Hints and tips:
...S&P Global Ratings said in a report on Thursday that triple C borrowers would “contend with weak cash flow and elevated interest expenses this year”, while “defaults in 2024 [would] largely come from consumer-facing...
...Typically, these are to either a) pay cash coupons; b) toggle to ‘pay’ bondholders with more debt claims, albeit with some additional penalty (even more debt claims); c) to PIK for a while then switch to...
...) big enough to make a meaningful impact on Berkshire’s earnings, (b) possible to reliably value, (c) have trustworthy and competent management, and (d) are available at a reasonable price....
...At Tiffany & Co, Gen Z’s favoured collection is Tiffany T in rose or yellow gold (in the UK, the T-Smile necklace is the generation’s most-purchased item)....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...The S&P 500 is not yet quite as expensive as it was in the zero-rate, fiscal bonanza, everyone-has-loads-of-cash glory days of 2021. But it is getting closer....
...We also lowered our local currency (LC) sovereign credit ratings on Cameroon to ‘CCC+/C’ from ‘B-/B’. The outlook on the LC long-term rating is stable....
...Traders are marking a riskier £250mn “class B” bond at little over 60 pence in the pound....
...They’re digital tokens backed either by a) dollar-denominated portfolios of safe assets; b) unaudited promises that they have safe assets; or c) magical confidence maths that only work until a death spiral...
...(c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...In the case of the McKinsey report published in 2020, the main study gathered data about diversity on the boards and in the C-suites of more than 1,000 large global companies....
...We like boxes B and C. Will the long end follow the short end down, and why? We can debate how much short rates will come down, but it seems pretty clear that they will fall....
...Fitch downgraded the company to B- this week. Commercial real estate is in even worse shape. US flexible offices group WeWork was recently downgraded to CC, one notch above a C rating....
...Slok: In some cases triple C, even single B credit looks more vulnerable, because those are the firms that are more vulnerable to higher interest rates....
...“Is it true that triple-C firms have interest coverage ratios below 1? Definitely, but that’s always been the case....
...Black British Artist Grant, an annual programme giving a leg up to figures within the arts and addressing diversity and visibility across the creative sector. a-cold-wall.com; community.samuel-ross.com B...
...Chart from S&P Global, through September: Part of the reason for this is that companies are making money....
...There is still demand for lower-quality single-B loans, said Drew Sweeney, a loan portfolio manager at asset manager TCW, referring to the rating just above triple-C....
...Even higher-quality companies are getting shut out, with single-B and single-B minus rated loan issuance in the US down more than 70 per cent from 2021 levels....
...in cash or (c) spend cash buying shares from the public to limit dilution....
...“The process is badly damaged,” said Edward P Joseph, a Balkans expert at Johns Hopkins University in the US....
...Canada is the world’s fourth-biggest oil producer, pumping 4.8mn b/d of oil last year, of which oil sands accounted for 3.2mn b/d....
...(b) is very unlikely. The chances of (c) are impossible to estimate, even granting that Putin looks weaker now....
...(b) Does he not care? In which case you are wasting your time. (c) Does he disagree with you? He may not agree that being able to see someone’s face has a correlation with leadership strength....
...Every day, announcements arrive boasting about how start-ups a, b and c are applying the technology to industry x, y and z....
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