Over the past two weeks, we’ve begun to document (see here and here) what may end up being a dramatic unwind in the CLO market.
Supply all but vanished in the wake of the crisis but staged a comeback starting in 2012 and by 2014, issuance was running at a $125 billion per year clip. As we noted last week, that’s roughly the equivalent of how much auto loan-backed paper came to market last year.
The New York Times reports on Hillary Clinton’s role in the Libyan war. This passage sums up much of what’s wrong with how Clinton and her supporters think about how the U.S. should respond to foreign conflicts:
Authored by Eric Zuesse,
Foreign policy is both economic and military. An interpretation of U.S. President Barack Obama’s foreign policy will be presented here that explains both his economic and his military decisions to-date, and that shows he’s been carrying out the policies of his predecessors in office.
It's one thing for the republican establishment to throw up all over the candidacy of Donald Trump: frankly, the GOP has not been relevant as a political power ever since Boehner started folding like a lawn chair to Obama's every demand just around the time of the first US downgrade, and as such what the Republican party - torn apart and very much irrelevant as the best of the "establishment" GOP candidates demonstrate - thinks is largely irrelevant.
Two weeks ago, during the peak of the February market rout, UBS' credit strategist Matthew Mish looked at the latest round in the junk bond selloff and answered a rhetorical question: "Is it time to buy" the bonds that comprise some/any/all of the bonds that make up the USD-denominated $3 trillion speculative grade universe. His answer was hardly pleasant for those who have kept peddling junk credit (including bonds, loans and revolvers) for the past several months: