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A blog on High Yield for those in High Yield.

European High Yield July Survey

European High Yield July Survey

20 Questions, 10 Minutes, 20x the insight. We are launching the Second of what will be a monthly survey covering the European High Yield Market.   The idea is to create value for the High Yield Community through shared insight. To our knowledge there is nothing...

European High Yield June Survey – Results!

European High Yield June Survey – Results!

Summary *** THE JULY EUROPEAN HIGH YIELD SURVEY IS NOW OPEN - PLEASE PARTICIPATE >HERE< *** The June European High Yield Survey had 52 respondents. c50% of respondents were Portfolio Managers, with CIOs, Strategists, Credit Analysts, Sales and Syndicate Desks...

European High Yield June Survey

European High Yield June Survey

20 Questions, 10 Minutes, 20x the insight. We are launching the first of what will be a monthly survey covering the European High Yield Market.   The idea is to create value for the High Yield Community through shared insight. To our knowledge there is nothing...

A Bubble Bubble?

A Bubble Bubble?

"A Bubble Bubble" This last week has been fantastic in terms of news flow. Conscious I am in my own "bubble" there is an increasing choir of voices calling for caution as asset prices boil. So I thought I would summarize what I have seen heard this week. A curated...

How important Is EBITDA ?

How important Is EBITDA ?

EBITDA is increasingly controversial as a metric. But, why all the fuss? EBITDA is pervasive in High Yield and has its origins in the 80s and 90s LBO boom. "Community Adjusted EBITDA", "EBITDAC" - have grabbed the headlines, evidence of aggressive earnings. The...

Uncertainty and Valuation

Uncertainty and Valuation

Uncertainty has increased due to the crisis. I read a great article by Aswath Damodaran. In it he touches on the behavioral and quantitative aspects of post CoVid Valuation. What's more as I thought about uncertainty I was reminded of Nicholas Nassim Taleb and Howard...

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