With many non-investment grade cable bonds trading wide of the market, we see attractive opportunities in the space.

In our view, cable companies have attractive credit profiles, benefiting from asset-rich infrastructure, subscription-oriented business models and relative insulation from cyclical/inflation/supply chain issues. Notwithstanding these defensive characteristics, the spreads on many cable bonds have widened more than the market, which is different from prior credit sell-offs.

What has changed?

Part of the issue is technical. Cable issuers ...

With increased spending on space technology from the U.S. government, commercial applications appear set for expansion.

During May, the U.S. announced the results of its largest-ever commercial imagery contract, awarding contracts to leading commercial space enterprises. Such government contracts are valued at billions of dollars and tend to span decades of commitment, development and deployment. It appears to us that this could be just the beginning of such spending by governments on a global basis.

In a recent press release, the Director of the National Reconnaissance Office noted ...