Singapore Exchange – Outperformance Will Not Continue

Oil – Trying To Get Dislocation Under Control

Japan Exchange – Nice Way to End The Year

Gravity Works As WeWork Doesn't; Now Plan B

Risks In Leveraged Lending Have Skyrocketed - Watch For The Massive Offload

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

United states Energy / Thematic (Sector/Industry)

* Pay Me To Take Your Assets: Yesterday, US West Texas Intermediate (WTI) crude futures closed at a negative USD 37.63 per barrel (bbl) [yes, negative] on what appears to be retail driven margin calls (where selling  accelerated into the close)  - this after the Chicago Mercantile Exchange (CME.US) [CME] agreed to allow contract prices to go negative; and  *High Yield/CLO Risk About to Hit The Fan: For the high yield market, there looks to be over USD 200 bn of non-investment grade energy debt with the principal problem residing in the “B3/CCC” leveraged loan market.

* Pay Me To Take Your Assets: Yesterday, US West Texas Intermediate (WTI) crude futures closed at a negative USD 37.63 per barrel (bbl) [yes, negative] on what appears to be retail driven margin calls (where selling  accelerated into the close)  - this after the Chicago Mercantile Exchange (CME.US) [CME] agreed to allow contract prices to go negative; and  *High Yield/CLO Risk About to Hit The Fan: For the high yield market, there looks to be over USD 200 bn of non-investment grade energy debt with the principal problem residing in the “B3/CCC” leveraged loan market.

Houston, We Have A Problem