Hints and tips:
...It coincided with a mammoth fiscal stimulus effort and a global supply chain logjam. These alone might plausibly explain why inflation shot up and then collapsed....
...So a new report from S&P Global Ratings on payment-in-kind bonds – aka PIKs – is going to really irritate them....
...We’ll just note that S&P currently rates Paramount Global one notch above junk with a stable outlook....
...At nearly 12 per cent it dwarfs the 7.5 per cent that US high-yield bonds pay, and is close to the effective yield of super-junky triple-C bonds....
...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...
...With just 1.2bn people having an income above $12K a year, Apple is valued on an EV per pop of c$2,300, which requires c$800pp of annual spend, on the global equity strategy team’s calculations. 4....
...TCI made $12.9bn for investors and ended last year up 33 per cent, ahead of the S&P 500 index’s 24 per cent rise....
...It spent more than $43bn on share repurchases between 2013 and 2019, according to data from S&P Global Market Intelligence. It was able to pay for that by cost savings on its aircraft programme....
...SRT transactions have picked up, more than doubling globally to €200bn in the two years to 2022, according to data from S&P Global....
...He is currently a partner and chief economist at Apollo Global. He spoke with Unhedged last week....
...That said, I assert that this chart is actually quite interesting: That is the total return of the S&P 500 sectors since this current rally began in October 2022....
...Looks like S&P Ratings doesn’t find “attestations” especially convincing, either....
...Credit rating agency S&P Global downgraded Ethiopia’s debt to default on December 15 after the initial deadline for payment was missed....
...Likewise, S&P Global Mobility surveys suggest stable EV loyalty, measured as the share of EV owners whose next car was an EV, especially for Teslas....
...(c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...Eurozone business activity declined at a steeper rate than anticipated this month, according to the flash S&P Global composite purchasing managers’ index, dealing another blow to the region’s struggling...
...Global Ratings’ definitions....
...The value of short positions against Argentine bonds lent by international custodian banks is currently $41mn, a sharp increase from $25mn ahead the mid-August vote, according to data from S&P Global Market...
...Chart from S&P Global, through September: Part of the reason for this is that companies are making money....
...S&P Global currently assesses the country’s foreign currency ratings in the “CCC” category. Clearly, the risk of a sovereign restructuring is real....
...HR positions are now more likely to be considered part of the “C-suite” than five years ago....
...The US property and casualty (P&C) industry recorded a $26.5bn net underwriting loss in 2022, says rating agency AM Best....
...The Big Four index funds of Vanguard, State Street, Fidelity and BlackRock control more than 20 per cent of the votes of S&P 500 companies....
...Tim Rourke, UK Head of P&C pricing, product, claims and underwriting at Willis Towers Watson, said insurers were having to deal with a “cocktail of rising costs”, including rising vehicle theft and long...
...What was the common nickname for the “Consortium of Iran” cartel which dominated the global oil industry from the mid-1940s to the 1970s?...
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