Agree with much of this but it might be worth looking into the divergence between BIZD or the S&P BDC index and HY spreads. Unfortunately these HY indices are more skewed toward the higher quality end now then they’ve ever been. Clearly there’s distress in the lower echelons of credit as BDC NAVs are declining and you listen to KMX and UPST conference calls.
Agree with much of this but it might be worth looking into the divergence between BIZD or the S&P BDC index and HY spreads. Unfortunately these HY indices are more skewed toward the higher quality end now then they’ve ever been. Clearly there’s distress in the lower echelons of credit as BDC NAVs are declining and you listen to KMX and UPST conference calls.
Fantastic stuff Caleb!
Thank you, Woody!
Good charts man appreciate the work 👍🏻👍🏻
Agree with much of this but it might be worth looking into the divergence between BIZD or the S&P BDC index and HY spreads. Unfortunately these HY indices are more skewed toward the higher quality end now then they’ve ever been. Clearly there’s distress in the lower echelons of credit as BDC NAVs are declining and you listen to KMX and UPST conference calls.
Agree with much of this but it might be worth looking into the divergence between BIZD or the S&P BDC index and HY spreads. Unfortunately these HY indices are more skewed toward the higher quality end now then they’ve ever been. Clearly there’s distress in the lower echelons of credit as BDC NAVs are declining and you listen to KMX and UPST conference calls.