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.
~Jingle Male
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4 comments:
where is the tweet button?
You never heard of Petra Capital? I was astonished to see that one of their CDOs has actually paid out principal. How did he let that get out the door?
@ crABS
Yup. I've read up on Andy and his misfortunes at Petra. He got PAID in the 90s though and I'm sure he's doing quite fine. I wonder what he's up to these days.
Doing better than fine. I think he lives in one of the tonier buildings on Park Ave.
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