Subtitle: How high–yield investing has evolved over the last forty years.
In this episode Geoff Castle, Pender’s Fixed Income Portfolio Manager, talks to Glenn Reynolds, Chief Global Strategist and Co-Founder of CreditSights. Pender’s fixed income team have worked with the research analysts of CreditSights for a number of years. Geoff and Glenn talk about the early days of high-yield, moving up to the present day and how past events may shape the post-COVID-19 future.
|[02:19]||Geoff and Glenn begin by discussing what first drew Glenn to high-yield markets in the 80’s.|
|[04:39]||Glenn shares some war stories about high-yield in the 80’s, noting that what was normal for credit markets then are now regarded as signs of deep distress.|
|[06:53]||Geoff asks Glenn to recall his role in one of the most iconic deals of the 80’s.|
|[11:45]||They discuss how past market cycles can shed light on the current market cycle, and Glenn references key points in market history.|
|[19:22]||Glenn shares which sectors are presenting the cheapest opportunities in the market right now, in his opinion.|
|[25:53]||Geoff asks Glenn about the opportunity for distressed debt funds and how he sees them earning returns in the near term.|
|[32:37]||Glenn shares his thoughts on what the Fed has done to date, and the impact of these actions on the banks.|
|[33:46]||Geoff asks Glenn what he believes is the biggest danger or opportunity investors are missing in the current market.|
|[35:40]||Geoff closes the podcast by asking Glenn for a book recommendation.|