There has been a bit of a buzz the last couple of days about covenant-lite bonds. This isn’t really new news—you can see from the chart below that cov-lite issuance has been high for a few years now.
Read moreMy favorite Far Side cartoon of all time. I make frequent reference to it in my trading activities.
Read moreThis one will be familiar to old The Daily Dirtnap subscribers.
Read moreI’ve been yapping my trap about these vol-selling monkeys for some time—we may have finally reached peak vol absurdity.
Read more
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