The demise of Chinese property developers and the wider impacts are likely to be the credit story of the year
For credit veterans Greensill’s downfall isn’t a surprise with many common red flags long associated with this business
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
Credit markets are improving but three dark clouds on the horizon point to the possibility of worsening conditions ahead.
Bite size updates on soaring global debt levels, anecdotes of yield chasing and the LIC/LIT fee battle.
Bite size updates on Paul Volcker’s legacy, European banks and UK fund lock ups.
Bite size updates on emerging market debt, US auto loans and Virgin Australia’s very junky debt raising.
Bite size updates on leveraged loans, Greece’s non-performing loan securitisation and India’s bad debts.
With the drop in overnight rates and credit spreads, credit investors are having to take far more risk to earn the same return
Bite size updates on the RBA’s responsibility for bubbly house prices and Greece’s rating upgrade and bond issuance.
Bite size updates on the Australian Business Securitisation Fund, securitisation downgrade risks, TLAC and Deutsche Bank
How is it possible that a “bear” can position their portfolios for the likelihood of a credit downturn and continue to outperform?