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...Debt investors have grown nervous about the prospects of unsecured bonds in French restructurings, after holders of this class of debt took near-total losses in a restructuring at food retailer Casino last...
...Reits tend to pay out 90 per cent of income but anything over 100 per cent is seen as unsustainable because funds might eventually need to take on more debt, issue new shares or sell assets to fund dividends...
...The assets often generate revenues indexed to inflation, even as they are financed with fixed-rate debt....
...Yet this failed to halt the rise in total wealth among the world’s richest people....
...The company’s total assets dropped to $51.9bn. Local currency bonds and corporate debt were among the asset classes hardest hit....
...The firm’s total assets dropped to $51.9bn....
...That helped power total flows into ETFs in the quarter to $67bn....
...However, these asset management operations are dominated by fixed income asset management and fixed income has been out of vogue over the past two years....
...Kemble’s £400mn bonds are trading at little over 15 per cent of their face value, indicating debt investors are braced for a near-total wipeout....
...Legislators and national auditors should provide critical oversight of new loans and debt management, ideally in the broader context of development priorities and budget trade-offs....
...Until politicians face up to the need to get the total debt burden under control, there will be no sustainable economic growth....
...But another crucial change has been improved liquidity, thanks to a raft of new open-ended funds launched by large alternative investment managers like Blackstone, Ares Management, and Apollo Global Management...
...This required it to take out debt and now, with interest rates rising, the cost of that debt is higher. Net interest payments have risen from £4.3mn to £15.7mn, which will drag on profits....
...In the UK, officials estimated in November that the government’s gross financing requirements would be £277bn in the next financial year, about 16 per cent higher than total debt sales this year....
...That total could rise to “hundreds of billions” on volatile days, it added....
...Christof Stapf, who took control of Signa Holding last week after a restructuring by management failed, told creditors that in total 302 parties had listed outstanding debts of more than €8.6bn....
...These are admittedly price returns, since no total return indices go back this far. But including dividends wouldn’t change the picture....
...Unlike government debt-focused money market funds, prime funds are able to hold short-dated commercial paper, including bank debt....
...The US accounted for 40 per cent of total issuance over that period....
...And besides, debts are simply too big. Total advanced economy non-financial debt to output is more than 250 per cent....
...For the year as a whole, the total has eclipsed even 2020, when cash flooded into money funds during the early stages of the pandemic....
...Clear and detailed guidance on public debt disclosure can be found in international standards and guidelines for sound public debt management, fiscal transparency, and statistical reporting....
...Issuance in January was the highest monthly total on record and about 20 per cent above the same period last year, according to analysts at Barclays....
...Remember, measuring total outstanding debt against GDP is a little weird, because it’s comparing a stock (debt) to a flow (GDP). If we do, though, total debt is more than 120 per cent of GDP....
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