Hints and tips:
...“For well over a year, S&C and Ray had free rein to marshal and manage conflicting claims about the public and private interests at stake as they saw fit,” the professors wrote....
...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...
...I was there with friends on the promise of transgressive S&M....
...) 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....
...Traders are marking a riskier £250mn “class B” bond at little over 60 pence in the pound....
...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....
...All recipes from Second Helpings by Sue Quinn (Quadrille, £18.99) @ajesh34...
...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....
...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)....
...At a high level of generality, this extended syllogism is valid and sound....
...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...
...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....
...Space-age design II Up 1 (1969) Created by Gaetano Pesce for B&B Italia, this vacuum-packed foam chair came flat....
...“Is it true that triple-C firms have interest coverage ratios below 1? Definitely, but that’s always been the case....
...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....
...One group sang to the tune of YMCA, “H-S-B-C, get your money out of H-S-B-C . . . they’re selling greenwashing lies . . . investors complicit up to their eyes”....
...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....
...The Economist’s argument is that (a) households’ excess savings will soon be exhausted, and when they are, higher rates will bite (b) companies are already feeling the pain at the margins, as rising bankruptcies...
...CUT TO: THE PARLOUR OF THE B&B A woman is watching TV. In the corridor behind her, Phil walks by, dressed in a robe, carrying an electric toaster and a towel, heading for the bathroom....
...The evening got off to a dismal start with La Ruta by Argentine dancemaker Gabriela Carrizo, alumna of Alain Platel’s Ballets C de la B and artistic director of Brussels-based outfit Peeping Tom; she specialises...
...(b) is very unlikely. The chances of (c) are impossible to estimate, even granting that Putin looks weaker now....
...By June next year, S&P Global is predicting the US default rate will rise to 4.5 per cent, up from 1.7 per cent at the start of 2023....
...(c) Additional Considerations....
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