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Short Sellers Are Aggravating China’s Bond Rout – Regulators AWOL (For Now)

After the Party Congress finished in October and China’s centrally planned markets were released (somewhat) from the vice-like grip which had prevailed during the proceedings, we noted the comment from Huachuang Securities that China’s bond holders may be about to get hit by “daggers falling from the sky”, referring to deleveraging. They were right, to […]


Bubble Watch: US Margin Debt Now Equal the Economy of Taiwan

When Central Banks attempted to corner the sovereign bond market via ZIRP and QE, they forced ALL risk in the financial system to adjust lower. Remember, in a fiat-based monetary system such as the one used by the world today, sovereign bonds NOT gold are the ultimate backstop for the financial system. And for the […]


Oxford University To Issue £250 Million Ultra Long 100-Year Bond

Individual Oxford colleges – there are thirty-eight altogether – have issued bonds in the past, but this will be a first for the ancient University as a whole. Timed to perfection for its upcoming bond issue, Moody’s today assigned a “AAA” credit rating, with a stable outlook, to the 900-year old institution. According to Moody’s, […]


AAA-Rated Oxford University To Issue £250 Million Ultra Long 100-Year Bond

Individual Oxford colleges – there are thirty-eight altogether – have issued bonds in the past, but this will be a first for the ancient University as a whole. Timed to perfection for its upcoming bond issue, Moody’s today assigned a “AAA” credit rating, with a stable outlook, to the 900-year old institution. According to Moody’s, […]


Chinese Stock Rout Resumes As Top Fund Sees “High Probability” Of Bond Carnage

In early November, we discussed how commentators were become disturbed by the sell-off in Chinese government bonds after the Party Congress, which saw yields rise to 4.0%. The anomaly was that yields in less-liquid, unsecured Chinese corporate bonds had barely moved. Some sleuthing on the part of the Wall Street Journal discovered that the most […]


Puerto Rico Bond Prices Plunge Below Venezuela’s On Moratorium Fears

Which is worse – from a bond market perspective – Socialist utopia Venezuela or debt-bloated Puerto Rico? Of course, comparing price is not a fair comparison in bond land… Nevertheless, the collapse in Puerto Rico bond prices – to new record lows – comes as Bloomberg reports Puerto Rico is considering suspending debt-service payments for […]


Ding Dong Dandong – First Chinese Corporate Default After Party Congress

Just over a week ago we highlighted how China’s financial regulator had instructed companies to delay the reporting of bad corporate news until after the Party Congress. As Bloomberg noted… China’s securities watchdog has asked some loss-making companies to avoid publishing quarterly results this week as authorities seek to ensure stock-market stability during the Communist […]


“Daggers Are Falling From The Sky” – China Stocks, Bonds Tumble After National Congress Ends

Who could have seen this coming? After weeks of 'calm' – demanded by The People's Party – and well-managed 'National Team' ramps top 'prove' how much Xi's plan for the nesxt five years is being received, the end of China's National Congress has been met with… a plunge in stock and bond markets.     […]


Muni Investors Celebrate “Juicy” 3.74% Yield On New Illinois Bonds As State Hurdles Toward Bankruptcy

Muni investors seem to be absolutely elated today by the opportunity to scoop up their fair share of $4.5 billion worth of new Illinois bonds due in 2028 at a “juicy” yield of 3.74%…which makes a ton of sense if you can look beyond the fact that the state looks to be on an inevitable […]


Illinois’ Kamikaze Bondholders Cheer Massive New $6 Billion Bond Deal: “It Has Turnaround Potential”

Just two days ago we wrote about how, despite a budget deal signed back in July that called for a massive tax hike, Illinois’ unpaid payables balance had ballooned to a new all-time record high of $16,046,145,423.20 according the comptroller’s office (see: Illinois Unpaid Vendor Backlog Hits A New Record At Over $16 Billion).  …which […]


“Bulls Have Become Completely Desensitized To Risk”

Authored by Lance Roberts via RealInvestmentAdvice.com, Review & Update Two weeks ago, I noted: “I have a sneaky suspicion that when I update the Fed Balance Sheet reinvestment analysis next week, shown below, we are going to find a substantial, well-timed, reinvestment by the Central Bank. Wanna bet?  Well, here is the updated chart of […]


Hartford Bankruptcy Looms As CT Gov Admits “We Spent Money On Wrong Things”

Connecticut Governor Daniel Malloy is among the country’s least popular governors after forcing through two tax hikes that sent individuals and corporations fleeing from the state. Luckily for the state and its people, Malloy apparently has no interest in sticking around to take the heat when it comes time for the next hike: He has […]


Tesla Bonds Are Now Riskier Than Ukraine’s

Considering both entities are 'backed' one way or another by the US Government, it is perhaps not a total surprise that the risk of Ukraine government bonds and the risk of Tesla bonds are 'similar'… But the last few days have seen the world's 4th largest automaker (by market cap) trade at a more risky […]