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.
Read More 

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.
Read More 

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.
Read More 

Tips on TIPS
By: Jake Remley — July 7, 2020

In this piece, we discuss why TIPS may appeal to a bottom-up fixed income manager, even if the macro-economic outlook is clouded by “interesting times".
Read More 

Curves Ahead
By: Bill O’Neill — June 30, 2020

In this post, we look at back at the events that have transpired since March, and examine the impact of Treasury/Fed buying and corporate credit fundamentals on the credit curve.
Read More 

My Tax Haven Is Worth Less, But Certainly Not Worthless
By: Wesly Pate — June 23, 2020

In this post, we will explore some of the ramifications of lower yields on the value of the exemption, why munis tend to lag in a rate rally and outperform as rates climb, potential benefits of munis during periods of market dislocations, and how we are viewing the value of the asset class in today’s environment.
Read More 

Non-Agency RMBS: Expect Bumps But Not 2008
By: Jake Remley, CFA — June 16, 2020

In this post, we break down the top ten reasons why we think this crisis will be different for non-agency RMBS.
Read More