Hybrids Plummet, Private Credit Booms, Pensions Dive: Credit Chat
FICC Focus
00:00
How Much Has the Hybrid Market Been Hurting?
Some companies have been refinancing the hybrid market just at higher rates. We've gone from these bonds trading in line with high quality senior double B to trading wider than the senior high yield index. So it's been a big underperformance. High risk is now trading at 10.1%. They were trading through easily through the high yield senior bonds and trading more in line withhigh quality double B's a year ago. And they had rallied from kind of, so let's take a step back. The entire university, your E-recour hybrid is trading at just over 10%.
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