Outlook 2021: Today’s dirty utilities may be tomorrow’s ESG winners
Utilities earn a regulated return on investment in new stuff, so there are quantifiable gains to be made on greening their asset base.
External Opinion Articles
Opinion: Junk bonds won’t save everybody from going bust
investors need to remember that speculative-grade companies aren’t immune from going bust, no matter how wide open the debt markets might be.
Opinion: First ETF for CLOs is ultra-safe. No, seriously.
The debut fund chose an unmistakable ticker (AAA) to market the relative safety of the CLO that is often unfairly attributed with the risks of the pre-crisis CDO.
Opinion: Trump’s eviction ban doesn’t go far enough
An emergency expansion of federal rental assistance would cost between $12 billion and $16 billion a month, depending on whether enhanced unemployment benefits are extended alongside. That is a bargain in comparison with the $2.2 trillion price of the last coronavirus relief package.
Investors bet against junk bonds at their peril
Investors shouldn’t assume anything about the behavior of speculative-grade debt in this environment.
How are Planet Fitness and IHOP securitizations doing now?
Franchise businesses looked like a safe bet for whole-business securitization bonds before the pandemic made gyms, dine-in restaurants and massages a riskier setting.
CLOs are not CDOs, not even during a pandemic
There are any number of reasons to fret about America’s recovery from the coronavirus crisis. A repeat financial collapse at the hands of a structured product with a similar sounding acronym isn’t one of them.
CLOs are inflicting serious pain to risk takers
Unlike public equities and even high-yield bonds, funds focused on CLO equity show little evidence of rebounding anytime soon from steep losses in total value.
Opinion: Fed needs to throw a lifeline to junk debt
There’s no reason to punish companies for failing to see a history-changing, once-in-a-century pandemic, or anticipate the shutdowns that would result.
Whom the Fed should and shouldn’t rescue: Bill Dudley
Speculative-grade borrowers are different because they made a conscious choice to take on more debt in the hopes of generating bigger returns for equity holders. They did this even though they knew it would make them more vulnerable in an economic downturn.
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