Cole Page
Fundamental credit research across high yield and leveraged loans.
This site is where my research lives: full memos, the names I follow, and the models behind them. Everything is my own independent work.
Recent Work
All →Chemours: Buying the PFAS Discount, Then Moving Out the Curve
Pitch· PDFTwo pitches on the same credit four weeks apart, the 2028s at +394 and then the 2029s at +520. Both are through target, and the second beat the first by 390bp.
HYXPO: Owning the First Lien Instead of the Notes
Credit Memo· PDFThe 2031 first-lien term loan at par against the same issuer's unsecured notes at 104–105, where the call schedules capped total return.
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