Hints and tips:
...The riskiest, most beat-up members of the group (KeyCorp, Comerica, Zions, Western Alliance et al) rose the most....
...The recent rise of the Faangs, et al, looks like a knee-jerk reaction to the fall in rates and rate expectations that followed the banking mess (the 10-year yield has fallen from 4-ish per cent to 3.6-ish...
...Loan defaults have been amazingly low. Here is a chart — to pick one type of loan at random — of auto loan defaults, from Deutsche Bank....
...Andrew Garthwaite et al at Credit Suisse has had a fiddle about with the model portfolio, resulting in insurers getting a push....
...through the P&L....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...What is the likely shape of the growth trajectory? V, U, or L?...
...The boom in debt issuance by corporate America has been good to S&P Global, the largest credit rating agency. Its shares have jumped a fifth in 2020, far outpacing its namesake S&P 500 index....
...For a company like Rural that is traded on a major exchange, ―[t]urnover measured by average weekly trading of . . . 1% would justify a substantial presumption‖ of market efficiency. 5 Bromberg et al., Bromberg...
...– ignored “pervasive” deficiencies in the underlying loan pools and the servicing of the loans....
...They were also considerably less robust, especially in the early stages of the recoveries, which tended to be shallow L-shaped affairs, rather than V-shaped....
...(Financial Times) US vulture funds swoop on Co-op debt: “Aurelius Capital Management and Silver Point Capital are understood to have built the stake in one set of the bank’s loans, putting them in a strong...
...Bank of the Republic of China v Grenada....
...Now here he is on a blast from the past… It’s Allied Bank International v Banco Credito Agricola de Cartago et al....
...to borrow $600m from China’s Export-Import Bank, most of which would be used to build a railway servicing the capital Abuja and surrounding areas, the finance ministry said on Wednesday, according to Reuters...
...- A departing Barclays analyst’s lament (it’s not on Libor). - Abnormal Returns on unforced (investment) errors. - Five hits from Scott Sumner, on the eurozone, FOMC, et al....
...He says many smaller investorsmortgaged their homes or businesses to invest. “The problem will really hit when the banks start calling in these loans,” he predicts....
...we will recover from this; I don’t know whether the road is an L recovery, a W recovery, a V recovery, a W-W recovery or will recover....
...As a former investment banker, Augar tells the story of the disaster in the financial markets. What really happened at Northern Rock, Royal Bank of Scotland et al? This gives you a clearer idea....
...Argent Classic Convertible Arbitrage Fund L.P. v....
...A year later, losses that left Countrywide on the brink of bankruptcy are pushing the biggest US home lender into the arms of Bank of America, in a deal that may yet fall through....
...The US should manage to avoid an L-shaped recession – and may even escape with a short V-shaped recession....
...of any displaced persons, their safe return home and their enjoyment of the full protection of the law....
...loans and may also have lied to the banks about the qualifications of the borrowers....
...Given a lack of defaults, the instruments should perform fine if one can survive the P&L volatility of the tranches....
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