NAVI - Navient: Temper Your Enthusiasm On The Senior Notes

In general, we don’t comment frequently on securities – especially fixed income securities – since circumstances rarely change rapidly enough to warrant a revised perspective. Similarly, it is unusual given our long term investment time horizon to reverse our views so quickly and, indeed, for the third time in less than six months. However, the crash in exchange traded fixed income securities two months ago and subsequent (if incomplete) rebound warrants an update with respect to Navient’s (NAVI) exchange traded senior notes.

Navient Senior Notes

In order to briefly summarize the exchange traded