Friday Workout - Vix Vapors Rubs-out Returns; Adler Adds after Subtracting; Stressed Storm Surge
- Chris Haffenden
In the last edition, I bemoaned the lack of volatility and questioned whether HY spreads fully reflected risk of rate rises and renewed lockdowns. This week Vix Vapours rubbed out several months of HY gains, as investors were whipsawed as positive and negative news emerged on the Omicron variant.
Adler Addled investors, journalists, and traders alike, with apparent discrepancies on the terms of its asset sale deal from differing announcements by itself and buyer LEG. Yesterday afternoon’s investor call did mollify and clarify somewhat, but with questions only available via webcast and significant gaps between questions, a cynic might think it was due to the time taken to screen the ones Adler Group management wanted to answer.