da'zman

What to Buy: Debt

You gloss over some of the key risks. You didn't mention that the Citigroup bonds are subordinated which in a default will likely have zero recovery. Also in the RCL example, they are likely to experience technical defaults in their loans which may allow banks to secure their loans with assets in a renegotiation of loan terms. This is but one risk in a myriad of possible outcomes. I agree there are plenty of opportunities but such a short analysis is really a disservice to readers taking your advice.