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high yield market

5 statements across 5 episodes · 1 bullish · 1 bearish · 5 people on the record · first statement Jul 2, 2018 by Peter Troob · across every show →

Everything said about high yield market, oldest first

Jul 2, 2018 bearish
Assertion Supported
The $1.2 Trillion High-Yield Bond Market Is Five Times Levered
“What you have is a massive market, about 1.2 trillion of bonds in the high yield market, half of which Are double B and half of which are below double B. That is weak. It's five times levered. And you have a market that's very vulnerable.”
Peter Troob Jul 2, 2018 ▶ 17:51 Peter Troob – Monkey Business in High Yield (Capital Allocators, EP.59)
Nov 24, 2021
Assertion Partly supported
Higgins: Drexel Burnham held a 90% high-yield market share before collapsing
“Drexel Burnham, they're issuing CP one day, 90% market share in the high yield market, and boom, they go bankrupt the next day.”
Brian Higgins Nov 24, 2021 ▶ 13:58 Brian Higgins - King Street Capital (Manager Meeting, EP. 21)
Jul 25, 2022 bullish
Assertion Contradicted
Friedman: Private high-yield issuance surpassed public high-yield around 2019
“Two or three years ago was the first year that the high yield market privately issued high yield exceeded publicly issued high yield.”
Josh Friedman Jul 25, 2022 ▶ 34:43 Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263)
Jul 24, 2023 neutral
Insight
Modern High-Yield Restructurings Are Driven by New Capital, Not Covenants
“The covenants are nice to have. They allow you to reprice risk along the way. We still have them in most of our middle market deals, but the big quality companies, syndicated loan market, et cetera, the high yield market, they don't have covenants. So the rest…”
Kipp deVeer Jul 24, 2023 ▶ 1:02:39 Kipp deVeer – The World of Private Credit at Ares (EP.329)
Sep 12, 2024 neutral
Assertion Supported
Well over 95% of high-yield bond market returns come from yield
“So when one factors all that together, you observe that well north of 95% of the return profile in the high yield market is the yield.”
Dave Brizano Sep 12, 2024 ▶ 11:47 David Breazzano - High Yields and Low Risk at Polen Capital (EP.405)
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