Morning Note July 21, 2022 + BDC Investment Grade Notes YTM ~6.5% Opportunity

Good Morning!

Futures are up slightly on the back of strong Tesla earnings. Putin says Russia will honor its gas commitments but flows may be capped at 30%, down from 40% pre-maintenance. The energy complex coming for sale on this news; metals and ags down, too. Bond yields higher with USD bid. Keep an eye on crowded trades: yesterday we saw Cyclicals/De…