High Finance

Assume, again, a one percentage- point drop in the bonds’ respective yields. In that case, the U.S. Treasury 1.875s of 2051 would rally by 24%, to 74.30 from 60.15, and the on-the-run 30-year Treasury, the 4.125s of 2053, by 19%, to 116.69 from 97.91.

Instead of pursuing bold acquisitions, he is now locked in pedestrian squabbles with cable operators and union leaders who refuse to be swayed, let alone charmed.

Dylan Byers • The Iger Bunker

I’ve since learned that Griffin is locked in a nasty behind-the-scenes legal fight with Sony Pictures over his depiction in Dumb Money , which is set to begin its theatrical roll-out on Friday. Griffin has hired at least two separate law firms and sent multiple threatening letters, one of which I obtained, and he’s consulting with crisis P.R. peopl... See more

Ken Griffin’s Secret War on ‘Dumb Money’

In 2019, Ioannis Rallis, head of the group for European supranational, sovereign and agency debt-capital markets at J.P. Morgan, laid out the bullish case in these words: “With a high convexity bond, the price falls less if yields go up than it increases when yields go down. That asymmetry is very interesting for some investors, who can use it as a... See more

Let’s assume for a moment, though, that between the two sales, Paramount walks away with $4.5 billion in cash. Paramount has $13.5 billion of net debt, as of March 31. If Bakish decided to use the $4.5 billion in cash from the sales of S&S and BET to pay down that debt—always a good use of cash—Paramount would still have $9 billion in debt. On ... See more

Are You There, Aryeh? It’s Me, Shari…

it seems as though these are all brands that could be fucking incredible but are being manage-managed rather than brand-managed

[...] operators are unlikely to add much supply over the next several years. For one thing, day rates aren’t high enough to justify new orders. Tidewater reckons a rate of at least $38,000 to justify the purchase of a new OSV at an assumed 15% cost of capital. In the second quarter, Tidewater itself was earning an average of $16,042 per day. Sev... See more

"The Fed's own data," observes the August 29 edition of "Early Morning with Dave" (David A. Rosenberg, of course), "show that bank-wide credit card delinquency rates have gone from 1.84% a year ago to 2.43% in the first quarter of 2023 and now to 2.77% in the second quarter. This is also before we have even seen the onset of higher unemployment--is... See more

The average leveraged loan had a debt-to-Ebitda ratio of 6x at year-end 2021, and this calculation was often based on aggressive Ebitda adjustments, meaning true leverage was often greater.

Notes on **Higher for much longer**, *Grant's Interest Rate Observer*, Vol. 41 No. 14 - learned who Louise Yamada is, apparently someone who Grant's gives the credit of being an adept market timer - Grant's wrote an article on June 4 2004, **Bonds: The next generation** that made the same prediction they make today: that the long bull market fo... See more