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In June 2017, Argentina sold US$2.75 billion of 100 year bonds at a yield of 7.92%. At the time I wrote that this was crazy and reflected a desperate chase for yield...

It’s an issue that has passed under the radar here in Australia but it is of great political, economic, legal and credit risk interest. It’s the argument over whether...

The substantial weakening of corporate insolvency protections announced by the Federal Government effectively gives companies a green light to steal from their...

The US high yield market has grown larger and riskier since the financial crisis. Issuers of debt have the whip hand as buyers compete to gain an allocation in the...

One of the classic signs that the credit cycle is nearing the end is that borrowers that shouldn’t be getting financed not only get funded, but get it at terms that...