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

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