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...Turkey currently holds a single B rating across the major agencies, five or six notches into junk status, having lost its investment grade designation in the wake of a 2016 failed coup attempt against Erdoğan...
...BondBloxx has rolled out three ETFs that offer exposure to triple B rated corporate bonds....
...Until the recent Kenya deal, the “green-shoot” issuance observed to date has come from credits that have long traded well below the average yields of the B-rated bucket of the [JPMorgan dollar EM bond index...
...If El Salvador fails to get at least two upgrades to a rating of B, which is five steps below investment grade, or strike a deal for a loan package with the IMF by October 2025, those coupon payments will...
...The £1.3bn of so-called class B debt, which is still inside the ringfence but has a lower-ranking claim on the company’s cash flows, could be hit with even deeper 35-40 per cent impairments....
...The group of senior class A and subordinate class B bonds are securitised at the operating companies....
...The average spread for double B-rated bonds — the highest rung of the junk credit world — stood at 2.01 percentage points on February 15, lower even than levels seen late last year when demand soared for...
...When hedge fund billionaire Ken Griffin told an industry conference this week that the US bond market was due some discipline, he was voicing the concerns of many investors about the impact of the government...
...For hard currency bonds, the average yield on the S&P Africa Sovereign Bond Index is running at 13 per cent, from below 9 per cent three years ago....
...Do I want to take, say, double B credit risk for another 1.9 per cent of yield on top of that, especially when high-yield default rates, while low, are rising?...
...At 75 per cent, the recovery rates within the GEMs data set surpass those reported for Moody’s Global Loans at 70 per cent, Moody’s Global Bonds at 59 per cent, and JPMorgan Emerging Market Bonds at 38 per...
...The solid blue line shows actual returns on HY, which broadly tracks double-B bond yields (solid black), the highest-quality rung of HY....
...They reckon that debt maturities of firms rated single-B or lower will be around $310bn in 2025, rising to $400bn in 2026....
...If you haven’t seen Ken Griffin’s latest interview with our colleagues at mainFT, it’s worth checking out. Alphaville has some thoughts on it, which we’re going to subject you to....
...My colleague Costas Mourselas and I interviewed one high-profile financier who (unsurprisingly) does not agree: Ken Griffin. “Well he would, wouldn’t he?”...
...Triple-B [the lowest rung of IG] spreads are at about 120bp, whereas double-B high-yield is at 200bp. So you pick up 80bp from going from triple-B to double-B....
...Matthew White’s Otto and Arnold Livingston Geis’s Josef strongly conveyed a fraternal bond plagued by social divisions: the former a strait-laced conservative, the latter a liberal reformer....
...“I still think the Fed wants to cut once at least this year — but they’re in no rush to do it and they’ll wait for more data to come in to give them more visibility into inflation,” said Ken Shinoda, portfolio...
...Fitch Ratings downgraded Vanke in October from triple B plus to triple B, citing weaker than expected sales....
...Over the past five years, the multi-manager model pioneered by the likes of Ken Griffin’s Citadel and Izzy Englander’s Millennium Management has emerged as the fastest-growing and most profitable corner...
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...Ken’s cold feet: Ken Griffin, Mr Citadel, gave a pro-Nikki Haley super Pac $5mn in December and January....
...Traders are marking a riskier £250mn “class B” bond at little over 60 pence in the pound....
...That is in line with current market expectations given that a default at Kemble earlier this month sent the price of a second-ranking “Class B” bond plunging to little over half of its face value....
...The standards are part of a push to increase regulatory oversight of the world’s biggest and most important bond market....
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