Recent Posts
News•Mar 1, 2026
Fast Growth, Controlled Debt, Still Paying You to Wait
T‑Mobile delivered an 8% jump in 2025 service revenue to $71.3 billion, while core adjusted EBITDA rose 7% to $33.9 billion and free cash flow hit $18.0 billion. The carrier added 3.3 million post‑paid phones and 7.8 million total post‑paid lines, keeping churn under 1% and boosting ARPU. Its low‑ and mid‑band spectrum, especially the 2.5 GHz “Goldilocks” band, underpins a network rated best in speed and quality by multiple firms. Despite a flat $88.5 billion debt load, the debt‑to‑EBITDA ratio sits at 2.8× and is projected to improve as earnings grow.
By Fixed Income Beacon
Deals•Feb 23, 2026
Capital One Announces $5.15B Acquisition of Brex
Capital One Financial Corp. announced a $5.15 billion agreement to acquire fintech firm Brex, expanding its corporate liability card and spend-management software capabilities. The deal, valued at roughly 3.5% of Capital One's market capitalization, is expected to reduce its CET1...
Fixed Income Beacon
News•Feb 19, 2026
An Update to the Update of One of My Favorite Energy Credits
The episode revisits the author’s earlier research reports from October and December 2025 on a leading natural‑gas utility, reaffirming its investment thesis built on ultra‑low leverage, a management team focused on debt reduction, high‑quality assets, and accelerating free cash flow....
By Fixed Income Beacon
News•Feb 17, 2026
Getting Paid to Wait for Deleveraging
The episode examines a REIT's high‑yield bond, which trades above 7% with a 340‑basis‑point spread despite solid market fundamentals and improving leasing. Management is actively selling $280‑300 million of assets, using proceeds to cut debt and potentially buy back bonds, positioning...
By Fixed Income Beacon
News•Feb 15, 2026
A Short Duration Income Trade with a Built-In Exit
The episode examines a ten‑year preferred security that now trades just above par, offering a high current yield and a short time to a likely call. The host highlights the bond’s attractive spread over Treasuries, its qualified‑dividend tax treatment, and...
By Fixed Income Beacon
News•Feb 9, 2026
Repriced Risk in a Rebuilt Regional Bank Subordinated Floater
The episode examines a regional bank that has rebuilt its balance sheet, achieving profitability, capital ratios above 12%, and improved liquidity after addressing over $12 billion of higher‑risk loans. It highlights that despite these fundamentals, the bank’s subordinated floating‑rate notes are...
By Fixed Income Beacon
News•Jan 26, 2026
Deleveraging Operator Offers Compelling Yield
The episode examines a high‑yield note offering over 8.5% that is backed by a company aggressively reducing its debt, positioning it for a potential rating upgrade within the next two years. It highlights how the current spread reflects genuine compensation...
By Fixed Income Beacon
News•Jan 22, 2026
High-Quality Real Estate Credit with More than Investment-Grade Spread
The episode examines a senior housing REIT whose current spread over the BBB index undervalues its credit quality, citing a strong net debt-to-adjusted EBITDA ratio, ample liquidity, and improving rent coverage. It argues that the market misreads the issuer as...
By Fixed Income Beacon