights some things you may have missed in April’s high yield bonds. Q1 2021 hedge fund letters, conferences and more Highlights Of April's High Yield BondsKey points from the report include: We saw at least seven deals in April where the issuer can lever up on a secured basis in excess of 10x EBITDA based on the ratio liens permissions and liens baskets: Mavis Tire, Allied Universal, BCPE, Wheel Pros, Hightower Holdings, Salt Holdings and Ahead DB Holdings. Not only could secured debt be higher than we calculate, but it may be impossible to quantify ...
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One question that we frequently get asked these days is whether a particular provision, or a bond or loan agreement in general, allows a company to “do a J Crew?” Q1 2021 hedge fund letters, conferences and more How J Crew Moved Value Away From LendersIn a new report, Xtract Research looks at how J Crew and other companies have used weaknesses in their covenants to move value away from lenders and bondholders. Highlights from the report include: There are lots of ways for a company to move assets out of the restricted group, and so it’s important not to focus just on baskets dedicated to unres...
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It’s hard to keep up with all the new issuance, let alone the terms in those deals that could be detrimental to one’s investment. In a new report Xtract Research highlights provisions from January’s high yield bonds which may give many investors pause. Q4 2020 hedge fund letters, conferences and more Provisions You Need to Know From January’s High Yield BondsHighlights from the report include: Truck Hero’s Senior Notes contain no restriction on reclassifying outstanding Term Loan borrowings ($1.55B) out of the credit facility basket when it can meet the ratios. NGL issued notes that in one res...
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In a new report, Xtract Research presents a recap of material issues and developments from 2020 high yield bonds. Q4 2020 hedge fund letters, conferences and more Highlights from the report include: We saw only a few express documentary addbacks for COVID-19 related expenses in draft private loans (but not bonds) (an add back for “extraordinary, unusual or nonrecurring Charges, including those in connection with the COVID-19 pandemic and in another an adjustment to CNI for “one-time costs and expenses associated with any epidemic, pandemic or disease outbreak, including COVID-19, up to $10mm p...
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