All Stories

Hidden Risks in Pari Passu Loans?

By Jen Ripper | January 18, 2018

I recently attended the 25th Commercial Real Estate Finance Council (CREFC) annual conference that was attended by a record number of guests (1,801). CREFC is a trade association exclusively dedicated… Read More

Will Earnings Keep the Stock Market Momentum Going?

By David O'Malley | January 16, 2018

Last week’s inflation data came in slightly above expectations while most equity markets continued to rally. Stocks pushed to new all-time highs on optimism for economic growth, deregulation and a… Read More

2018 Capital Markets Outlook

By Mark Heppenstall | January 12, 2018

Despite correctly calling the long-running bull market to extend into “extra innings” last year, we did not foresee financial markets finishing 2017 with a perfect batting average. For the first… Read More

Preferred/Hybrid Issuance Jumps in Midstream Sector

By James Faunce | January 11, 2018

Junior subordinated hybrid debt and perpetual preferred stock issuance jumped meaningfully for midstream issuers in the second half of 2017, as this week’s chart demonstrates. The midstream sector, dominated by… Read More

Markets Turn Attention to Inflation Reports

By David O'Malley | January 8, 2018

Two U.S. inflation reports being released on Thursday and Friday will highlight the week ahead. The release of the Producer Price Index and Consumer Price Index will show if inflationary… Read More

2017 Economic and Market Review

By Mark Heppenstall | January 5, 2018

Economic Growth & Inflation The ‘Goldilocks’ U.S. economic recovery has now moved beyond its 100th month with few signs of normal late-cycle imbalances or excesses to derail the current expansion…. Read More

Is the New Tax Law Really a Tax Cut for High Yield Corporations?

By Scott Ellis | January 4, 2018

First, Happy New Year to everyone out there! For the first chart of the week of the new year, I’ve taken a deeper look at the potential winners and losers… Read More

Predictions for the Year Ahead

By David O'Malley | January 2, 2018

Happy 2018! Last year was an eventful one for the markets as optimism about growth and pro-business policies pushed markets higher. The new year starts with most of the economic… Read More

Happy Holidays!

By David O'Malley | December 25, 2017

Wishing you a healthy and happy holiday season and a prosperous 2018.   We will be back with our regular Monday Morning O’Malley and Chart of the Week posts starting… Read More

Can the Short-Volatility Trade Continue to Carry in 2018?

By John Swarr | December 21, 2017

Before bitcoin grabbed all of the headlines this November, a widely talked about trade in 2017 had been the short-volatility trade. One popular trade investors have used to monetize the low volatility environment, XIV, has gained almost 200% this year. Although these returns don’t stack up with bitcoin’s run in 2017, the fundamentals driving short-volatility strategies are much clearer. But before discussing why the past year has been supportive of short-volatility strategies, I want to discuss two types of strategies first.