Monday, November 30, 2009

The secured bond market - a new trend?

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As the corporate loans approach maturities, companies have been refinancing them by issuing bonds (some $60 billion of HY issuance has bee...
Sunday, November 29, 2009

Ready for more state IOUs?

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Remember California IOUs? Other states are starting to face budget realities as well. Reliance on easy credit and credit related tax rev...
Wednesday, November 25, 2009

Above-target inflation expectations

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The latest JPMorgan survey of institutional clients continues to show elevated inflation expectations. The majority of those responding b...

The CLO market may be making a comeback

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Amazingly, the primary CLO market, which has been shut down since late 2007, may be making a comeback in 2010. The volumes will be a fracti...
Tuesday, November 24, 2009

Lower fees for longer lock-ups

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2009 was the year for major structural changes at hedge funds. According to the latest E&Y survey of hedge funds, lowering the managemen...
Monday, November 23, 2009

The world according to Fed: resolving large financial institutions

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In order to address the "too large to fail" issue the Fed has begun a campaign to promote their solution: some form of a resolutio...
Sunday, November 22, 2009

China waiting for the US consumer

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Each year the meetings of the China's Communist Party heads concludes with the same number - the number 8. Culturally it's an imp...
Friday, November 20, 2009

The inverted T-bill curve - an anomaly or a signal for another downturn?

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The 3-month T-bill yield has collapsed to new lows, yielding half a basis point. That means if you plow a million dollars into 3-month bills...