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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

Register now for our monthly speaker series. If you are a current member of FIASI, please using the button in the upper right corner of the screen to access the member discount rate.

Private DebtPrivate 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:

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

 

Register now for our monthly speaker series. If you are a current member of FIASI, please using the button in the upper right corner of the screen to access the member discount rate.

Corporate Sustaining Members

Moody's Credit Outlook

Moody's Credit Outlook report is available here. Published Monday and Thursday mornings, Moody's Credit Outlook provides you with the credit implications of current events.