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JunkBondInvestor

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Credit analysis for people who actually read the documents.

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PricingFreemiumPublishesDaily
Issues247Founded6 years agoLast Issue7 days ago
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Latest Issues

Private Credit Unfiltered: Can a Sponsor Fix a Stranded BDC?

A public BDC trading at 0.57x NAV is stranded. It can’t issue equity. Its cost of capital is broken. The sponsor can’t grow the vehicle, can’t deploy through it, can’t show the market that the discount is irrational without putting capital...

7 days ago
28

Credit Weekly: The CapEx Cycle Always Ends The Same Way

$2.25 trillion. That’s where IG gross supply is tracking this year according to Morgan Stanley. Up 25% from last year. Q1 alone printed $1 trillion against $600 billion the same quarter last year.

Source: Morgan Stanley via Zerohedge on X...

9 days ago
51
2

Can GameStop ($GME) Actually Buy eBay ($EBAY)?

The financing structure, the dilution math, and what it means for eBay's existing bonds

You saw the interview. Everybody saw the interview.

11 days ago
64
Paid

Credit Weekly: The Co-Op Is The Trade

Are you watching what’s happening at CDK Global?

Software for car dealerships. Brookfield bought it in 2022 for ~$8 billion. $5.5 billion of debt. The type of credit under AI crosshairs.

The 1st lien term loan trades at three different pr...

16 days ago
42
2

FS KKR Capital Corp ($FSK): Are the Bonds Cheap Here?

Why FSK's bonds tell a different story than its equity

FSK is one of the largest BDCs in the market. $13 billion of private credit, 232 portfolio companies, externally managed by KKR. The stock trades at a 50% discount to book.

20 days ago
27
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  • junkbondinvestor

    buyside l/s credit analyst. Focus on high yield bonds, leveraged loans, distressed debt, special situations equities

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