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...Debt experts have questioned what collateral would be used to secure the IMI loan, with a complicated financing structure at the Very Group that includes securitised bonds, as well as a £200mn loan from...
...You’d either lose or make 8 points — no convexity. But if I showed you a bond that was win two, lose one, that’s a better bond!...
...“The risk was that the market would keep rallying and that they’d underperform.”...
...Côte d’Ivoire, for example, issued bonds in January for the first time in seven years; it also had some of its debt payments suspended between May 2020 and December 2021 to deal with Covid-19 costs....
...The Very Group has a complicated financing structure, including more than £1.5bn in securitised loans and bonds of £575mn in different parts of the operating company structure....
...Purists might object to this description: if things were quite so simple, a PIK would be the same as a zero-coupon bond. And yes, they’d be right. A PIK note tends to give the issuer options....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...If we calmed down, slowed down, looked for helpful comparisons and asked a couple of basic questions, we’d get to the truth....
...So if a bond auction can’t fail, how do I know the US government isn’t taking on a disastrous amount of debt? Or, uh, borrowing for the wrong reasons, to put it differently? Ha, trust me, you’d know!...
...Ken Marcus, chair of the Louis D....
...I had to give him to Michael, which broke my heart, but we still have a very special bond. I also have two cats, Bambi and Archie, that I love and adore....
...Episode description: The past several years in the US Treasury market have not been what you’d call smooth sailing....
...And I’ll fund those purchases by selling my bond ETF. I’d expect that to leap initially as treasuries are considered haven assets. But they wouldn’t be if things became ugly....
...Boundless, Gemma Bond’s snazzy (if derivative) ensemble, was led by Yasmine Naghdi and the unfailingly impressive Ryoichi Hirano....
...For example, last year the Swiss city of Lugano issued its first digital bond on SDX, and the World Bank issued the first digital bond on Euroclear’s D-SI Service....
...Given that Eurozone bond yields have risen by almost 250 basis points since this data was put together you’d be forgiven for reckoning these estimates would all be due for a monumental shrinkage....
...There’s almost certainly a better way that involves the year-on-year monthly figures, but we’d already committed too much time to doing it incorrectly.)...
...Allowing more market-led yield formation would improve market functioning and enhance the issuance of corporate bonds....
...When it comes to retail bonds on the London Stock Exchange, there are some interesting riskier UK bonds deserving attention. I’d highlight two....
...You’d be mad to buy and hold it, given both the ongoing management fees and the cost of the embedded leverage (some people have timed it pretty well though)....
...“If you’d polled 1,000 portfolio managers six weeks ago, I doubt any would’ve said we’d be at these levels now, but there’s a lot of fast money that can move on just one or two events,” said John Kerschner...
...So equities would underperform government bonds. We’d reach the stage in the economic cycle where the traditional correlation between bonds and equities would break down....
...I’m as Bond-fixated as the next middle-aged man, but that’s not why I’m here....
...But if you were holding Bunds or JGBs you’d be pressed to know what the fuss was all about....
...I’d say probably not. One good read A carbon tax by other means....
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