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Jonathan Rochford

Too much cash can create a crisis

December 5, 2020 by Jonathan Rochford

Too Much Money

Financial markets are delirious with stimulus and won’t stop partying until there’s a crash so big that central banks can’t effect a bail out

Filed Under: Credit Tagged With: Excessive Liquidity, Liquidity, Too Much

More cracks are appearing in Chinese credit

November 21, 2020 by Jonathan Rochford

cracks in chinese credit

The misplaced confidence of Chinese credit investors has been shaken by the default of three state owned entities including one rated “AAA”

Filed Under: China Tagged With: Chinese Credit

What’s the endgame for government and central bank stimulus?

November 14, 2020 by Jonathan Rochford

Government stimulus end game

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

Filed Under: Government Tagged With: Government, Government Stimulus, Stimulus

Welcome to the zombie global economy

October 24, 2020 by Jonathan Rochford

zombie global economy

The number of zombie companies is growing and current policy settings point to this trend worsening in the years ahead

Filed Under: Economics Tagged With: Zombie Economy

The leveraged loan market has gone feral

October 17, 2020 by Jonathan Rochford

leverage loans feral

Lenders have responded to a wave of distressed companies and the cancer of weak covenants by going feral on each other

Filed Under: America Tagged With: US leverage loans, US Markets

The end finally appears near for NABHA holders

October 10, 2020 by Jonathan Rochford

NABHA

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

Filed Under: Banks Tagged With: NAB, NABHA, NABHA securities

A double win for the major banks

October 3, 2020 by Jonathan Rochford

Double win for big banks

The Federal Government has handed the Australian major banks two big wins over their non-bank competitors

Filed Under: Banks Tagged With: Banks Big WIn, Double Win, Responsible Lending

If It’s Unsustainable, It Will Eventually End

September 19, 2020 by Jonathan Rochford

Unsustainable will end

Governments, corporates and households with excessive spending and debt are living on borrowed time.

Filed Under: Investment Outlook Tagged With: borrowed time, Unsustainable

Be Cynical On Government Debt

September 12, 2020 by Jonathan Rochford

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.

Filed Under: Government Tagged With: Government Debt

There’s a reason emerging markets look cheap

August 22, 2020 by Jonathan Rochford

Emerging markets road sign

Emerging markets are cheaper than developed markets for good reason, with three recent examples highlighting commonly ignored risks.

Filed Under: Investment Tagged With: Asset Classes, Cheap Deals, Emerging Markets

Company directors: if you can’t stand the heat, get out of the kitchen

August 15, 2020 by Jonathan Rochford

Company Directors

Company directors hold themselves out as experts, but are increasingly demanding protection from the consequences when they fail to act reasonably.

Filed Under: Business Tagged With: Accountability, Board Members, Business Performance, Company Directors

Is Anyone Crazy Enough to Lend to Argentina?

August 8, 2020 by Jonathan Rochford

Crazy Enough Argentina Hero

Argentina is a deadbeat borrower that will probably default again, but there’s a high probability lenders will be back anyway

Filed Under: Lending Tagged With: Argentina, Argentina Bonds, Debt Deal, Lending

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