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Premiums may not be at risk of increasing yet but caution should remain the watchword
It will be better for all in the long run if Venezuela can prioritise domestic spending over debt repayments
The rollover risks sovereigns are accepting in exchange for cheaper funding
It's not the juniors in capital markets who need protecting from obsolescence. They stand to benefit most from the deployment of AI
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Lehman’s worst mistake was to get its timing wrong — six months ago it might have been saved by Hank Paulson. But Bear Stearns and the US mortgage agencies used up the Treasury’s willpower and that left Lehman horribly exposed and alone.
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Euphoria is too strong a word but the relief among Merrill Lynch bankers is palpable following their bank’s sale to Bank of America. That is understandable: a lot of uncertainty remains, but whatever happens, John Thain, a Merrill outsider is now a hero to Mother Merrill insiders.
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Real money investors are shopping for bargains in the secondary leveraged loan market. That’s not sufficient for prices to recover in the short-term, but it’s a necessary, and welcome, first step on the road.
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“They’ve taken the free market out of the free market,” huffed Senator Jim Bunning this week as he called for the heads — well, resignations at least — of Hank Paulson and Ben Bernanke for effectively nationalising the US mortgage market.
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The US Treasury’s rescue plan for Fannie Mae and Freddie Mac was aimed at restoring confidence in the mortgage market at the epicenter of the global credit crunch and it might have been expected to calm other markets both suffering and benefiting from the turmoil. For one borrower sector, the sovereigns, supranationals and agencies, that hasn’t happened yet and it’s very much business as usual.
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The ECB’s cautious tinkering with its rules for eligible collateral risks prolonging the transition to normalised origination and funding operations.