Argentina is a deadbeat borrower that will probably default again, but there’s a high probability lenders will be back anyway
Memos
In a Crisis, the Quality of Spending and Debt Matters
There is no free lunch, Keynesian responses do provide short term stimulus but place an anchor on future economic growth.
Eviction Moratoriums Are Terrible Economic Policy
Eviction moratoriums are supposed to help poorer citizens, but in the long term they result in rental accommodation being more expensive.
There’s Always Something Interesting Happening in Debt Markets
If you venture off the well trodden pathways, there’s always something interesting happening in debt markets.
Could Austria’s Century Bond End Up Like Argentina’s?
It doesn’t take a default for Austria’s recently issued century bond to trade at the same price as Argentina’s defaulted debt.
When the Truth is this Crazy, Who Needs Conspiracy Theories?
The insolvency of Wirecard has made many look foolish, but short sellers and a journalist had been on the case for years
Are CLOs Going to Cause Another Financial Crisis?
Are claims that CLOs will bring down American banks another “Big Short” or merely a beat-up?
The Winner Is… Busted Companies
Retail investors piling into shares of bankrupt companies is a sure sign this isn’t a typical stock market rally