Hi - does anyone have interesting twitter accounts, substack and good research analysts on public credit?
I’m currently working in private credit and want to gain a better understanding of public credit ideas
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just look at things trading below 85 with a maturity date prior to 2030 on the bloomberg terminal. After that, filter by industry and find something you are comfortable with delving into. Caveat here is that sometimes bloomberg's filtering may not always be accurate. Filtering by credit rating also helps elimate a lot of the vanilla stuff that credit HF would not be interested in.
what is the range of YTM that a fund would look at, and if its low would they just lever up to hit a good IRR or would have a catalyst for spread tightening in the short term or both
None of these funds will lever up at the fund level to hit a good IRR on a credit, thats just not how capital allocation, fund structures, and securitization in general work.
Catalysts for spread tightening aren't always part of the thesis; it really depends on the fund and individual credit. Some funds will make a bet that we think the fundamental business is more durable and undervalued by the market here (ime this is an antiquated strategy and doesn't really work anymore) or the fund might believe there is value in controlling and driving a restructuring process as a key stakeholder.
There is no specific YTM cutoff either, but in general if you screen for credits in the 12-25% YTM range you should find some interesting plays.
following
Are there any write ups from sellside, buyside or PA investors on CCC names?
Reorg (Octus RIP) and 9fin nowadays do pretty reasonable write ups if you want a feel for some of the public situations
If you don’t have a subscription, 9fin I think even does a podcast on very topical situations that I’ve on very rare occasions listen to for fun
Otherwise, there are some decent credit research from most big banks as well
The 'Petition' newsletter (believe they're also active on twitter) is a good bi-weekly resource
The bigly-est of LMEs
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