Banks – Bad Loan Delta
During 2020 there will be dramatically higher bad loans for global banks. This is despite less strict NPL recognition, interest payment holidays,...
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HSBC’s Health Warning and Simultaneous Debt Issue: Hedge It with CDS?
HSBC simultaneously issued what was effectively a “health warning” and holding company debt last week. Issued at a spread of T+375bps, the price...
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Reserve Bank of India – Zero Forethought
* Instead of Applause, Throw Tomatoes: The call for a 21-day nationwide lockdown to contain the corona virus, has caused a massive liquidity drain...
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Asian Bank Relative Value - Notes from Last Weeks' Global Bank Debt Issuance
Despite distress in the global financial markets, there is still money being put to work by asset managers. New issue credit spreads are alluring...
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The Month the World Stood Still - A Novice Small Business Guide to Avoiding a Long Recession
With COVID-19 and stimulus packages being in the news day in and day out, here are my two cents on what policy makers need to do to get over this...
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