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Playing chicken in the high yield market

19 October 2020Creditbankruptcy, corporate bonds, high yield bonds, restructuringNick Dunbar

In 2020, junk bondholders have to choose between painful restructuring and pushing for a repayment that might kill a company

The corporate bond market on 18 March 2020

20 March 2020CreditCovid-19Nick Dunbar

An interactive visualisation of $12 trillion of corporate bonds showing the impact of the Covid-19 pandemic. Free to registered users.

How Covid-19 infected the corporate bond market

20 March 2020Creditairlines, central banks, coronavirus, Covid-19, high yield bondsNick Dunbar

The coronavirus outbreak has infected the corporate bond market as economies grind to a halt. Can trillions of emergency central bank measures keep borrowers alive?

Using securities lending data to assess the ECB’s corporate bond purchases

18 November 2016Credit, MarketsNick Dunbar

ECB president Mario Draghi says that corporate bond purchases are a success, but is the effect causation or correlation? Using securities lending data from central banks allows the hypothesis to be tested.

Visualising the high yield swoon

18 August 2016Credit, MarketsHigh yield - US, high yield bonds, Markit iBoxx $ Liquid High Yield index, oil & gas, regulationNick Dunbar

Did junk bond investors overreact?

Visualising the high yield swoon

9 June 2016Credit, MarketsHigh yield - US, high yield bonds, oil & gas, regulationNick Dunbar

Were regulatory warnings about bond market herding borne out in the high yield sell off and rebound?

High yield’s retrenchment

21 December 2015Credit, MarketsCitigroup, commodity risk, credit, credit derivatives, ETFs, High yield - US, lending, Markit iBoxx $ Liquid High Yield indexNick Dunbar

There have been plenty of words written about the high-yield corporate bond market in the last week, but sometimes a chart expresses things better than words.

Fear and liquidity in the high-yield market

19 August 2014Credit, MarketsETFs, investing, trading, US high yieldNick Dunbar

Junk bond funds are seeing record outflows. This has been described as a 'six-sigma event', in other words, six standard deviations away from the mean weekly flow, something that if normally distributed should only be expected once in millions of years. By definition that's unusual, but in the context of broader investment in riskier corporate…