Credit Markets And Analysis
Credit Spread Components and Drivers
Credit spreads bundle default risk, liquidity, and risk appetite; knowing which component moved tells you whether widening is danger or opportunity.
intermediate 2025-12-28
Credit Markets And Analysis
13 articles in this subtopic.
Credit Markets And Analysis
Covenant Quality and Protections
Covenant-lite loans now represent 90% of new issuance—the erosion that trades 25-50 bps of yield for 10-15 cents lower recovery in default.
intermediate 2025-12-21
Credit Markets And Analysis
Top-Down vs. Bottom-Up Credit Research Workflow
Starting credit research from the wrong direction—company-first in a deteriorating sector—led to 40% of 2008 downgrades being 'surprised' analysts.
intermediate 2025-11-24
Credit Markets And Analysis
Analyzing Debt Maturity Walls
Companies with 30%+ of debt maturing within 2 years in tight credit markets face 200-400 bps refinancing premiums—the wall that breaks overleveraged issuers.
intermediate 2025-11-13
Credit Markets And Analysis
Credit Default Swaps as Market Signals
CDS spreads widened 200+ bps before 65% of major defaults—the derivative market that often prices credit stress 3-6 months ahead of bonds.
advanced 2025-10-19
Credit Markets And Analysis
Default Probability and Recovery Rate Basics
Expected loss is default probability times loss given default; seniority drives recoveries from 61 cents senior secured to 28 for subordinated debt.
beginner 2025-09-29
Credit Markets And Analysis
Understanding Fixed Charge Coverage Tests
Fixed charge coverage below 1.25x triggers covenant breaches in 60% of leveraged loans—the early warning system most retail investors ignore.
intermediate 2025-09-28
Credit Markets And Analysis
Liquidity Considerations in Corporate Bonds
Most corporate bonds rarely trade, and a yield pickup can vanish in exit costs; liquidity-adjusted yield and size versus volume expose the real tradeoff.
intermediate 2025-09-26
Credit Markets And Analysis
Distressed Debt Restructuring Paths
Prepacks resolve in 45-60 days with 70%+ senior recoveries; contested Chapter 11 erodes value monthly, and the fulcrum security controls the outcome.
advanced 2025-09-11
Credit Markets And Analysis
Fallen Angels and Rising Stars Explained
Downgrades across the investment-grade line trigger forced selling and 13% average losses; coverage ratios and spreads flag the shift before agencies act.
intermediate 2025-09-08
Credit Markets And Analysis
Leverage, Coverage, and Cash Flow Ratios
Every 1x increase in Debt/EBITDA above 4x correlates with 50-100 bps wider spreads—the math that separates investment grade from junk.
intermediate 2025-09-08
Credit Markets And Analysis
Investment Grade vs. High Yield: The Line That Separates Measured Risk from Speculation
The BBB/BB boundary separates 0.3% annual default rates from 1.5%—a 5x difference that determines whether 'reaching for yield' destroys principal.
intermediate 2025-09-05
Credit Markets And Analysis
ESG Considerations in Credit Analysis
ESG risk in credit portfolios doesn't announce itself with a press release.
intermediate 2025-09-02