junkbondinvestor
@junkbondinvest
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Credit analyst. Focus on high yield bonds, leveraged loans, distressed debt, special situations. Lots of satire.
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Joined February 2019
CLO joins call with counsel after sponsor moved 49.9% of the assets into an non-guarantor sub:
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Direct lender finding out his "proprietary" deal flow wasn't very proprietary...
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CLOs watching their collateral leave the restricted group:
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Simple mental health tips for private credit VPs: - model somehow matches sponsor case - QofE finds "immaterial discrepancies" - addbacks exceed EBITDA - "revenue synergies are tracking ahead" - calling yourself "industry agnostic" - MD reads memo after signing - first covenant breach waived - PortCo CEO "exploring opportunities" on LinkedIn - Sweetgreen (Harvest Bowl) - sponsor says "strong alignment of interests"
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Direct lending size debate 2025: "Smaller companies = better returns!" "Actually large companies default less" "B-b-but the covenants!"
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Post-LME docs in 2025 be like: "We added protections against everything that's happened so far" Borrowers: "Right, everything that's happened...so far"
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When Instagram starts sending you Clearlake-inspired poetry:
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