Can Macy’s Survive this Crisis Without Filing for Bankruptcy? by Wolf Richter • Apr 28, 2020 • 121 Comments Its unsecured bonds crashed 53% since Feb 14. It has been living off its real estate portfolio of “owned boxes” for years by selling them.
Dividend Massacre in This Crisis is Already Breaking Records, But it Just Started by Wolf Richter • Apr 28, 2020 • 207 Comments The old saw that dividend stocks are good for bear markets is actually a high-risk gamble.
What Manufacturing Executives Said About Their Business in this Economy by Wolf Richter • Apr 27, 2020 • 121 Comments “Builders want extensions on their accounts and ask for better margins. Buyers are down by 50% to 60%. Employees are scared and do not want to work. Everything we do takes twice as long.”
How the Unicorn Blowup & Oil Bust Bleed into Commercial Mortgage-Backed Securities by Wolf Richter • Apr 26, 2020 • 178 Comments CMBS get to eat it all: Amid overvalued vacant collateral, there is a new thingy: Tenants delaying rent payments and landlords asking for forbearance.
Here’s Where Retail Sales Spiked and Collapsed in 11 Mind-Blowing Charts of Lockdown Land by Wolf Richter • Apr 15, 2020 • 165 Comments But department stores will never recover; they were toast before the lockdowns.
Week Two: How COVID-19 Lockdowns Impact US Housing Market. Mortgages Give Clues: It Gets Uglier by Wolf Richter • Apr 1, 2020 • 169 Comments “Nobody has any taste for risk anymore. All of those exotic loan programs have ceased. All investors buying that paper are gone”: mortgage broker.
Estimates About the Collapse of Share Buybacks Emerge by Wolf Richter • Mar 31, 2020 • 134 Comments “The leveraged share buyback game has ended, which also means an end to the phony earnings growth.”
Four Mortgage REITs Collapse After Chaos Hit Markets for Residential & Commercial Mortgage-Backed Securities by Wolf Richter • Mar 24, 2020 • 187 Comments In good Financial Crisis manner, stuff blows up despite the Fed’s effort to stem the chaos. Now hoping for taxpayer bailouts.
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.
How Ratings Agencies Inflate Credit Ratings to Get Deals & Fees by Wolf Richter • Dec 30, 2019 • 57 Comments This time, a new thingy, “Commercial-Real-Estate CLOs.” But investors don’t care because they’re too busy chasing yield.