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Credit spread with US triple C issuers is highest since 2009
Fed’s dovish message is being interpreted by the bond market as a full-speed ahead signal
Bond issuance by US and European firms surges as market becomes more confident of interest rate cuts next year
Aggregate figures mask a coming reckoning
Once again, optimism is everywhere
Inflows into corporate bond funds on track for highest total since July 2020
Easy money has not bred the undead
UBS issue of capital instrument generates hotcake exuberance just months after Credit Suisse wipeout
Investor interest in debt yielding about 9.6% comes after UBS received $36bn of demand last week
Companies, including Carvana, are turning to form of restructuring to preserve cash
Fir Tree Partners attempts to call default on troubled company
US Treasury exchange traded funds draw nearly $30bn of inflows in September
If so, it’s an interesting call
Wider GFG Alliance has struggled to borrow since the collapse of its main lender Greensill Capital in 2021
Investors return after write-off of $17bn of risky debt during Swiss banking deal
How dangerous is higher for longer?
US Federal Reserve forecasts suggesting ‘higher for longer’ interest rates have caused bond yields to soar — and bondholders to sell. Borrowers on floating rates are also feeling pain. But money market funds and catastrophe bonds still have fans
Rapid increases in borrowing costs prompt concerns about more defaults on $13tn of debt, but companies are finding new ways to survive
Leveraged companies that did not hedge against rising rates may be forced to tap cash reserves to cover spending
Well, there’s a lot of Japanese money in US corporate debt . . .
Robots have taken over and they can’t be trusted
At least not for long
Pimco, BlackRock and Vanguard are among the firms wading back into long-term US government debt
Bankers and investors are wondering when something will snap
Many investors are beginning to buy low-risk government securities
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