As we left off yesterday, the entire fundamental and valuation analysis of a prospective credit is summed up by the analyst in a report that is distributed to the entire investment team.  This report covers the company in question’s history, … Continue reading →

Following up on the post yesterday, once we have gotten through the screening process and have determined that a good potential project exists, we begin the credit analysis process.  This is by far the most detailed and time consuming step … Continue reading →

The overhang from the sizable outflows over the last several weeks and news of a large insurance portfolio liquidating seem to have fully lifted, at least for the moment, and the high yield market is headed higher once again today. … Continue reading →

I thought this week that I’d spend some time explaining Peritus’ investment process, the steps we take, what we look for, and how we come to our investment decisions. So we’ll start, naturally, with the screening process: how do we … Continue reading →

Yesterday we started out feeling very heavy, then as the day went on bids started to fill in and, with equities rallying, the high yield market settled in and reclaimed some of the early morning losses. It feels like we’re … Continue reading →

High Yield opened up weaker this morning. We are hearing that an insurance company is liquidating a large portfolio of about $6 billion in high yield assets due to the departure of the portfolio’s manager from the firm. It is … Continue reading →

Money flowed out of high yield mutual funds and exchange traded funds again this week as renewed economic and sovereign debt fears caused the risk-off trade to continue. In total, $3.4 billion flowed out of the high yield space, a … Continue reading →

I just wanted to follow up on an earlier post in the week discussing high yield fund flows.  Last night, Lipper reported weekly fund outflows of $3.43 billion, the largest in history.  While we have seen some pressure on the … Continue reading →

According to the Federal Reserve’s estimates released today, they now expect the economy to expand at a rate of 2.7-2.9% in 2011 and 3.3-3.7% in 2012, down from prior estimates of 3.1-3.3% and 3.5-4.2%, respectively, as of the last meeting … Continue reading →