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Chinese cracking down on P2P lenders. Anbang is off to a bang in U.S. real estate. Tick, tick, tick – CMBS not looking so good. Happy St. Patrick’s Day! To add a bit of good news, the Dow Industrials turned positive for the year yesterday and U.S. crude
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Chinese exports plunge – and a glimpse of China in 2025. $5 trillion of negative-yielding Japanese debt, but that’s only part of the problem. Midstream energy companies feeling a bit exposed. Three articles that stood out this week are 1) Shawn Donnan, Chris Giles, and Gabriel Wildau’s "
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Evergreening of debt in China. Japan becomes second country to sell negative 10-year bonds. Structural changes in global trade. Three articles that stood out this week are 1) Alex Frangos’ "How China's Big Lending Push Comes Up Short" in The Wall Street Journal, 2) Lew
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China’s media censorship. Life insurance companies face a daunting future. S&P earnings not quite so. Commercial real estate values in limbo. Some weeks I wonder if there will be enough quality material to post and then there are weeks like this one when there is a deluge.
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Chinese seasonal lending binge. CMBS risk premiums are jumping. More shipping woes. Three key articles that stand out this week are 1) a posting by Bloomberg News "China's New Credit Surges to Record on Seasonal Lending Binge", 2) Serena Ng’s "Warning Light Flashes for
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Negative yielding government bonds. Lending to Emerging Markets hits the brakes. Japanese 10-year bond crosses the zero bound. Three key articles that stand out this week are 1) Elaine Moore, Robin Wigglesworth, and Leo Lewis’ "Government bond yields send recession signal" in the Financial Times, 2) Jonathan
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Dalian Wanda. Chinese Property Developers trading USD denominated debt for yuan debt. Construction input prices continue to fall. As I mentioned last week, expect more interesting behavior from the Chinese property developers – granted, I’m sure the behavior has been going on for some time, it’s just that media
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China’s credit binge. Evergrande Real Estate. This Bond is for you. Not quite the roller coaster that was last week. Granted the Powerball Lottery added some excitement to the mix. This week I’m going to focus on the following three articles, 1) George Magnus’ "China's
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Sovereign-backed corporate debt. Chinese Real Estate Developers in America. Hanergy shares unloaded at a 95% discount. RCAP files for Chapter 11 bankruptcy. The S&P 500 is down nearly 5% through Thursday, the circuit breakers in China have been triggered twice this week (market is closed for the
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Negative corporate outlooks in light of commodity woes, debt downgrades, and declining global GDP. Oil and gas shake down. It seems that the natural cycle of things is that the new/upcoming global hegemon exploit its former developing nation peers. Before I focus on what I perceive to be the
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Moral Hazard in the Chinese bond markets. Chinese buying US real estate. The new global oil economy. So just how much do Airbnb hosts in NYC make? Another big week… the renminbi will be added to the IMF’s Special Drawing Rights basket of currencies (currently made up of four
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The $860bn gorilla is increasing its real estate allocation, Saudi Arabia wants to borrow money, and Passport Global’s commentary on QE, China, and illiquidity. This week three articles that stood out were 1) Saleha Mohsin’s two-part article in BloombergBusiness "Norway SWF Says Adding $86 Billion in