Archive - JunkBondInvestor

Credit Weekly: The Privacy Premium

Jane Street is paying nearly $200 million a year for a smaller audience

21 hrs ago • junkbondinvestor

Whirlpool ($WHR): The Bondholder Survival Toolkit

Fifteen months after the fallen angel, the bonds finally got cheap. Which ones got cheap enough?

Aug 14 • junkbondinvestor

Credit Weekly: What If They Just Keep Borrowing?

What happens when the biggest borrowers stop caring what money costs

Aug 9 • junkbondinvestor

The Game Theory Behind Strategy's ($MSTR) Distressed Preferreds

$54 billion of Bitcoin, $1.75 billion of fixed payments, and the game theory behind who gets paid

Aug 6 • junkbondinvestor

Credit Weekly: Which Market Is Following Which?

For borrowers who live in the capital markets, the price of capital is a fundamental

Aug 3

July 2026

Alta Equipment Group ($ALTG): Is the Cycle Turning Fast Enough?

The 9% 2L notes trade around 95 for a ~11% YTW. Lift-truck bookings are improving, but the earnings and FCF have not followed yet.

Jul 31 • junkbondinvestor

Credit Weekly: Repriced, Not Differentiated

Every data center bond is called contracted. The documents allocate delay very differently, and the market is still pricing off the tenant curve.

Jul 26

Baby Bond Special Situation: Paid to Wait

How a distressed bond turned into an event-driven trade, and whether the final spread is still worth owning

Jul 23 • junkbondinvestor

CION Baby Bonds ($CICC): Opportunity or Trap?

A closer look at CION’s portfolio marks, leverage, and newly issued baby bonds.

Jul 18 • 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

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