HY and Special Situations Credit.
London, England
Joined December 2018
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PE_Guy retweeted
Also he took chatham game to new extremes.
Altice Intl “LitCo” marked at 25 points higher than regular bond.
Buying his tranche and shorting a different tranche to try to improve his negotiations with other bond holders in AHG “because that’s how the market is pricing it”
PE_Guy retweeted
Pongo el link para agregaros a todos, pls rellenadlo y os añadiré a todos. Es que hay mucha respuesta abajo y quiero centralizar.
docs.google.com/forms/d/e/1F…
Pongo el link para agregaros a todos, pls rellenadlo y os añadiré a todos. Es que hay mucha respuesta abajo y quiero centralizar.
docs.google.com/forms/d/e/1F…
PE_Guy retweeted
Pour moi, c'est l'image la plus horrible de ce 17 octobre:
Un couple d'octogénaire dépouillé de tout, en pleine rue, laissé à moitié nu.
Comme si les Rolex, les Vuiton, les Hermès, les Dior, les Sephora pillés n'étaient pas suffisants pour la revente.
L'image qui devrait être un signal d'alarme pour tout l'occident.
L'image d'un pseudo président qui a perdu le contrôle. Qui a totalement échoué envers son peuple.
L'image d'une gauche radicale qui a sacrifié votre propre identité pour faire de votre pays une zone de guerre, aux arrières-plans culturels qui n'ont rien à voir avec les vôtres.
Cette image est effrayante!
Para los españoles en finanzas. Me gustaría organizar una cena mensual o cada dos meses. Para la gente de crédito ya tenemos algo similar. Me gustaría a ser posible gente en el mismo momento vital (mid 30s, con algo de responsabilidad o mucha). No quiero centrarlo (lo siento)
En ayudar con el recruiting. Si no mucho más a intercambiar ideas y pensamientos vitales. Creo que aportaría mucho. Decidme si estáis interesados please.
PE_Guy retweeted
Day in the life: euro HY credit:
> 6am: wake up. Bloomberg mobile. “Strong US close”. You gd beautiful yanks. Today will be a good day. 🟢
> 7.30am: xover 4bp tighter. Cash unchd. Hedge losing money, positions unchd. Probs just laggy, it’ll be fine.
> check screens. Really must remember to sell TalkTalk into this strength. Offer only. Strange. Broker was pitching it as top long last week.
> NEW DEAL: GENERISHITCO IPTs 6.5-6.75%, 100mn Adj EBITDA, 25mn adjustments, 6x lev, Apollo sponsored, Italian, highly specialised global leader in roof tiles. Fitch BB-. “Might rally on the break, cheap for a BB, let’s do the work”
> Cash going up now. There is a god. Maybe we rally from here? Let’s check some of our favourite HY paper… bid only. “That line doesn’t work for us today, we are wrong way”. 👍🏻👌🏻
> TalkTalk. BT takeover! That sounds like good news for bond holders. 400mn.. that sounds a bit low, was quite a lot of payables and super senior… let me just check it was 60/62… 2/4 that can’t be right. 2/4. Oh dear.
> midday: NYC 7am - the adults are in LFG! 🇺🇸 🦅🏈
> futures gap down 50bps. FFS. “*TRUMP THINKING ABOUT ESCALATION IN IRAN”
> xover back to unchd on day, cash spreads? Spreads wider. Rates will probably be helping though. Rates? Rates wider too.
> SOFTBK surely most liquid curve in whole market. 2pt bid-offer. JFC. Should probably just hit the bid. “That doesn’t work actually” 🆗 🆒
> GENERISHITCO PRICING TIGHTENED 5.625% ACCELERATED TO TODAY. JP say book is 3x oversubbed, “good management, earnings troughed, cyclical not structural”. “Let’s put an order in, could be up on break”. 20mn order
> VMED! sht how haven’t I checked in on this one? The Sona vs. Diameter face off! Altnet consolidation. CMA decision? 3 lines past every home, CityFibre are a real business, market can die. Front end? -10pts. Excellent.
> Italian online university? “Multiversity”. Criminal conspiracy, corruption. -15pts. Phew. Missed one. That’s great dd. Were you short? No, no but I thought about it.
> *ARINI -14% YTD, RAISES $1.5bn. Haha that cheered me up, those guys dOnT dO pRoPeR uNdErWriTiNg. Check my PnL, -20%. Some bad luck in there though.
> time to go home. email: GENERISHITCO. Congrats 15mn fill. Just one last look at the screens. GENERISHITCO greys -/95.125. JFC.
PE_Guy retweeted
Just spent some time playing around with the various finance AI tools, and hard not to believe that the analyst job is absolutely cooked at most investment banks and PE firms
With a simple prompt, most of the excel plug ins can now build granular three statement models just as good as any 24 year old finance graduate with a couple years of experience
The information gathering moat is absolutely gone. Stuff that used to take multiple hours now gets done within the span of a few minutes
A lot of investment firms would have dedicated off shore teams just to spread historical financials. That job will likely not even exist in the next 18 months or so
Your only moat as an investor or banker today is purely the relationships you hold. Knowing the right people, getting into the right deals, and being able to draw parallels between various situations to come up with conclusions
A retail investor with a $20 Claude subscription can do what investment firms used to hire entire analyst classes to work on
Sure, you still need some junior folks to train them up to be the next generation of VPs and MDs. But beyond that, there is absolutely no reason to hire junior talent right now
Scary times to live in. The capabilities were good when they came out, but it has gotten at least 5-10x better just over the last 6 months
This is a problem for our generation. Combine it with rising pension costs, and you have a recipe for disaster.
