Explosion de la demande de dette pourrie par les investisseurs sevrés de rendement, les banques en profitent pour engranger des commissions colossales sans scrupule. Les fonds de pensions absorbent les pourritures, vos fonds de pension!
Financial Times (Miles Johnson):
“A boom in issuance of risky debt used to finance takeovers has resulted in a fee bonanza for investment bankers, with revenues generated this year from selling leveraged loans and high-yield bonds close to surpassing their post-crisis peak.
Investment banks have made $10.5bn in revenues from selling leveraged finance deals so far this year, up from $6.9bn in 2016 and have hit the highest level since 2013… The surge in fees paid for arranging junk bond and leveraged loan deals reflects an explosion in demand for riskier debt from yield-starved institutional investors, such as pension funds, which have been among the largest buyers of $1.1tn of this debt so far this year.
This appetite has helped private equity companies in Europe and the US finance an acquisition spree over the past 12 months larger than at any time since the financial crisis, with leveraged buyouts in Europe and the US this year surpassing $200bn.”
Avertissements de JP Morgan, du FMI, de Schauble
October 11 – Wall Street Journal (Carolyn Cui and Manju Dalal): “Investors’ thirst for income is enabling governments and companies in some of the world’s poorest countries to sell debt at lower and lower interest rates. And the global bond boom has even reached Tajikistan. The central Asian country last month raised $500 million in its first-ever international bond sale, paying just 7.125% in annual interest… Greece, which was on the brink of default a few years ago, issued new bonds this past summer, and the National Bank of Greece launched a bond sale Tuesday, marking the first visit of a Greek bank to the credit markets since the country’s sovereign-debt crisis. And June saw the bond-market debut of the Maldives, a tiny nation in the Indian Ocean that raised $200 million in a sale of five-year bonds with a 7% coupon. Speculative-grade bond issuance in the developing world has hit a record $221 billion this year, according to data from J.P. Morgan… and Dealogic, up 60% from the full-year total in 2016.”
October 11 – Financial Times (Shawn Donnan): “The International Monetary Fund has warned that good times in the global economy mask longer-term risks, including a $135tn debt pile in G20 nations that companies and consumers are already finding difficult to service. A day after upgrading its global growth forecasts for this year and next the IMF warned… that benign economic conditions were fuelling an appetite for risk that, together with central banks’ response to the 2008 global crisis, appeared to be laying the ground for a new financial crunch. ‘While the waters seem calm, vulnerabilities are building under the surface [and] if left unattended, these could derail the global recovery,’ said Tobias Adrian, of the IMF’s financial stability watchdog… The US and China each accounted for about a third of the $80tn increase in debt since 2006, the IMF said.”
October 10 – CNBC (Evelyn Cheng): “The next global economic slowdown could come from rising risks outside the banking sector, according to the International Monetary Fund. Leverage in the nonfinancial sector for G-20 economies as a whole has surpassed its pre-crisis high, the IMF said… in its Global Financial Stability Report. Nonfinancial sector debt refers to borrowing by governments, nonfinancial companies and households. The total level of that debt for G-20 economies rose to $135 trillion, or about 235% of aggregate gross domestic product in 2016, surpassing the debt-to-GDP ratio of 210% in 2006, before the financial crisis…”
October 8 – Financial Times (Guy Chazan): “Wolfgang Schäuble has warned that spiralling levels of global debt and liquidity present a big risk to the world economy, in his parting shot as Germany’s finance minister. In an interview with the Financial Times, the Europhile who has steered one of the world’s largest economies for the past eight years, said there was a danger of ‘new bubbles’ forming due to the trillions of dollars that central banks have pumped into markets. Mr Schäuble also warned of risks to stability in the eurozone, particularly from bank balance sheets burdened by the post-crisis legacy of non-performing loans.”