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Category Archives: bonds and loans
Will China Prevent the CDO Meltdown?
If fund managers don’t look down, maybe they won’t fall.
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Posted in banking, bonds and loans, housing
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The Bear Bailout: A Plea for Transparency
Now that the public gets its financial information from an incredibly wide range of sources, it’s becoming less and less useful for banks and other financial entities to talk only to a small number of media sources.
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Posted in banking, bonds and loans, hedge funds, Media
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How the Subprime ABX.HE Index Works
What it all adds up to is something which is not necessarily representative
of anything much at all. But it’s the best we’ve got, so it’s what people use.
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Posted in bonds and loans, housing
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Do Covenants Provide Real Creditor Protection?
Could it be that creditor protections are not ever and always a good idea, from the point of view of lenders?
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Posted in bonds and loans
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Will the Prime Brokers Lose Money on the Bear Stearns Funds?
There’s a very scary tidbit hidden at the bottom of the NYT
coverage of the Bear Stearns mortgage mess today:
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Posted in banking, bonds and loans, hedge funds
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Bear Funds Being Liquidated: Who Wants to Buy?
It will take a brave and aggressive investor to enter this market today. On the other hand, there are lots of brave and aggressive investors out there.
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Posted in bonds and loans, hedge funds
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The Newly-Normal Treasury Curve: Good News or Bad News?
If the yield curve is starting to look normal, the spread curve is likely to move back to a more normal shape too, sooner or later. I’d be much happier in Treasuries right now than in credit.
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Posted in bonds and loans
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Why Bearish Forecasts are Meaningless
What I’d dearly love to see from some of these people is something they’ll
never provide: call it falsifiability, in a nod to Karl Popper.
Ask yourself if there’s any conceivable state of affairs which would prove these
people wrong. If the answer’s no, then frankly their warnings are pretty meaningless.
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Anecdote Inflation
What’s $10 million between friends anecdotes?
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Posted in bonds and loans, private equity
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Bear’s Benighted Bearish Bear-Market Bet
How did Bear Stearns lose money betting that a falling market would drop?
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Posted in bonds and loans, hedge funds, housing
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Answers About Bear Stearns’ Mortgage Exposures
Banks such as Bear Stearns and Lehman Brothers have made a lot of money in recent years from the mortgage sector in general and the subprime part of it in particular. For the foreseeable future, they’re going to have to look elsewhere for those profits.
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Posted in bonds and loans, housing
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Questions About Bear and Goldman’s Mortgage Exposures
Do banks only make money on mortgages by being long the market?
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Posted in banking, bonds and loans, housing
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Bill Gross, Prose Stylist
Apparently "the wait is excruciating, and in some cases painful".
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Posted in bonds and loans
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A Closer Look at Cov-Lite Loans
Catherine
Craig has a great, in-depth look today at the "cov-lite" phenomenon
whereby loans are increasingly being syndicated without the restrictive covenants
of yesteryear.
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Posted in bonds and loans
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Noise in the Markets, Treasury Sell-Off Edition
Trying to extract a signal from all the noise has become, to all intents and purposes, impossible.
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Posted in bonds and loans
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Loans: More Liquid Than Bonds
There are impressive financings, and then there are mind-blowing financings. And they way that KKR is raising $24 billion to fund its acquisition of First Data definitely falls into the latter camp.
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Can Bondholders Make a Profit When a Company Defaults?
Trying to explain record-tight bond spreads.
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Posted in bonds and loans, hedge funds, private equity
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Credit Deteriorates, Spreads Stay Tight
Rarely are the markets and the experts more divergent than when it comes to the issue of credit quality.
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Posted in bonds and loans
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The RBS Consortium’s Huge Financing Line
The huge cash component of the RBS consortium’s bid for ABN Amro means that they have a lot of work to do in both the debt and equity markets.
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Posted in banking, bonds and loans, M&A
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Credit-Bubble Datapoints of the Day
Let’s assume that everything in the fixed-income market is
mispriced. Now what?
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When Can Securitized Mortgages Be Modified?
Helping homeowners whose mortgages are owned by bondholders.
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Posted in bonds and loans, housing
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Debt Datapoint of the Day, EMBI+ Edition
JP Morgan’s EMBI+ index
of emerging-market bond spreads hit
an all-time high yesterday, yielding just 144 basis points over Treasury
bonds.
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Will Venezuela Really Default on its Bonds?
If Venezuela withdraws from the IMF, that could put the country into technical default on its bonds. But it’s not a major worry.
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Uruguay: A Quiet Latin Success Story
Carlos Steneri and the resurgence of Uruguay.
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Posted in bonds and loans, economics, technocrats
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The Silver Lining to Banking Crises
Prosperity is closely linked to homeownership. But to get there, the occasional banking crisis might not be such a bad thing after all.
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Posted in banking, bonds and loans, housing
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