Bonus: Value at a Crossroads

In this episode of Extra Credit, Danilo Rippa, Head of Multi-Strategy Credit at Man Group is joined by Kevin Marchetti, co-Head of Direct Lending and Chief Credit Officer, and Zeshan Ashfaque, Senior Credit Officer at Man Varagon. Private credit has grown significantly over the p ... Show More

In this episode of Extra Credit, Andre Rzym and Tarek Abou Zeid discuss the world of catastrophe (cat) bonds. In 2023, insured losses from natural disasters stood at an estimated $3-5 billion, insufficient to worry the cat bond market but big enough to sustain demand for reinsura ... Show More

The world of credit is evolving. Gone are the days when investment grade bonds were only sold over the phone and the world of direct lending was a little-known niche. Corporates now have a multitude of ways to access capital and investors can diversify their credit allocation mor ... Show More

In the latest Performing Credit Quarterly, Oaktree argues that investors analyzing today’s leveraged credit markets should focus less on average risk and more on tail risk, as this segment of the market is currently much more vulnerable than usual. Armen Panossian (Head of Perfor ... Show More

Like many markets, Corporate Credit has faced a rocky start to 2022. For investors, understanding the difference between default and duration risk will be key to positioning for the rest of the year. -----Transcript----- Welcome to Thoughts on the Market. I am Vishy Tirupattur, G ... Show More

With investors becoming pervasively bearish on stocks and bonds in the face of a worsening growth outlook, can the U.S. investment grade credit market provide shelter from the storm? ----- Transcript ----- Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's ... Show More

Against the backdrop of volatility in the banking sector, tightening in consumer and commercial credit may have far-reaching impacts for economic growth. ----- Transcript ----- Welcome to Thoughts on the Market. I'm Vishy Tirupattur, Chief Fixed Income Strategist here at Morgan S ... Show More

With interest rates rising does it still make sense to own bonds? Yes. This episode explores the role of bonds including why they are more effective at hedging stock losses than protective put options.Topics covered include:David's business and investment philosophyHow bond funds ... Show More

We talk a lot on Odd Lots about the idea of investing. But what's it like to actually have to put money to work in some of the trickiest investing environments in history? David Schawel was an equity analyst who suddenly became the manager of a portfolio of subprime mortgage bond ... Show More

New entrants to the rapidly-growing private credit market, scrambling to deploy capital as demand exceeds supply, risk making loans that don’t perform well, according to Alan Schrager, senior partner and portfolio manager at Oak Hill Advisors. “You sort of love private credit tou ... Show More

How convertible bonds work, why they gained 50% in 2020 and outperformed stocks over the past five years. Why Vanguard shut down their convertible bond mutual funds.Topics discussed include:How big is the convertible bond marketWhy companies issue convertible bondsHow convertible ... Show More

It's no secret that the market for private credit has boomed in recent years. The surprising thing is that it has continued to do so even as interest rates have surged, defying many people's expectation that this relatively new market would suffer once an era of "loose" money com ... Show More

Why investing in non-investment grade bonds, leveraged loans, and preferred stocks is potentially more compelling than investing in common stocks at present.Topics covered include:Why Howard Marks told institutional clients to sell stocks and buy high-yield bonds insteadThe contr ... Show More