Guess Who's Back

Today seems like an odd day for the fringes of the credit markets.

1. First you have Hunter at Distressed Debt Investing who is basically decrying the current state of the HY markets as "out of control".
2. 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".   
3. 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.

Usually my first instinct is to take the opposing view when the mainstream media prints stories of how a certain asset class is "toppy" but I just don't know what to believe anymore.

~Jingle Male