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Canso April Corporate Bond Newsletter

“At the end of the day, there are borrowers and lenders. Borrowers don’t care if you call your fund private credit, public credit, investment grade, high yield, junior debt, senior debt, bond king, loan queen,…
Commentary

Canso April 2024 Market Observer

“In contrast to the pandemic and the various financial crises where foolish financial institutions were rescued by central bankers, this time just might be different. Those financial crises were short and sharp corrections and powerful…
Commentary

Canso January 2024 Corporate Bond Newsletter

“A strong fourth quarter capped off a comeback year in 2023. Risk assets bounced back from disappointing 2022 results…Strong performance of risk assets extended to the below investment grade universe as well. The U.S. High…
Commentary

Canso January 2024 Market Observer

“The professionals are now forecasting exactly the same thing, albeit a “Recession Light” or more moderate Soft Landing that some are now calling a “Vibecession”, i.e. it feels or “vibes” like recession but isn’t one…
Commentary

Canso October Corporate Bond Newsletter

“The cruel bond summer has turned to fall and with it comes crisp air, falling leaves and pictures of apple picking and bonfires posted to Instagram. For the bond markets, positive returns hang in the…
Commentary

Canso July 2023 Market Observer

“We contrarily believed that there had been so much money created in the central bankers’ pandemic panic that it would take some time to sop up the excess money in the monetary system. So far,…
Commentary

Canso July 2023 Corporate Bond Newsletter

“If the inversion in the yield curve is signaling recession and lower rates, the high yield market did not get the message. Tightening credit spreads have pushed further inside of the historic average and further…
Commentary

Canso April 2023 Market Observer

“As ancient soothsayers used to say about their crystal balls or braziers full of chicken bones in movies, “all will soon become clear”. Right now, things are as clear as mud, so we’ve got our…
Commentary

Canso April 2023 Corporate Bond Newsletter

“Bond markets are hoping (desperately) that Spring will deliver the conditions that will ultimately lead central banks to relent. As investors try to make sense of the volatile feelings of the bond market, and ever…