30/08/18

"Fallen Angel" Alert: Is Ford's Downgrade The "Spark" That Crashes The Bond Market



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"Fallen Angel" Alert: Is Ford's Downgrade The "Spark" That Crashes The Bond Market
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Back in November, still smarting from a year he would rather forget, Russell Clark and his Horseman Capital, i.e. the "world's most bearish hedge fund" unveiled what he would short next: according to Clark, the next major source of alpha would be shorting fallen angel bonds, or those investment grade companies in danger of being downgraded to junk.

Citing a recent IMF Global Financial Report, Clark said that "US investment grade debt is very low quality, and could produce some large fallen angels [and] mutual funds are much larger in the high yield market than ....

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