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...Investors have been drawn to the relatively high returns on offer from private credit funds, with riskier loans often yielding 14 per cent or more....
...High oil prices have given it cash to invest, just as other institutional investors such as US pensions retrench and manage overexposure to private assets....
...Private credit remains one of the few sources of capital available at a time of tighter financial conditions, even after high-yield bond and leveraged loan markets have started to recover....
...And while high-yield bond sales are up, investors warn the market is all but closed for lower-rated groups....
...S&P 500 dividend yields went as high as 9.2 per cent in the first quarter of 1938, according to S&P Dow Jones Indices. Even IPOs paid them, as I read to my surprise in Peris’s book....
...So relative to IG, high-yield looks really attractive....
...Even as global temperatures smash through record highs, the oil industry is claiming the world can’t afford the rapid transition from fossil fuels to cleaner energy....
...Past liability management scenarios presented at JPMorgan’s high-yield and leveraged finance event this week included those of Bausch Health and Dish/EchoStar....
...You could extinguish the entire global high yield bond market (ok one of these isn’t true)....
...“There’s clearly a hunger for new supply in high-yield,” said Andrzej Skiba, head of US fixed income at RBC Global Asset Management. Two sales this week signalled a shift....
...With climate change already affecting yields, “we need to keep farming at the current levels”, he says, “or even increase it”....
...Well, gosh, I’m getting to buy companies at yields that are really high because the risk-free rate is so high. The technicals in high yield are incredible because you don’t see a lot of issuance....
...been developed by exchange operator Cboe Global Markets and benchmark provider S&P Dow Jones indices, will track volatility expectations over the following month in US and European investment-grade and high-yield...
...As a result last week tumbling bond prices pushed yields on benchmark 10-year Treasuries to a 16-year high of nearly 5 per cent....
...Some are holding out hope that public markets will rebound, opening the door to a much wider pool of buyers of high-yield bonds and leveraged loans....
...Even when prices are high, however, it is not easy to establish an export business....
...That might seem pretty puny, until you remember that it’s more than the negative yield of many other highly rated European bonds for much of the past decade....
...The quality of data in high yield is severely lacking relative to investment grade.”...
...That’s important because the investment-grade market is at least 8x larger than the high-yield market and 8x larger than the levered lending market. This is a great time for private credit....
...Apollo shares rose 5.7 per cent to a record high on Thursday....
...China’s small farms also create bottlenecks in the adoption of high-tech farming practices, says Friedrichs, pointing to the use of GPS monitoring devices on industrial farms in the US and Brazil, which...
...Doyle Queally will also move to a business development role in the GP stakes unit. Blackstone declined to comment....
...It shows [the] problem is a lack of liquidity rather than too high rates.”...
...The 3-month/10-year yield curve remains very much inverted. Etc etc, ad nauseam....
...The notes, which will mature in September 2029, will yield about 14 per cent. The sale generated a loss of about $675mn for the banks....
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