fjm222

I agree with the opportunity in royalties as well. Check out PSK in Canada. They are now the largest fee simple land owner in Canada outside of the government. They used expensive paper to consolidate royalty rights and are now trading at an attractive level in my mind. If I had to guess, I would think a div cut is coming but I would welcome that. I would rather they keep the cash and acquire or manufacture more royalties from operators that would never have consider selling in more buoyant times.

The HY market is beginning to look interesting again in my opinion. I think that things could get much worse for many issuers but with the index yielding high single digits I would think that there are individual credits that could provide interesting potential returns. I was wondering if anyone is finding anything interesting in the space? Any ideas that look compelling, offering equity like returns while being higher in the capital structure? I am not experienced in the convertible space but I have heard that it could be an interesting hunting ground as well.

Gamecock- is there precedent of airlines doing this in the past?