JunkBondInvestor

JunkBondInvestor

March 2026

Credit Weekly: The Biggest Deal Since The GFC Priced This Week
The primary market is celebrating. The secondary market is telling you something else.
Super Micro's ($SMCI) Busted Converts: What the 11% Yield Is Not Telling You
A special situation credit analysis of SMCI's convertible bond stack
Credit Weekly: The Dip That Doesn't Fade
The playbook requires three conditions. All three are broken.
Blue Owl Capital ($OWL): The Book Nobody Believes (Part 2 or 2)
The market has already passed judgment on Blue Owl. Here is whether it got it right.
Blue Owl Capital ($OWL): The Book Nobody Believes (Part 1)
Three businesses, one discount, and five debates that determine whether it's earned.
Credit Weekly: The Repeat Game
Sponsors know lenders can't run companies. They're playing that.
Credit Weekly: The Reckoning That Isn’t (Yet)
The market survived the week. That’s not the same as being fine.
Blue Owl Technology Finance Corp ($OTF): Not as Cheap as It Looks
Why the 32% discount to NAV isn't the interesting number
Credit Weekly: The $1.8 Trillion Credibility Crisis
Private credit's trust problem is becoming everyone's problem

February 2026

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