• News

    Argentina Follows The Script Written By U.S. Courts

    For the I-can’t-remember-how-manyeth time, a U.S court has ordered Argentina to do something it doesn’t want to do, calling the country a “uniquely recalcitrant debtor” and blasting its “intention to defy any rulings of this Court… with which they disagree.” And, right on cue, entering stage left, the Uniquely Recalcitrant Debtor, in the form of […]

    / Aug 26, 2013 at 1:50 PM
  • Per TRACE 15 trades for a total of $15mm so far today, all a bit over par.


    It’s Okay That Chesapeake Forgot To Call Some Bonds

    Well this isn’t great: The story behind that – more fully described here – is that Chesapeake issued $1.3 billion of seven-year bonds in February 2012, and those bonds were freely callable from November 2012 to March 2013, and thereafter not callable (except with a T+50 makewhole) until maturity. And in March Chesapeake tried to […]

    / May 8, 2013 at 2:54 PM
  • It's Tim Cook.


    Apple Sold Some Bonds

    Well someone today did an entirely non-imaginary debt offering to fund a stock buyback so bully for them. Should we look at some things Apple’s debt deal is bigger than (most of them!) and other things its yield is smaller than (also most of them!)? I guess that’s a thing, I don’t know. It’s a […]

    / Apr 30, 2013 at 5:58 PM
  • Come back Aubrey! Your company has gotten boring!


    Chesapeake Forgot To Call Some Bonds

    Chesapeake Energy has had lots of scandals over the last year or so, but now they’re embroiled in a new one that is perhaps their most damaging yet. No, I’m kidding, it’s totally trivial, but in my capital-markets-dork mind it’s kind of funny, so now I’m going to talk about it and you’re not going […]

    / Mar 12, 2013 at 2:06 PM
  • Bloomberg GP is great because it looks like these are actual prices but I'm not sure there are underlying trades, especially after that spike. Is this bond trading at 71? Mehhh.


    Bank of America And MBIA Pretty Much Just Fighting Each Other For Fun Now

    There are some financial jobs that come with a perhaps undeserved swashbuckling cachet. “Oh, you know, I do hostile takeovers,” you say, and a certain crowd will treat you like you just got back from plundering a Spanish ship-of-the-line, even though you mostly sit in a cubicle updating spreadsheets and changing the wording in press […]

    / Dec 14, 2012 at 10:11 AM
  • Jack Bogle


    Markets Ruined By Too Much, Too Little Liquidity

    A cool thing about financial markets is that every trade has two sides, so everything that happens, someone can complain about. “Economic growth is too robust!,” someone probably says, when it is. Does that help explain the difference between this CNBC article about investors who are mad that there’s too much trading in the financial […]

    / Dec 11, 2012 at 1:50 PM
  • This is perhaps not all that scientific.


    Google Bonds Probably Not Going To Replace Treasuries Any Time Soon

    There’s something interesting going on in these Wall Street Journal articles (Money & Investing and Deal Journal) today about how corporate bonds now sometimes trade inside of Treasuries. Or somethings interesting; one thing that’s going on is, like, why the day after the election? One possibility is that the message here – which the Journal […]

    / Nov 7, 2012 at 7:08 PM
  • Found it!


    Let’s Spot A High Yield Bubble!

    The Times and the Journal today are pretty excited by the new high yield bubble and I guess? What is the deal with high-yield yields being not as high as high-yield yields have been in the past, yield-wise? The answer may be giddiness:* “In a yield-starved world, high-yield bonds are right now the only game […]

    / Aug 16, 2012 at 3:32 PM
  • We've talked before about how I own these cufflinks. Two notable events where I failed to wear them: (1) CFA Level I exam, (2) the time I quit Goldman Sachs.


    Sometimes Companies Buy Low And Sell High

    I liked that the two top articles in Money & Investing in the Journal today were (1) that European banks are buying bonds, and that’s bad, and (2) that American corporates are selling bonds, and that’s bad. And: probably! The European banks are behaving sensibly: With the European crisis knocking down the value of banks’ […]

    / Aug 13, 2012 at 6:02 PM
  • News

    ICMA Wants to Take the Fun Out of Marketing Debt Offerings

    So you might think that buying a Banco Santander covered bond backed by debt of Spanish municipalities – presumably the ones that don’t have any people – would be kind of unattractive to most investors. And you’d be right! Since no one bought it. But, of course, if I told you that everyone else was […]

    / Jul 13, 2011 at 5:58 PM
  • News

    Bills Bonds: Great Idea Or Greatest Idea?

    “While Bills fans can’t own the team they cheer for, there is nothing preventing fans from lending to their team,” investment banker Steve Brady wrote on his Web site, “Or, more accurately, lending money to a new owner by purchasing bonds (called Bills Bonds). The new owner could use the proceeds from these bonds […]

    / Dec 1, 2010 at 4:20 PM
  • News

    Mortgage Spreads Tighten

    Spread on mortgage backed securities over Treasuries tightened today, according to John Jansen at Across The Curve. Mortgages are closing about 6 ticks tighter to Treasuries and about 3 basis points tighter to swaps.One dealer described the flows as “chunky”. The same dealer noted that the buyers today were from the genus “long term”. Some […]

    / Sep 4, 2008 at 4:37 PM
  • DealBreaker Career Center

    Job of The Week: Make The Debt Markets More Transparent

    We like to end every week with a special gift for our readers: we’re finding you a new job. So we spent part of the afternoon combing through our Career Center in search of the most interesting jobs. There are dozens to choose from, all categorized according to specialization. But one special one has been […]

    / Feb 15, 2008 at 3:19 PM

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