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JunkBondInvestor

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Credit analysis for people who actually read the documents.

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PricingFreemiumPublishesTwice weekly
Issues294Founded6 years agoLast Issue3 days ago
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Latest Issues

CoreWeave ($CRWV): Can It Stop Growing and Pay Down Its Debt? (Part 2)

What it takes to deliver what’s signed and what’s left if it stops.

Every company that grows its way into trouble has the same plan for getting out, and it’s to stop growing. You cut capex and run the business for cash flow. Sometimes it w...

3 days ago
33
Paid

Credit Weekly: Rated BB, Priced Like Something Else

When people talk about HY repricing, they usually point to CCCs where spreads touched 1,127bps last week. This is the widest in over 3 years with most of the damage in cable and telecom. But CCCs are only 8% of the HY market and a good shar...

6 days ago
46
10

CoreWeave ($CRWV): $34 Billion of Equity and Bonds Yielding 15%...How? (Part 1)

They teach you this on day 1. Equity takes first loss. Debt gets paid ahead of shareholders. The higher up you sit, the less risk you take. This is finance 101. Everybody knows this.

So how can a company with a $34 billion market cap have...

12 days ago
343
23

Credit Weekly: The Cost of Capital Finally Bites

Wednesday should have been a bad day for bonds.

September core CPI printed 0.33% m/m (vs. a consensus 0.2%), the largest upside surprise in over 2 years. The 2-year proceeded to sell off as much as 16bps in the first hour. Then it reverse...

13 days ago
34
7

Special Situation: Six Flags ($FUN) Senior Notes After the Goliath Accident

Can a park operator levered over 6x absorb a fatal accident with a $367mm put due in January?

You’ve probably seen the headlines by now. In case you haven’t, a rider was thrown from Goliath at Six Flags Over Georgia on October 12 and kille...

17 days ago
15
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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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