Geoff Castle talks to Glenn Reynolds, Chief Global Strategist and Co-Founder of CreditSights.
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.
Additional Resource:
Key Takeaways
| [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. |
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