Category Archives: Credit

Junk Bonds or Equities With Coupons?

“Equities with Coupons” is a cynical description of high yield  bonds.  The expression, like many of its kind, contains more than an element of truth. Usually it’s invoked when trying to illustrate the risk of owning bonds priced near par. You may collect … Continue reading

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Can Bonds Tell Us Something About the Stock Market?

I was visiting with the head of fixed income at a large asset manager when I mentioned the subject of my last post, the deterioration of corporate credit in some sectors.  He noted that Baa bond spreads had been rising for … Continue reading

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Um Outro Gol Contra (Another Own Goal)

You might think the Petrobras scandal is bad enough, but Brazil has another self inflicted and serious issue that is going to be a drag on growth for years to come. It is known that China held off the effects of the … Continue reading

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