Newsletter

The US high yield market has grown larger and riskier since the financial crisis. Issuers of debt have the whip hand as buyers compete to gain an allocation in the …
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The revelations last week at the Banking Royal Commission illustrate the economic principle that people respond to incentives. Charlie Munger long ago summed this up with “show me the incentive …
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Covenant Lite You know it’s late in the credit cycle when credit investors give away their key protections in return for just a little more yield. This acquiesce comes in …
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The elephant in the room for Australia’s Federal Parliament has finally been called out. Australia’s rapid population growth is arguably as important an issue as balancing the budget and the …
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Libor Spike The increasing gap between US dollar Libor and overnight index swaps (OIS) this year is garnering much attention as it was one of the earliest signs of problems …
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US Government Debt With the increase in the American overnight rate and long term bond yields questions are starting to be asked about whether the federal government debt load is …
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