Coronavirus May Deliver Coup de Grace to Overrated Commercial Mortgage-Backed Securities (CMBS) by Marc Joffe • Mar 24, 2020 • 72 Comments S&P made up for its tardiness by downgrading the CMBS in one fell swoop by 9 notches from AAA to BBB-, just one notch above junk.
What Are All the Fed’s Corporate & Investor Bailout Programs and SPVs? Here’s the Whole Shitload of Them by Wolf Richter • Mar 23, 2020 • 232 Comments Indirectly via its Special Purpose Vehicles and its Primary Dealers, the Fed can buy even old bicycles, as long as taxpayers take the losses.
New Currency Crisis Dawns: Mexican Peso Plunges to Record Low Against the Dollar by Nick Corbishley • Mar 23, 2020 • 63 Comments The flight into US dollars! Dollar-denominated debts of Mexican companies weigh heavily.
Leveraged Loans Blow Out. Distressed Corporate Debt Spikes by Wolf Richter • Mar 23, 2020 • 252 Comments This is the moment when yield-chasing turns into a massacre.
Australia’s Construction Industry “On Brink of Collapse”: Started Going to Heck Last Year, Now Comes COVID-19 by Nick Corbishley • Mar 22, 2020 • 73 Comments Bailouts, please!
Hottest Battlegrounds in the CoronaWar: Is “Social Distancing” Kicking In? by Wisdom Seeker • Mar 21, 2020 • 230 Comments Clues about when the disease may overwhelm hospitals are valuable. Without such forecasts, local exponential growth only gives hospitals a few days advance warning.
It’s Just Day 22 of CoronaCrash, and It’s Already Such a Mess by Wolf Richter • Mar 21, 2020 • 336 Comments Kissing share buybacks and dividends goodbye.
Fed’s Balance Sheet Spikes as “Everything Bubble” Morphs into Financial Crisis 2 by Wolf Richter • Mar 20, 2020 • 188 Comments Drags out bailout creature from Financial Crisis 1: “Loans” to Primary Dealers.
After Epic “Run on the Funds,” 10 More Real Estate Mutual Funds Shuttered as COVID-19 Batters UK Property Values by Nick Corbishley • Mar 20, 2020 • 83 Comments Triggered by the belated realization of the risks in mutual funds that offer daily liquidity but invest in illiquid assets.
Junk-Bond Spreads & BBB-Bond Spreads Blow Out Past Lehman-Bankruptcy Levels by Wolf Richter • Mar 19, 2020 • 191 Comments Frazzled by the sudden appearance of Financial Crisis 2, the Fed scurries in every bailout direction.
