We're posting up notes from the Sohn Canada Investment Conference 2015 (Capitalize For Kids.) Next up is Ted Goldthorpe from Apollo Investment Corporation.
Ted Goldthorpe's Capitalize For Kids Presentation
- Yield is difficult to find, there is $7 trillion of negative yielding bonds
- Only 15% of bonds yield > 4%
- Issuances are currently covenant light
- Dealer inventories are shrinking, hedge funds stepping in as liquidity providers
- Energy and Industrials widest spreads
- Cablevision → 95 to 75 in bonds
- PetroBras → 100 to 75 - Big effect by Basel 3 and Dodd-Frank
- Finding opportunities in complicated and illiquid credits. Found and structured a mid teens yield loan secured by aircrafts which is much than unsecured 4% bonds in public markets
Be sure to check out the rest of the presentations from the Capitalize For Kids Conference.
Thursday, October 1, 2015
Ted Goldthorpe's Sohn Canada Presentation
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