Archive - JunkBondInvestor

Credit Weekly: The Capital Allocation Conflict

The same AI strategy can make the company more valuable and its existing bonds less attractive.

Jul 13

A Weird Perpetual Preferred Equity: 3% LTV That Yields 11%

The preferred is covered 30x over. The market is pricing something else entirely.

Jul 11 • junkbondinvestor

Credit Weekly: The Residual May Be Obsolete

The market assumes the building stays useful. The hardware it was built for is moving faster than the building can.

Jul 6

Special Situation: Getty Images ($GETY / $ABEGET) 10.5% Secureds due 2030

What happens to $628 million of merger bonds when the merger dies?

Jul 2 • junkbondinvestor

June 2026

Credit Weekly: The Anatomy of AI Infrastructure Credit

A data pack on the credit market financing AI, what it is made of, and how it prices.

Jun 28 • junkbondinvestor

The Credit Investor’s Guide to SpaceX

How Bond Investors Think About the Company

Jun 26 • junkbondinvestor

Credit Weekly: The Building Is the Credit

The market prices the tenant. The risk sits in the residual.

Jun 22 • junkbondinvestor

Oddity Tech ($ODD): 9.5% YTM, Net Cash, Broken CAC

Oddity's stock is down 85% on a broken growth engine. Its zero-coupon notes at 69 are pricing a different question.

Jun 18 • junkbondinvestor

Credit Weekly: A Utility or an Airline?

If the labs never earn their cost of capital, what happens to the bonds financing the buildings underneath them?

Jun 15 • junkbondinvestor

B&G Foods ($BGS): Paying 11% to Stand Still

A 7x levered food roll-up, a fresh 11% print, and a deleveraging plan that doesn't delever. Where to sit in the stack.

Jun 11 • junkbondinvestor

Credit Weekly: The Wrong Kind of Strong

For two years, bad news was good news. Friday ended that trade.

Jun 8 • junkbondinvestor

Verra Mobility ($VRRM): Did Avis Just Vibe Code Its Own Back Office?

What creditors actually recover if Hertz and Enterprise follow.

Jun 5 • junkbondinvestor

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