On the Fritz

martin fridson


On the high-yield new-issue battlefield, January’s unchecked advance by the issuers has turned to orderly retreat and consolidation. The change in fortunes comes none too soon for portfolio managers. They were beginning to feel like Polish cavalry units going up against German tanks in 1939.

That fabled military mismatch never actually happened, but the advantage held by high-yield issuers in 2004’s opening weeks was only too real. Corporations demanded and got reductions in call protection

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: