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peHUB Second Opinion 4.6

Hoorah! Junk bonds are coming back. (WSJ) Meanwhile the price of leveraged loans are rising. (WSJ) Steve Schwarzman expressed his happiness over this on Blackstone’s call this morning. (They still probably aren’t back to levels a lot of buyout guys bought them at, though…)

Drama Time: “Picking over the carcasses of bankrupt companies is tempting for private equity firms, but the more traditional buyout shops are showing caution bidding on assets entangled in the courts, experts say.” (Reuters)

Not Scared Of Disney: Doesn’t look like Providence Equity is going to take this opportunity to get out while the valuation is sky-high for Hulu, even though Disney has taken a larger stake. (PBN)

No Longer The Master Of His Universe: At the Time Magazine’s “Influential People” dinner, Steve Schwarzman was relegated from his front row seat to the very last row. Even worse, he was replaced by, as Cityfile said, “The nerdy co-founders of Twitter and a bunch of wonky Obama policy advisers.” (NYP)

Rumour Mill: Megan has a guess as to which Blackstone energy company might go on the block soon. (Dealzone)

Some Suggestions: Daniel Gross, Like Nouriel Roubini, does not think we should focus on stress tests. Here are some alternatives. (Slate)

Roundups: In case you weren’t keeping track of who made the Stress Free team and who didn’t, Dealbook has compiled a handy list. (DB)