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Other recent work >>>

Exxon cap structure arbitrage/impact trade idea

 Buy Exxon equity, short the credit. Engage to reduce hydrocarbon capex and leverage up the balance sheet with the cash-flow benefits being distributed to shareholders at the cost of creditors.


(21 May 2021)



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Big Oil, small short

Oil shares have rallied hard as the sector has monetized Russia's invasion of Ukraine. We highlight the large differential between XOM equity dividend yield and 2yr bonds, suggesting that the bond side can be used to ‘fund’ equity shorts and associated engagement.


(13 Feb 2023)


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