Enterprising Investor
Practical analysis for investment professionals

corporate bonds


Have Central Bank Interventions Repriced Corporate Credit? Part 1

Have the Fed's and ECB's purchases of corporate bonds permanently altered the pricing of corporate credit risk?

Modern Variants of Capitalism, Part 2: Financial Capitalism

In financial capitalism, wealth is transaction-based rather than operational.

Did Corporate Bond ETFs Kill the “Alpha Stars”?

The race for scale among active managers in response to low-cost ETF competition may be self-defeating.

Anne Walsh, CFA, Warns of Cumulative Credit Losses

Recession risks are "very, very high," says Anne Walsh, CFA.

Top Five Articles from August: Growth vs. Value, Blockchain, Tax-Loss Harvesting

In August's leading posts, Larry Cao, CFA, receives a blockchain update, Julie Hammond, CFA, considers the state of fixed income, and Clare Flynn Levy shares tips for succeeding as a portfolio manager.

Watch the Leverage!

“We’re transitioning into a very delicate and challenging time for fixed-income investing,” Anne Walsh, CFA, told the audience at the 63rd Annual Financial Analysts Seminar.

Corporate Bonds after a Spin-Off: Consider the Covenants

Whatever their motivations, spin-offs can have a dramatic effect on the performance of the associated corporate bonds, so it is crucial that fixed-income investors conduct the necessary analysis. Nathan N.J. Grant, CFA, has some advice.

The “Unknown Unknowns” of the Contingent Convertible Market

The financial crisis of 2008–2009 highlighted weaknesses in the way banks calculated both their capital ratios and risk-weighted assets (RWAs). Prior to the crisis, banks held too little capital on their balance sheets and did not hold enough liquid funds. These shortcomings led the banks to have large write-downs during the crisis, which in many cases required state intervention to allow the banks to remain solvent.



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