Since hitting their peaks last year, stocks and bonds have been hemorrhaging amid soaring inflation, rising interest rates, and war in Eastern Europe. The leading U.S. benchmark indexes are deep in the red year-to-date. The Dow Jones Industrial Average has slumped about 9 percent, the Nasdaq Composite Index has plunged 20 percent, and the S&P…
Global Bond Market Decimated, Future Performance ‘Policy Dependent’
May 3, 2022
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Russia Nears Default After US Blocks Bond Payment, Moscow Vows to Pay in Rubles
April 6, 2022
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Russia is inching closer to a technical default on its international debt after foreign banks had declined to process payments of more than $600 million this week. The United States prevented Moscow from completing dollar-denominated debt payments to bondholders from reserves parked at American banks, noting that the Kremlin had to choose between exhausting its…
Deutsche Bank: Global Subzero Debt Falls to Lowest Level Since December 2015
Global debt at negative yields plummeted below $3 trillion for the first time since December 2015, according to an analysis by Deutsche Bank. With more central banks tightening monetary policy and unveiling efforts to raise interest rates to combat inflation, the share of subzero debt as a percentage of total outstanding bonds cratered in the…
Russia Says Debt Payment Made As Moscow Tries to Avoid Historic Default
The Russian government claimed that it fulfilled its obligations in foreign currency on two of its bonds Tuesday, one day before they were due. The Finance Ministry announced that an order had been made to payment agent Citibank in London. If the claims are accurate, the country would have avoided its first default since 1998…
Putin Signs Law on Using Rainy-Day Fund to Buy OFZ Bonds, Stocks—RIA
March 9, 2022
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Russia’s President Vladimir Putin has signed a law on using the country’s rainy-day National Wealth Fund to buy OFZ government bonds and stocks, the RIA news agency reported on Wednesday. Putin also signed a series of laws enabling a new “capital amnesty” designed to encourage people to return money or financial instruments to Russia without…
Russian Default ‘Extremely Likely’ as International Pressure Escalates
March 2, 2022
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The odds of Russia defaulting on its external debts are increasing the longer the war in Ukraine lasts, a broad array of organizations and analysts warn. With the international community applying pressure on Moscow over its invasion of Ukraine, the national economy is poised to contract double digits, prompting the Kremlin to repeatedly employ extraordinary…
Wall Street’s Latest Stealth Threat to the Global Economy, and Your Money
Commentary Investors are always looking for ways to earn above-market returns—and Wall Street is always happy to come up with some creative ways to oblige. Back during the 2008 meltdown, they fed the market’s appetite for yield with something called collateralized debt obligations or CDOs. These weren’t new innovations. They were created back in 1987…
New Russia Debt Sanctions to Have ‘Limited Implications’ for Bond Holders: JPMorgan
LONDON— JPMorgan’s emerging market strategists said on Wednesday that new U.S. sanctions on Russian sovereign debt announced this week were likely to have limited implications for the international investors that already hold them. They added that the new measures, which introduce restrictions on ‘secondary market’ trading of rouble and non-rouble-denominated debt issued after March 1,…
Hawkish Central Banks Send Leveraged Loan Prices to Their Highest Levels in Near 15 Years
U.S. leveraged loan prices have surged to their highest levels since 2007 as investors snap up assets that will offer compensation with central banks moving into a rate hike cycle. Leveraged loans are often taken out by companies that have high levels of debt, usually with non-investment grade credit ratings, and are often used by…
Treasury Yields Touch Fresh 52-Week Highs Amid Fed Tightening
U.S. government bonds are off to a hot start in 2022 as some of the yields have climbed to fresh 52-week highs. The yield on the benchmark 10-year Treasury note has risen to around 1.77 percent. The 2-year yield rallied to about 0.94 percent, while the 30-year bond topped 2.09 percent. A weak December jobs…
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