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Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch
Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch But it’s going to be tough; he’ll need more than luck to pull it off. Moody’s has rated the $2 billion of senior unsecured notes due 2029 that Mexico’s state-owned oil company Pemex is in the process of issuing one notch above junk. Pemex is offering […]
Hyperinflation Avoidance Advice for Turkish Citizens as Fitch Cuts Ratings
Hyperinflation Avoidance Advice for Turkish Citizens as Fitch Cuts Ratings Turkey is on a path towards hyperinflation. Here are the steps Turkish citizens should make ASAP. Citing stability risks, Fitch Cuts Turkey’s Credit Rating to BB, further into junk territory. Risks to macroeconomic stability have intensified owing to the widening in the current account deficit, […]
Hartford Could Default On Its Debt As Soon As Next Month, Moody’s Says
Hartford Could Default On Its Debt As Soon As Next Month, Moody’s Says Moody’s latest warning about Hartford Connecticut is its most dire yet. In a report issued Thursday, the ratings agency’s analysts said Hartford, Connecticut’s once-proud capital city, could default on its debt as soon as next month, forcing the capital of the country’s […]
Horror Stories Emerge After A Cursory Look At Chinese Corporate Leverage
Horror Stories Emerge After A Cursory Look At Chinese Corporate Leverage By now it is common knowledge that China has a major debt problem at the macro level, one which may be even bigger than expected because according to at least one analysis by Rabobank, China’s most recent debt has soared from the infamous McKinsey level of […]
Meet China’s Latest $1.8 Trillion “Problem”
Meet China’s Latest $1.8 Trillion “Problem” Last summer we outlined how Chinese banks obscure trillions in credit risk. The powers that be in Beijing aren’t particularly keen on allowing the banking sector to report “real” data on souring loans – especially given the fragile state of the country’s economy. In some cases, the Politburo will pressure banks […]
Last Bubble Standing
Last Bubble Standing EM debt bubble… emaciated, FX Carry… crucified, Crude…crushed, High yield bonds… burst, Chinese equities… blown, Trannies… trounced, Small Caps… slammed, Biotechs… busted, and FANGs finally FUBAR!But there is one big (very big) bubble left in the world that no one is talking about, and a rather large liquidity-busting pin beckons… In May 2015 we […]
The Cost Of China’s “Neutron Bomb” Exploding: $7.7 Trillion And Higher
The Cost Of China’s “Neutron Bomb” Exploding: $7.7 Trillion And Higher On Friday we presented Kyle Bass’ latest interview in which the Texas hedge fund manager explained the reasoning why he thought shorting the Yuan is the “greatest investment opportunity right now.” The crux behind the argument was well-known to Zero Hedge readers, namely China’s […]
Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold
Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold Following the end of a horrible week for petroleum importers (not to mention shale producers) despite WTI briefly dipping under $40 (wasn’t this supposed to be great news for the US economy?) we have the start of a just as ugly week for the Persian […]
Junk-Rated Offshore Drillers Headed into Bankruptcy: Fitch
Junk-Rated Offshore Drillers Headed into Bankruptcy: Fitch After fracking, offshore drilling. At the leading edge is rig-contractor Hercules Offshore. In March 2014, before the oil price collapsed, it had the temerity to sell for 100 cents on the dollar $300 million in junk bonds. Since then, its shares have collapsed to near zero. Its bonds […]
