Hints and tips:
...Marty Fridson, of Lehmann Livian Fridson Advisors, remains the most value-conscious corporate bond analysts. He argues spreads have ceased to make sense....
...Weakest links pertain to companies rated “B minus” and lower with negative outlooks....
...The chart below, courtesy of Marty Fridson of Lehmann Livian Fridson Advisors, makes the point....
...“A few months have passed without more bank failures after First Republic”, Marty Fridson, chief investment officer of Lehmann Livian Fridson Advisors, referring to the collapse of another lender in May....
...Spreads over Treasuries of triple-B (lowest rung of investment grade) and double-B and single-B (upper parts of high yield) bonds were higher earlier this year, before long term interest rates jumped, and...
...Across weaker companies and weaker properties, capital structures and valuations need updating, but not every B-grade office building is facing the bulldozer....
...There’s a lot of companies in the double-B category that were downgrades from triple-B. They’re better companies. It’s a different high-yield than, say, 10 years ago ....
...“It’s a place that most New Zealanders don’t visit, let alone foreigners,” said Scott Riches-McPherson when he picked me up at the station to take me to Omaka Lodge, a beautifully kept B&B 20 minutes out...
...I asked Marty Fridson, of Lehmann Livian Fridson, about junk bonds’ relative calm....
...(Gillian Tett) B is for backlash Companies and other actors are operating in a fiercely contested political environment that will put corporate strategies under new strain....
...Marty Fridson, chief investment officer at Lehmann, Livian, Fridson Advisors — and a longtime observer of the high-yield market — uses a five-factor econometric model of fair value in high-yield bonds....
...I spoke to Marty Fridson, chief investment officer at Lehmann, Livian, Fridson Advisors, and a longtime observer of the high-yield market....
...Marty Flanagan, Invesco’s chief executive, knows how painful asset management mergers can be, having only just digested the $5.7bn acquisition of smaller rival OppenheimerFunds in 2018, which was followed...
...Centene, MDC and T-Mobile all sit at the higher end of the junk-rated ladder, with ratings around double B, just one tier below the triple B cut-off to be considered investment-grade....
...Elsewhere, Swedish electric driverless truck company Einride raised a $110m Series B funding round, which will be used to roll out its services faster to customers in Europe and the US....
...Marty Lipton, who hired Strine to Wachtell Lipton this year, said they represented “a significant step toward state corporatism”....
...Another interesting development in the growing scale of double B-rated paper is highlighted by Marty Fridson at Lehmann Livian Fridson Advisors....
...“The real estate industry wants to bail out borrowers who knew exactly what they were getting into with these loans,” says Marty Leary, research director at Unite Here, a union for hospitality workers....
...“We are still in a borrower’s paradise,” said Mark Grant, chief global strategist at investment bank B Riley FBR....
...dismiss this argument, given that Mr Bebchuk has been a longtime critic of the stakeholder movement (so much so that in the last decade Mr Bebchuk has repeatedly clashed with stakeholder champions such as Marty...
...The amount of debt rated triple B has grown from $677bn in 2005 to $3.4tn today, according to Ice indices....
...Marty notes: “The key point is that the opposite-direction movement of the B and CCC & Lower spreads over the last six months is even more pronounced when Energy’s way-outside-the-mainstream widening is...
...He reckons: “Investors have been willing to chase yield, but only down to the single-B quality range....
...For Marty Fridson, chief investment officer at Lehmann Livian Fridson Advisors, a New York-based firm, this offers an important lesson: rising tides do not lift all boats....
...And Izzy thinks the bigger question is whether Marty McFly really was capable of impacting the 50s with his rendition of Johnny B. Goode.....
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