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

How Covid-19 infected the corporate bond market

20 March 2020Credit, Risk Commentaryairlines, 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?

ETFs, capital arbitrage and Morgan Stanley

22 January 2017Banksderivative assets, exchange-traded funds, high yield bonds, incremental risk charge, Market RWAs, Morgan Stanley, securities financingNick Dunbar

After making dramatic cuts to its balance sheet and capital requirements, Morgan Stanley is boosting returns in fixed income. Is the bank using bond ETFs for regulatory capital arbitrage?

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?