They said it: Can I be a bond investor and invest in Netflix?
The response of a loan portfolio manager after we asked where should loan investors park their cash?

Points up front: Channelling Twain, Agent Smith and Mike Tyson
Lockdown can adversely affect one’s grasp of reality, and for credit portfolio managers this has manifested itself in a penchant for quoting famous (sometimes fictional) figures

There will surely be jewels in the high yield dung heap, but the risk-reward is more compelling in IG
Whatever the long-term effects of the pandemic, one thing stays the same: IG looks attractive

Points up front: Blame it on capitalism
You know it’s a tough month for returns when a hedge fund manager quotes Lenin and laments that capitalism and globalisation have failed to distribute wealth efficiently

Investors need to ask: can my asset manager survive the crisis?

New accounting rules could be the axe that decapitates zombie credits

You need a balanced portfolio that’s ready for calculated risk taking — so consider a barbell approach
Investors can’t afford to be too conservative as they prepare for the end of the cycle

Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic

‘Buying the dip’ is going to be a poor investment strategy when the next downturn comes
The next credit downturn will be shallower but more prolonged than the last, so what works will be different, too

Points up front: There are lies, damn lies and awards pitches
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered.

Past returns: Bond king’s exit ends CLO refis
Five years ago in Creditflux, we reported on a market absorbing the consequences of ‘bond king’ Bill Gross leaving Pimco, the firm he co-founded.

It may seem a bit rich for Welshcake to tell staid CLO investors they need to be more sensible
Bespokes are the next big thing — and you’d be wise to get involved

Helicopter money is more productive than sponsoring the next bout of company share buybacks
The ECB is set to recommence its asset purchase programme, but what’s wrong with putting money directly into the hands of people?

Points up front: Benefits of being unethical
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage.

Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment

I still love to sit in front of computer screens to try and understand markets
Jochen Felsenheimer of Xaia Investment takes our credit quiz

They said it: "I enjoy problem-solving and puzzles"
CQS founder Sir Michael Hintze on his role as senior investment officer at the London-based credit fund manager

I liked it when banks could hold risk and actually had inventory to shift
Louis Gargour, CIO of LNG Capital, takes our credit quiz

The perception of liquidity is often not the same as the reality
Investec Asset Management's Jeff Boswell takes our credit quiz and discusses liquidity in Europe, the former "darling of the European debt market" Vivarte and the Matrix

CDS could help wean credit off the QE intravenous drip
Muzinich's high yield portfolio manager Thomas Samson takes our credit quiz

Points up front: World Cup simulation shows models don’t work
England as fourth favourites? Pull the other one

Future returns: we've (not) got a case of the blues
Regular readers may notice a slight change to this, the 201st issue of Creditflux...

Points up front: traders are dedicated, no matter how hot it gets
When a fire alarm goes off, you should make your way to the nearest exit: unless you’re a trader