“Stop The Revolver Run”: Cash-Strapped Banks Quietly “Discourage” Companies From Drawing Down Their Loans

March 30, 2020@4:05 PM TFP Editor 0

“Stop The Revolver Run”: Cash-Strapped Banks Quietly “Discourage” Companies From Drawing Down Their Loans One week after the Fed expanded its “bazooka” by launching a “nuclear bomb” in the words of Paul Tudor Jones , at fixed income capital markets which it has now effectively nationalized by monetizing or backstopping pretty much everything, some signs of thaw are starting to emerge in the all important commercial paper market, where the spread to 3M USD OIS is finally starting to tighten, coming in by 60bps overnight. [Read More]

Stocks Bid Into Month-End Despite Americans’ Unprecedented Scramble For Cash

March 30, 2020@3:01 PM TFP Editor 0

Stocks Bid Into Month-End Despite Americans’ Unprecedented Scramble For Cash Amid an ever-escalating guess at the size of pension fund re-allocations funds (latest we saw was $150 billion) into month-end, both bonds and stocks were bid early on today, but as the day wore on, bonds weakened as stocks gained (driven by record IG issuance-driven rate-locks)… Source: Bloomberg But while some are rebalancing into stocks, the scramble for cash among average Americans has almost never been more panicky… Source: Bloomberg Just as notably, crude oil [Read More]

Junk Bond Market Reopens With 6x Oversubscribed Offering From YUM! Brands

March 30, 2020@2:20 PM TFP Editor 0

Junk Bond Market Reopens With 6x Oversubscribed Offering From YUM! Brands For nearly a month, the high yield market was understandably frozen without a single junk bond deal pricing as yields exploded higher, forcing the Fed to step in with an unprecedented intervention to prop up investment grade debt, going so far as to buy the LQD ETF. That changed on Monday, when the first junk bond in nearly a month was marketed, a sign that even the high yield market is starting to recovery. [Read More]

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Aqua Pennsylvania Encourages Neighborhood Walks, Where Allowed, on Take a Walk in the Park Day

March 30, 2020@1:52 PM TFP Editor 0

BRYN MAWR, Pa.–(BUSINESS WIRE)–Opportunities to celebrate Take a Walk in the Park Day are being impacted by the COVID-19 pandemic as many local, county, state and national parks are closed or have limited activities to discourage crowds and gatherings that make it difficult or impossible to practice social distancing. Aqua Pennsylvania, which has a history of partnering with local, county and state government to make its land available for recreational use, is suggesting that those who might Read on The Source

Peter Schiff Warns “Americans Are In For A Rude Awakening”

March 30, 2020@1:52 PM TFP Editor 0

Peter Schiff Warns “Americans Are In For A Rude Awakening” Via SchiffGold.com, All eyes have been on the stock market in recent weeks as it has reflected the fears about the coronavirus-induced economic shutdown and the hopes of massive stimulus. It’s been quite a rollercoaster ride. But in his podcast on March 27, Peter Schiff said there’s an even bigger problem looming on the horizon that people aren’t paying any attention to – the potential destruction of the dollar. He said Americans are in for [Read More]