Writing
Credit memos, pitches, and projects. Filter by asset class or type.
Chemours: Buying the PFAS Discount, Then Moving Out the Curve
Pitch· PDFTwo pitches on the same credit four weeks apart, the 2028s at +394 and then the 2029s at +520. Both were through target by Aug-2026, and from a common December start the 2029s returned 390bp more.
High YieldXPO: Owning the First Lien Instead of the Notes
Credit Memo· PDFThe 2031 first-lien term loan at par against the same issuer's unsecured notes at 104–105, where the call schedules capped total return.
Leveraged LoansHigh Yield