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Invest Like The Best
Episode 161 An Update on Corporate Credit
Invest Like The Best

Episode 161: An Update on Corporate Credit

Invest Like The Best

Episode 161

An Update on Corporate Credit

Hosted by Patrick O'Shaughnessy

03.12.2020

  • Professional Investors

Bryan is a managing director of Artisan partners and a portfolio manager on their credit team. We cover what has happened so far during the COVID-induced panic in the corporate high-yield, investment grade and loan markets, and compare today's environment to past crises.

[00:01:08] – (First question) – An overview of what he covers in the corporate credit markets

[00:01:52] – How things have changed in the last couple of weeks

[00:03:56] – Composition of the high-yield market

[00:07:07] – Major sectors of the high-yield market outside of energy

[00:08:39] – How do they price the risk in securities right now

[00:11:21] – How do they handicap a great unknown

[00:13:00] – Risk for broader contagion in the overall credit markets

[00:14:49] – What’s the downside potential here?

[00:16:31] – What's the upside potential?

[00:18:33] – How does he view companies that are drawing down on their entire line of credit?

[00:19:44] – An overview of the loan market

[00:20:42] – What warning signs equity investors should be watching for in bond markets

[00:21:57] – What do credit spreads look like today compared to before this crisis

03.12.2020

Hosted by Patrick O'Shaughnessy

  • Professional Investors
An Update on Corporate Credit
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Introduction

Patrick
My guest in this flash podcast is Bryan Krug of Artisan Partners. We discuss what has happened so far in the corporate high-yield and investment grade credit markets and the loan market. We compare today's environment to the financial crisis and other past crises with lots of nuance that I hope will be helpful to bond and equity investors. Please enjoy.

Corporate Credit Overview

So, Brian, I really appreciate you taking the time. I know we both have insanely busy schedules today but giving people information on key parts of the market I think is really important in these times. And you're operating in the corporate credit sphere. I'd love for you to begin by describing the universe of companies and securities, more specifically, that you cover so that we can dive into what has happened so far, and what you're watching most closely in the corporate credit market.

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