What We Think

See our perspective on key developments in the US fixed income market and learn more about our investment philosophy, process, and strategies.

The Take
on what the market gives us…

How Much Will It Hertz?
By: Jake Remley — July 29, 2020

The Hertz Global Holdings bankruptcy in May has wide-ranging implications for Rental Fleet ABS. While a six-month compromise between creditors and Hertz was reached this week, the recent challenge by Hertz’s lawyers regarding the sanctity of the master trust lease agreement raises serious questions – most notably, how other ABS master trust indentures may be affected. As a result, we continue to watch these legal proceedings with interest.
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Game Changer
By: Bill O’Neill — July 22, 2020

Capital markets are forever changing. Credit spread compensation was once fairly straightforward to analyze, compare, and digest. That is no longer so.
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The Ratio is Dead…Long Live the Ratio
By: Wesly Pate — July 14, 2020

Numbers are supposed to be the guiding principle to many of our decisions. So what happens when a number loses its meaning? As the relevance of the Muni/Treasury ratio declines, we offer a more comprehensive approach for cross-sector, after-tax relative value discussions.
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