Jim Grant on 2021: a record year of issuance

So far in 2021, a record $156 billion's worth of IPOs have come to market in the United States alone, not counting SPACs, which easily tops the prior, $97 billion record set in the bubbly year 2000.  Year-to-date issuance of leveraged loans and junk bonds ($613 billion and $461 billion, respectively) have similarly roared to records.

~ Jim Grant, "All except for the human beings," Grant's Interest Rate Observer, December 24, 2021

Martin Fridson: "you don't have the classic signs pointing to recession" (2018)

The key dynamic in the high-yield market is recession.  There's a possibility of some economic shock that isn't apparent right now, but you don't have the classic signs pointing to recession.

~ Martin Fridson, "Yes, Junk Bonds Are Pricey. But the End Isn't Near," Barron's, October 6, 2018