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A blog on High Yield for those in High Yield.
They Walk Among Us: Zombies, High Yield and The Market
Zombies - This is part one of two on Zombie Companies. I was surprised at just how prevalent "Zombification" is and how it presents itself in High Yield, the Markets and Economy. Bad news is they walk among us. Good news there seems to be a consensus as to how to...
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 ?
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...
How to Make the Most of a Management Meeting
As an Analyst/ PM you will conduct 10's if not 100's of interviews. In this post we look at how to make the most of a management meeting.How should you make the most of your time and get the answers that you need? How can you Quickly build rapport with management and...
Free Download/ Skill Share: Modelling High Yield Cash Flows
This Post Looks at Modelling High Yield Cash Flows with Excel with a Free Demo Workbook Now. This is not the sexiest of topics. BUT it is one that is worthwhile sharing IMHO. The aim of European High Yield Online to become a community site is based around sharing...
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...
All Your High Yield News Headlines News in One Place! Introducing the News Wall
European High Yield Online is pleased to launch our "News Wall". A curated live News Feed that updates every 15 minutes. The wall captures high yield headlines from both news and social media. So - you can now keep abreast of headlines all in one place. The...
New Normal
What does a "New Normal" mean? Liquidity through the lockdown has been forefront of everyone's minds. Now looking further out what does a 10%,20%,30% or even 50% reduction in revenues mean? We think it means more defaults,more downgrades, more waivers, more secured...
Ponzi Bonds
When I hear "Ponzi" I think of Pyramids, Fraud and Financial Loss. Recently I read more about the "Minsky Moment" and the stages of a financial bubble. To bond holders and lenders the definition of "Ponzi" stage may sound eerily familiar. What strikes me is that when...
