The misplaced confidence of Chinese credit investors has been shaken by the default of three state owned entities including one rated “AAA”
Memos
What’s the endgame for government and central bank stimulus?
Governments and central banks have embarked on a journey with no clear idea of where they are going, here’s five ways it could end
Welcome to the zombie global economy
The number of zombie companies is growing and current policy settings point to this trend worsening in the years ahead
The leveraged loan market has gone feral
Lenders have responded to a wave of distressed companies and the cancer of weak covenants by going feral on each other
The end finally appears near for NABHA holders
The announcement that NAB is preparing to call NABHA securities is good news for holders, but it is a reminder of common myths about hybrids
A double win for the major banks
The Federal Government has handed the Australian major banks two big wins over their non-bank competitors
If It’s Unsustainable, It Will Eventually End
Governments, corporates and households with excessive spending and debt are living on borrowed time.
Be Cynical On Government Debt
It’s relatively easy and common for politicians to walk away from a financial mess, which makes corporate and personal debt a better investment than government debt.