Today seems like an odd day for the fringes of the credit markets.
- First you have Hunter at Distressed Debt Investing who is basically decrying the current state of the HY markets as "out of control".
- Second, you have Bloomberg writing a piece on CRE CDOs making a comeback. But don't call it a comeback! And honestly, don't you dare call it a CRE CDO neither, call it a "collateralized loan obligation".
- And then, like a phoenix rising from the ashes, the WSJ prints a piece that symbolizes the return of the B-piece buyer. He's not trying to repack his residual holdings into a CDO anymore though; those days are long gone. Eric Hillenbrand and his crew have turned a new leaf. Welcome back gents and if anyone knows where Andy Stone has gone to, please tell him he is missed.