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09/21/21 Martin Fridson on High Yield Research

Martin Fridson, CFA will present empirical research that leads to some surprising conclusions about the high yield market, including.

• The best predictor of spreads on high yield bonds is not leverage, coverage, or free cash flow.
• Index-based spreads between rating categories provide misleading signals to sector rotators.
• There is no systematic underpricing of speculative grade busted convertibles.
• There are instances where yield and price move in the same direction.
• Market-cap-weighted indexes do not cause investors to be overweighted in the most leveraged credits.
• One previous study found that the high yield spread curve is positive. Another found that it is negative. Both were wrong.
• The reported volatility of the high yield asset class is unquestionably understated.

As always, members' participation is free. Non-member fee is $30.00

• When: Tuesday, September 21, 2021 at 3pm
• Where: Zoom - The link will be sent after you register

Register Online

10/12/21 | Outstanding Investor Series: Private Debt

Private Debt has become THE area for fixed income over the past couple of years, growing at a faster clip rate than most other areas of the capital markets. Two truly Outstanding Investors will address private debt nuances, challenges, and opportunities.

We will also hear from the well-regarded author of Private Debt – Opportunities in Direct Lending.

Panelists:

• Theodore L. Koenig, CEO, Monroe Capital
• Randy Schwimmer, Senior Managing Director, Co-Head of Senior Lending, Churchill Asset Management LLC

Our program will also include a summary of the outstanding book Private Debt by Stephen Nesbitt, a well-written, comprehensive book on private debt.

As always, members' participation is free. Non-member fee is $30.00

• When: Tuesday, October 12, 2021 at 5pm edt
• Where: Zoom: The link will be sent after you register.

Register Online

COVID-19 Research shared by our Corporate Sustaining Member Firms

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The Fixed Income Analysts Society is dedicated to the education of its membership and the fixed income community at large. FIASI serves its members by sponsoring frequent, high quality educational programs and workshops covering topics of current interest to research analysts, portfolio managers, and other fixed income professionals. FIASI also sponsors an annual Hall of Fame ceremony to recognize lifetime achievements of outstanding practitioners in the advancement of fixed income security and portfolio analysis.

The Fixed Income Analysts Society is comprised of fixed income professionals who value the opportunity to learn, network and discuss important fixed income topics with colleagues across the industry. We draw from all disciplines – buy side, sell side, intermediaries, quants and academics – and all sectors – credit, rates, economics, securitized products, foreign exchange, emerging markets, municipal finance and commodities. Seasoned professionals as well as those new to the industry will reap the benefits of FIASI membership.

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