“The point of equity funding over debt funding is it does not need to be repaid.”
Category: credit
Carnivals And Pixie Dust.
Go figure.
Manny Friedman Suspends Redemptions In Credit Fund Citing Frozen, ‘Nonfunctioning’ Markets
“Market participants fear extreme and irreversible damage”.
‘Where We’re Going, There Are No Roads’: Revolvers, 12-Sigma Plunges And Reluctant Swipers
$162 billion in revolver draws, a warning from Visa and a 12 standard deviation plunge in one bank’s activity gauge.
Out Of Adjectives.
Crazy times, historic moves.
Here’s What It Looks Like When Everyone Frontruns Jay Powell’s ETF Buying…
A $1 billion one-day flow bonanza.
The Fed’s ‘Shock And Awe’ Part II: Open-Ended QE, Corporate Bond Buying, Credit ETF Purchases And More
The Fed on Monday morning announced open-ended QE, effectively promising to buy unlimited amounts of
Distressed. Officially.
A “massive rush for liquidity”.
In Credit, A Swan Song
This was always the worry. But no one ever took it seriously.
Don’t Call It A Reprieve.
The underlying economic reality is stark.
‘It’s Bad’
Pride goeth before destruction, and an haughty spirit before a fall.
It Could Get Worse
Platitudes.
The Treasury Market Is Broken. ETFs Are Cracking. Risk Parity’s ‘Footprints’ Have Been Spotted.
“USTs are a ‘broken market’”, Nomura’s Charlie McElligott writes, in a Thursday note recapping some
Behold! A Six Standard Deviation Blowout In High Yield Credit Fear Gauge
This is what “stress” looks like.
Analysts Warn Of ‘VaR Implosion’, ‘Full-Blown Crisis’ As New Week Dawns With S&P Futures Limit-Down
Fragile. Handle with care.
One Bank’s Warning As Credit Cracks: ‘The Black Swan Is A Liquidity Crisis’
“Worry about liquidity, not funding”.
A (Dove’s) Wing And A Prayer.
Either way…
In ‘Dramatic Shift’, US Credit Investors No Longer Fear Recession
In other words, there’s a sense in which recession fears really aren’t “elevated” anymore.
Requiem For A Dreamy 2019
Happy new year.
Pensions Go ‘Exploring’ In Exciting World Of Opaque, Illiquid Private Credit
Maybe “spelunking” is better.
Blue-Chip Corporate Bonds Just Had The Best Year In A Decade. Now What About 2020?
“There’s only one game in town”, but is it a good game?
Hunting For Free Money In Europe’s ‘Cosmopolitan’ Bond Market
More tales from “this topsy-turvy world”.
Weekend Color Commentary From The Macro Tourist
Some feedback on the great BBB apocalypse debate and more.
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