Margin of Safety
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Category: Credit markets
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As I wrote on CFO.com on Tuesday, China’s domestic banks may face problems during the “great moderation” of China’s economic growth. A recent S&P report said that the majority of China’s top banks, and many regional and national banks, “remain vulnerable to credit shocks stemming from a hard-landing scenario for the Chinese economy.” They are not…
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What a week for Anchor Bancorp of Wisconsin. Its holding company declares bankruptcy, then the SEC comes out today with fraud charges against the CFO. (The case was settled.) A bad earnings report just added icing to the cake. Anchor owed the Treasury $139 million in TARP debt. Like Anchor’s other creditors, Treasury settled for…
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Is there any end to banks’ easing of standards on business loans? Loan underwriting is getting pretty loose. The Federal Reserve’s Senior Loan Officer Survey for July shows banks easing standards (yet again) for industrial & commercial loans. The percentage of domestic U.S. banks easing actually was near the highest its been since 2011. Demand…
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Wouldn’t it be great to get 10% on a corporate bond again? Then again, the inflation rate was 11%. This post is really just an excuse to use Datawrapper. Here’s the interactive version. Related articles The Strategy of Monetary Policy: Larry Summers from 1991 (delong.typepad.com) Disinflation a Four-Letter Word For Gold (rvnewstoday.com) Is The Consumer…
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Check out a great column on convertible bonds from an exec at Aequitas Advisors. convertible bonds short seller optionality strike price Aequitas Advisers Photo courtesy of Mighty Antar. Related articles Why convertible bonds are too expensive (investmentviking.wordpress.com) Tesla Shares Rally to Conversion Price, but Noteholders Won’t Strike…Yet (blogs.wsj.com) Alcatel-Lucent Issues $715 Million in Convertible Bonds…
Margin of Safety 