Lotfi Karoui, Gabriel Cazaubieilh

Rich Spreads, Cheap Treasuries, and an Incomplete Explanation

The relative cheapness of Treasuries versus interest rate swaps mechanically affects how co

By Lotfi Karoui, Gabriel Cazaubieilh

The first wave of upgrades came after the AI hyperscalers reported, by and large, strong earnings. But most of the im

By Lotfi Karoui, Gabriel Cazaubieilh

Higher rates, weaker underwriting, and software concentration are exposing vulnerabilities in direct lending an

By Lotfi Karoui, Gabriel Cazaubieilh

A widening confidence gap in non-traded investment vehicles is testing private credit valuatio

By Lotfi Karoui, Gabriel Cazaubieilh

Emerging market (EM) fixed income's risk-adjusted profile has meaningfully improved. Sharpe ratios across EM credit

By Lotfi Karoui, Gabriel Cazaubieilh

One of the most debated topics in private credit is the size of the investment opportunity

By Lotfi Karoui, Gabriel Cazaubieilh

The takeaway for both HY and EM corporates is straightforward. Once oil prices are above breakev

By Lotfi Karoui, Gabriel Cazaubieilh

AI is a transformative technology with both near-term and long-term implications for the econ

By Lotfi Karoui, Gabriel Cazaubieilh

Despite the move lower late last week, U.S. Treasury yields are still holding well above recent l

By Lotfi Karoui, Gabriel Cazaubieilh

Since the post-COVID recovery began, U.S. nonfinancial corporations have generally managed capit

By Lotfi Karoui, Gabriel Cazaubieilh