Friday Workout - Capital Punishment; Core-Minus; Cashing-out of Diebold
- Chris Haffenden
Last Friday afternoon, it felt like the capitulation trade was well and truly underway. Our internal pricing alerts went crazy, with dozens of intra-day price movers of over 2%. Investors’ capital was getting punished. Even the leveraged loan market got in the act, as US stonks and crypto (have you seen the correlation between the NASDAQ and Bitcoin?) broke key support levels and investors rushed for the exits. Scarily, when I run the search late pm, 108 European High Yield issuers (out of 554 companies we cover) had weekly price moves of more than 3%.