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...But Griffin remained optimistic that the country could deliver sustained growth, potentially lining it up to bail out the global economy as the US grapples with the threat of recession....
...The same is not true at the lower reaches of the credit spectrum, of course, and it is interesting in this context that triple C rated bonds spreads have not rallied to the wild 2021 levels....
...By the time more high-yield bonds start maturing, in 2026-28, I suspect that a good portion of the high-yield bond market will look pretty healthy. Compare that to IG....
...You always get a bond bull market; don’t miss out on yields here. I think more bad decisions get made in the bond market on supply-demand [dynamics] than anything else I’ve seen....
...He added: “I don’t think it’s the model which is the issue per se, it’s the shift in the regulatory and political landscape.”...
...“I think the economic backdrop in Europe is definitely worse than in the US,” said Christian Hantel, a corporate bond portfolio manager at Swiss firm Vontobel....
...Which former finance minister said: “I was, in a way, a victim of the bond markets.”?...
...Rieder: I’d say it’s a B-. But it’s not a C. Why are you getting these sorts of yields in credit today? You’re getting them because the risk-free rate is so darn [high]....
...The share of triple-C bonds, the junkiest sort, is at a decade low. Rosenberg again: There’s no bargain if you’re just going to take a bunch of risk to get more yield. Anyone can do that....
...One concern had been that governments might need to bail out some northern central banks with the highest losses, such as the Dutch one....
...Our updated stock charts show non-banks and the largest banks (>250bn) hold 90% of C&I, 85% of mortgage, 75% of consumer and 60% of outstanding loans/debt (“the stock”)....
...I’m as Bond-fixated as the next middle-aged man, but that’s not why I’m here....
...And I have had clients who live out of the city, but purchased somewhere in Manhattan that wasn’t their primary residence, and got audited because of that,” Bond says....
...“We have long known that the money bail system was a dysfunctional system,” she said. “To have public policy catch up to common sense is rare, and I think that this is the culmination of that.”...
...I know I promised to review my Asian fund in this column — but I’m worried all of a sudden. Should I trim Japan a bit? Bail completely? Do nothing?...
...to c.$1.2bn....
...I felt like I had died and gone to Le Corbusier heaven at the Hôtel Le Corbusier in Marseille....
...My colleague Costas Mourselas and I interviewed one high-profile financier who (unsurprisingly) does not agree: Ken Griffin. “Well he would, wouldn’t he?”...
...Zhao has said little since pleading guilty in November but told the court that “I deeply regret my failure, and I am sorry,” AP reported....
...The broad picture is one of normalisation, though weak C&I lending is notable. The big exception is housing. As we’ve written about many times, high rates have frozen the market....
...Measured by volume or by value, deal flow rose in the fourth quarter of 2023, compared with the quarter before: Better vibes in the C-suite....
...The gap between the yield on double-B and triple-C bonds narrowed to its tightest level in 15 months at 6.53 percentage points in recent days, before widening slightly to 6.74 percentage points at Friday...
...Investors would thus demand a higher risk premium on US Treasury bonds, which would feed into a higher cost of borrowing for American consumers....
...“Is it true that triple-C firms have interest coverage ratios below 1? Definitely, but that’s always been the case....
...Berkshire’s line-up of managers, however, is to P/C insurance what Cooperstown’s honorees are to baseball.”...
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