Corp Credit Chronicle

This is Paul Tudor Jones, one of the greatest macro traders of all time. Listen to him when he tells you buying the S&P is not likely to make you money. "The problem is that if you buy the S&P at this current valuation, the 10 year forward return is negative, that is what history shows" "Valuation matters a lot, the stock market is really high, and it is going to be really hard to make money from here with any kind of long-term view"

Even after $CHTR wasted another $5.4B to repurchase stock the share price hovering at a decade low. Do they know their debt size? New bond issuance comes with >7% coupons to retire debt at ~5%.

KSS 33s stand out on the co curve at ~200bps spread over 31s and relative to peers JWN and M, trading at ~400bps wide of M 34s and >400bps vs JWN 31s

The cracks appear. The frame starts to distort. $ORCL far end trading >7% wider than chemicals and junk rated $WHR. Bids are thin. Ready to explode. Mast breaker.

For the life of me, I do not understand why every funding and carry trade is not moved to CHF. They are pricing negative rates again. Why own this currency?

There are no unkillable thrills. $MSTR series D pref trading 35% below par. 10% divvy not offering much comfort. I don't ask much. I just want yield.

$ECC - Adds to Yield Accounts looking great High Yield and Lev Loans look great - New Issue markets wide open, Fed reducing rates, economy strong, Default rate very low. Yield is OUTSTANDING

Global EM: Geopolitical risk at multi-year highs, Japan rates under stress, political interference in Fed policy… Tail-risk probability has rarely been this elevated. I’m still very surprised by current valuations on equity or credit spreads.