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☆ Defaults of high-yield corporate bonds are accelerating and could bring a $46 billion wave of distressed debt in 2024, Bank of America says
  + stars: | 2023-11-03 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
The US could see a $46 billion wave of distressed high-yield debt next year, BofA warned. Higher interest rates could cause defaults and bankruptcies to peak in early 2024, experts warn. AdvertisementAdvertisementThat amounts to $35 billion in those three sectors alone, or around 75% of all high-yield defaults expected next year, strategists said. Federal ReserveExperts have been warning of a wave of defaults and bankruptcies to hit the market, especially as interest rates remain higher-for-longer. Meanwhile, total US bankruptcies and debt defaults could peak sometime in the first quarter of 2024, Charles Schwab estimated.
Persons: BofA, —, Charles Schwab Organizations: Service, Bank of America, " Bank of America, HY, Treasury, ICE Bank of America, Federal
☆ ECB’s inflation battle has a 550 bln euro problem
  + stars: | 2023-03-31 | by ( Francesco Guerrera | ) www.reuters.com   time to read: +3 min
LONDON, March 31 (Reuters Breakingviews) - Euro zone lenders have so far weathered the financial storms blowing in from the United States and Switzerland. That has allowed the European Central Bank to keep raising rates to combat inflation. Lagarde has said that euro zone banks are well capitalised and have plentiful liquidity. The MRO – the rate lenders pay for one-week loans from the ECB – is currently set at 3.5%, 50 basis points above the benchmark deposit rate. Follow @guerreraf72 on TwitterCONTEXT NEWSEuro zone banks have to repay 549 billion euros in emergency loans from the European Central Bank by June 28.
☆ Swiss CoCo shakeout may yet help bank regulators
  + stars: | 2023-03-22 | by ( Neil Unmack | ) www.reuters.com   time to read: +3 min
LONDON, March 22 (Reuters Breakingviews) - Switzerland’s forced merger of Credit Suisse (CSGN.S) with UBS (UBSG.S) has caused a real stink. European regulators on Monday mobilised to calm debt investors after Swiss authorities chose to write off 16 billion Swiss francs of Credit Suisse’s Additional Tier 1 CoCos. Both the Bank of England and European regulators pledged on Monday to respect the bank rescue hierarchy that says shareholders should lose money before debt. A case in point: only last year the already creaking Credit Suisse chose to redeem a bond. Follow @Unmack1 on TwitterCONTEXT NEWSPrices of contingent capital securities, a kind of junior ranking loss-absorbing bank debt, fell after bonds issued by Credit Suisse were wiped out following its takeover by UBS.
☆ Column: China slips away from Treasuries but sticks with dollar bonds
  + stars: | 2023-02-22 | by ( Jamie Mcgeever | Thomson Reuters | Jamie Mcgeever Has Been A Financial Journalist Since | ) www.reuters.com   time to read: +5 min
ORLANDO, Fla., Feb 22 (Reuters) - Although China's selling of U.S. Treasury securities over the past year raises multiple geopolitical questions, it's merely switching to other dollar bonds - casting doubt about a more alarming strategic investment shift. Beijing's stash of U.S. government bonds ended last year at $862.3 billion, the lowest since May, 2010, according to Refinitiv data. Meanwhile, China's holdings of U.S. agency bonds last year rose by $50.9 billion and valuation effects accounted for $34.8 billion. This means the real increase was $85.9 billion, substantially more than the decline in Treasuries holdings. "Maybe the big story is there is no sign that China's dollar holding portfolio has changed much.
☆ Election forecasts are fueling the rally, but stocks need to hit this level to win over the bears
  + stars: | 2022-11-08 | by ( Michael Santoli | ) www.cnbc.com   time to read: +3 min
This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics. The multi-day bounce has now taken the S & P 500 back to where it sat as Fed Chair Powell started taking questions and overtly raised his own outlook for how high rates must go six days ago. The ICE Bank of America MOVE Index (the Treasury market's VIX) is still in an uptrend but these pullbacks have coincided with equity rallies all year. The average stock has dropped 36% from its high and the equal-weight S & P is at a relatively undemanding 14-times forward earnings. VIX bottoms (and equity rally tops) have come a few times this year near 19.
☆ BoE drawn into risky game of financial whac-a-mole
  + stars: | 2022-10-11 | by ( Neil Unmack | ) www.reuters.com   time to read: +5 min
On Tuesday, the UK central bank said it would buy more bonds to avert a fire sale by pension funds. But its plan to end such support on Friday is hampered by a distressed bond market, and wayward government. Prime Minister Liz Truss’s unfunded plan to cut taxes had triggered a surge in government bond yields, which in turn forced indebted pension funds to sell assets. Register now for FREE unlimited access to Reuters.com RegisterThere are plenty of signs that the bond market remains distressed. Without a credible fiscal strategy, investors may continue to steer clear of UK gilts.
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