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Sunday, October 25, 2020
“the-challenges-are-unprecedented”:-chinese-bank-profits-crater-amid-bad-debt-surge

“The Challenges Are Unprecedented”: Chinese Bank Profits Crater Amid Bad Debt Surge

First it was US banks. Now it's China's turn. Not long after the Big Four banks, and the US financial sector in general, reported the biggest jump in loan loss provisions following the covid crisis as millions of unemployed workers simply stopped paying down their debt, rent, car, phone and utility payments, which sent loss…
us-takes-unprecedented-step-of-imposing-sanctions-on-assad’s-teenage-son

US Takes Unprecedented Step Of Imposing Sanctions On Assad’s Teenage Son

This week the US imposed a new round of sanctions against the Syrian government, and while this is nothing new, what is gaining attention is the unprecedented step Washington has taken against Bashar al-Assad's teenage son. Secretary of State Mike Pompeo cited that the continued sanctions under the 'Caesar Act' were geared toward ending Assad's…
in-unprecedented-move,-congress-proposes-taxpayer-funded-bailout-of-$550-billion-cmbs-industry

In Unprecedented Move, Congress Proposes Taxpayer-Funded Bailout Of $550 Billion CMBS Industry

Well, with everyone and everything else getting a bailout, may as well go all the way. Two months after we reported that the state of California is trying to turn centuries of finance on its head by allowing businesses to walk away from commercial leases - in other words to make commercial debt non-recourse -…
unprecedented-surge-in-new-cmbs-delinquencies-heralds-commercial-real-estate-disaster

Unprecedented Surge In New CMBS Delinquencies Heralds Commercial Real Estate Disaster

One month ago, we thought that the unprecedented implosion in US commercial real estate in the month of April following the near-uniform economic shutdown following the coronavius pandemic, manifesting in the surge in newly delinquent CMBS loans would be one for the ages, even though as we predicted May would likely be worse as a…
in-unprecedented-move,-two-fund-giants-liquidate-clo-warehouses

In Unprecedented Move, Two Fund Giants Liquidate CLO Warehouses

Yesterday we laid out how the magic of modern monetary alchemy (not to be confused with the blunt brain trauma that is the magic money tree of helicopter money) works, by showing how a CLO takes 96% junk rates loans and by repackaging this portfolio, or "warehousing" it into a CLO, the product were tranched…
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