Leverage
ID 296907145 © Andrey Popov | Dreamstime.com

Unprompted, mulling over DP World’s (DPW) outstanding bonds today…

… and looking for enticing risk-adjusted returns* at the front end of DPW’s yield curve, I didn’t spot anything particularly compelling. Although, if it gets seriously deflationary out there, ’4.848% September 2028? maturities aren’t too bad a catch, I mused, also given a corporate debt profile where bank debt maturing in three-and-a-half years’ time…

(*Acutely aware that, according to recent JP Morgan research, Warren Buffett’s Berkshire Hathaway “owns 3% of the entire Treasury ...

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