The entire U.S. fixed income market (municipals, Treasuries, mortgages, corporates, federal agency bonds, money market, and asset back securities) totals over $41 trillion.1 Corporate credit (high grade, high yield bonds, and floating rate loans) is about $9.3 trillion of this …

Oil prices began their decline in late 2014 and accelerated over 2015 into early 2016.  As we got into 2015 and early 2016 we were see a dynamic whereby declining oil prices were causing contagion to the entire high yield …

As we have previously noted (see our piece “Today’s Floating Rate Loan Market”), we see investing in the loan market as predominantly a way to expand our investment universe. High yield debt issuers have the option to issue bonds, loans, …

We are high yield debt investors.  While our focus over the decades has been on investing in high yield bonds, we also do allocate a portion of our portfolio to floating rate bank loans.  Over the past couple decades, these …