This paper finds that the first five trading days of each month generate 83% of the U.S. corporate-bond credit premium and more than half of the returns across 103 bond factors. The reason remains an open puzzle. spkl.io/633237pu57
The question now is whether credit markets are absorbing a temporary flood of tech bond supply, or seeing the first sign that the AI build-out carries a cost of capital its earlier phase never had to face. #CreditDefaultSwaps #CorporateBonds #AIDebt
