junkbondinvestor
@junkbondinvest
Credit analyst. Focus on high yield bonds, leveraged loans, distressed debt, special situations.
Lots of satire. DMs open.
1.1K Following 53.1K Followers
The movie studio behind “Cocaine Bear” now wants to be an AI data center developer.
Peak cycle indicators are getting weird.
Unsurprising credit stat per Carlyle:
Leveraged loan borrowers have worked down their '28 maturities by ~42% this year.
Software borrowers on the other hand? Only 5%.
1/ Went thru Leslie's first day declaration so you don't have to.
The biggest US pool supply retailer JUST filed Chapter 11 yesterday with 900+ stores and $787mm of debt.
$LESL
Show more
Here's how a single basketball player gets funded by insurance premiums.
LeBron sets up an LLC. The LLC issues bonds backed by his non-basketball income (e.g., a lifetime Nike deal, licensing, etc).
Two life insurers, managed by Guggenheim, buy $300 million of the bonds. 2049 maturity. 4.8% coupon. Another $60 million follow-on in 2022.
Life insurers used to hold plain bonds matched to future claims. Now they hold this. Not saying it's bad risk/reward but this is the modern insurance balance sheet.
Show more
BB corporate bonds: 173bps OAS.
BB CLO tranches: 782bps DM.
Both "BB" rated.
