• Feb 25, 2023
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  Corporate debt cloud

  
  

  They'll have to refinance at the higher rates.
  

  
  

  At these high rates, there's not going to be a lot of issuance. So supply will contract and otherwise remain the same at these levels, so that could help spreads a bit.
  

  
  

  We might see a Fed easing cycle when a lot of this is due.
  

  
  

  

  
  

  There's a Fed put for systemic risk, but not for default and losses in the private sector.
  
  It looks like a lot of managers did their financing right to prepare, but it looks like they will be refinancing into higher rates. That means layoffs, cost contractions,
  
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  <div>Corporate debt cloud</div><div><br></div><div>They'll have to refinance at the higher rates. <br></div><div><br></div><div>At these high rates, there's not going to be a lot of issuance. So supply will contract and otherwise remain the same at these levels, so that could help spreads a bit. <br></div><div><br></div><div>We might see a Fed easing cycle when a lot of this is due. <br></div><div><br></div><div><img src="/assets/post_imgs/1677373118_Screenshot_2023-02-25_19-58-20.png" class="appended-img"></div><div><br></div><div>There's a Fed put for systemic risk, but not for default and losses in the private sector. <br><br>It looks like a lot of managers did their financing right to prepare, but it looks like they will be refinancing into higher rates. That means layoffs, cost contractions, <br></div>

  Corporate debt cloud

  
  

  They'll have to refinance at the higher rates.
  

  
  

  At these high rates, there's not going to be a lot of issuance. So supply will contract and otherwise remain the same at these levels, so that could help spreads a bit.
  

  
  

  We might see a Fed easing cycle when a lot of this is due.
  

  
  

  

  
  

  There's a Fed put for systemic risk, but not for default and losses in the private sector.
  
  It looks like a lot of managers did their financing right to prepare, but it looks like they will be refinancing into higher rates. That means layoffs, cost contractions,
  

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