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“Nowhere To Hide” As Baltic ‘Fried’ Index Careens To Fresh Record Low
“Nowhere To Hide” As Baltic ‘Fried’ Index Careens To Fresh Record Low Another day, another fresh all-time record low in The Baltic Dry Index as Deutsche Bank’s “perfect storm” appears ever closer on the horizon. Plunging 4.7% overnight to 445 points, this is 20% lower than the previous record low in 1986 and as one strategist warns, “It’s […]
Saudi Devaluation Odds Highest In 20 Years, Kingdom Now More Likely To Default Than Portugal
Saudi Devaluation Odds Highest In 20 Years, Kingdom Now More Likely To Default Than Portugal On Monday, we brought you “Saudi Default, Devaluation Odds Spike As Mid-East Careens Into Chaos,” in which we outlined the jump in riyal forwards and widening of CDS spreads that Riyadh witnessed in the aftermath of the kingdom’s move to […]
Global Corporate Debt is Coming Unglued
Global Corporate Debt is Coming Unglued Default Rate Highest since 2009, US Distress Ratio Soars. Standard & Poor’s slashed the credit ratings of 112 corporations around the globe to default (D) or selective default (SD) in 2015, according to S&P Capital IQ Global Credit. The highest number of global defaults since nightmare-year 2009, when a previously […]
The Big Short is a Great Movie, But…
The Big Short is a Great Movie, But… Paris — Michael Lewis is the chronicler of Wall Street. He takes the complexity behind which the inhabitants of the financial world hide and weaves a tale that is both understandable and compelling. Starting with the classic “Liars Poker” (1989), Lewis has produced a number of books about […]
The Shale Defaults Begin Here: Banks Quietly Shrink These 25 Companies’ Credit Facilities
The Shale Defaults Begin Here: Banks Quietly Shrink These 25 Companies’ Credit Facilities Everyone knows that at $35/barrel oil, virtually every US shale company is cash flow negative and is therefore burning through cash and other forms of liquidity such as bank revolvers and term loans, just as everyone knows that should oil remain at […]
What Comes After The Commodities Bust?
What Comes After The Commodities Bust? The days of E&P companies using external debt financing to fuel growth have most likely come to a close. The one thing executives should have learned in 2015 is that Wall Street can for long periods of time remain disconnected from fundamentals and can swing to extremes. Another lesson […]
Puerto Rico Is Greece, & These 5 States Are Next To Go
Puerto Rico Is Greece, & These 5 States Are Next To Go As Wilbur Ross so eloquently noted, for Puerto Rico “it’s the end of the beginning… and the beginning of the end,” as he explained “Puerto Rico is the US version of Greece.” However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond […]
The Damage Has Been Done And The Consequences Will Be Suffered: “Have a Healthy Storage of Food, Precious Metals and Necessary Supplies”
The Damage Has Been Done And The Consequences Will Be Suffered: “Have a Healthy Storage of Food, Precious Metals and Necessary Supplies” While the band plays on and Americans celebrate New Year’s many have no idea what may be in store in 2016. Mainstream financial pundits like to paint a rosy picture of the current […]
A Year of Sovereign Defaults?
A Year of Sovereign Defaults? MIAMI – When it comes to sovereign debt, the term “default” is often misunderstood. It almost never entails the complete and permanent repudiation of the entire stock of debt; indeed, even some Czarist-era Russian bonds were eventually (if only partly) repaid after the 1917 revolution. Rather, non-payment – a “default,” […]
Puerto Rico To Default On Some Bonds January 1 – Live Feed
Puerto Rico To Default On Some Bonds January 1 – Live Feed Puerto Rico governor Alejandro Garcia Padilla is set to address the island’s debt problem at a press conference on Wednesday. PUERTO RICO SAYS IT WILL DEFAULT ON SOME DEBT DUE JAN. 1 PUERTO RICO TO MISS $1.4 MILLION DUE ON PFC BONDS DUE JAN. […]
Puerto Rico’s Debt Trap
Puerto Rico’s Debt Trap WASHINGTON, DC – The Caribbean island of Puerto Rico – the largest United States “territory” – is broke, and a human calamity is unfolding there. Unless a constructive course of political action is found in 2016, Puerto Rican migration to the 50 states will rival the scale of the 1930s Dust […]
The Credit Crunch Is Back: Banks Scramble To Collateralize Loans To Record Levels
The Credit Crunch Is Back: Banks Scramble To Collateralize Loans To Record Levels One of the biggest quandaries of this cycle for the US economy has been the amount and growth of commercial bank loans. Virtually non-existent for the first three years of the centrally-planned new normal, something changed in 2012 at which point US […]
Chinese State Firms’ Debt Hits New All Time High, As Profits Tumble
Chinese State Firms’ Debt Hits New All Time High, As Profits Tumble Overnight China’s finance ministry reported the latest data on state-owned firms profitability. At a cumulative CNY 2.04 trillion (or $316 billion) for the January-November period, this was another nearly double digit decline, or -9.5% from the year ago period, following a -9.8% drop for the […]
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns “Two things become clear in an analysis of the financial health of US hydrocarbon production: 1) the sector is not at all homogenous, exhibiting a range of financial health; 2) some of the sector indeed looks exposed to distress [and] lifelines […]
Ukraine’s Looming “19 Fukushimas” Scenario
Ukraine’s Looming “19 Fukushimas” Scenario With all the action in Syria, the Ukraine is no longer a subject for discussion in the West. In Russia, where the Ukraine is still a major problem looming on the horizon, and where some 1.5 million Ukrainian refugees are settling in, with no intentions of going back to what’s left […]
