Ted Goldthorpe's Sohn Canada Presentation ~ market folly

Thursday, October 1, 2015

Ted Goldthorpe's Sohn Canada Presentation

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.

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