Факты, которые подконтрольные ЦРУ СМ»И» в России скрывают...
Default Wave As $1.3 Trillion In Debt Is Set To Mature
ZeroHedge, Sept. 23, 2018
The financial elite is obsessed with what will send the world spiraling into the next financial crisis. The most likely catalyst to emerge is corporate debt.
What would be the trigger for corporate meltdown?
The most likely precipitating factor would be rising interest rates which after the next major round of debt rollovers over the next several years in an environment of rising rates would push corporate cash flows low enough that debt can no longer be serviced effectively.
While low rates in the past decade have been a boon to capital markets, pushing investors into stocks, a dangerous side-effect of this decade of rate repression has been companies eagerly taking advantage of low rates to more than double their debt levels since 2007. Companies have also been able to take advantage of lower borrowing rates to drive their average interest costs lower each year this cycle.... until now.
Interest expenses will flip from a tailwind for growth to a headwind on a go-forward basis. There is a substantial amount of debt coming due over the next few years: according to the bank's estimates there is over $1.3 trillion of debt for our non-financials coverage maturing through 2020, roughly 20% of the total debt outstanding.
As rates are finally rising - as this debt comes due, it is unlikely that companies will be able to roll to lower rates than they are currently paying. While rising rates has already become a theme in several sectors such as Utilities and Real Estate, this has the potential to be more widespread.
There has been a sharp pickup in the “Recession 2020” narrative as of late. Specifically, along with the growth of the fiscal deficit which will see US debt increase by over $1 trillion next year, the fact that debt growth has outpaced earnings growth this cycle has implications.
Which brings us round circle to the potential catalyst of the next crisis: record debt levels: net debt has increased while cash levels have declined.
Many on Wall Street have highlighted the deterioration in the investment grade space, i.e., the universe of "near fallen angels", or companies that could be downgraded from BBB to junk,
As for the worst case scenario, it should be self-explanatory: a sharp slowdown in the economy, coupled with a major repricing of bond market risk could result in a crash in the bond market, which together with the stock market has been the biggest beneficiary of the Fed's unorthodox monetary policies. Furthermore, should companies suddenly find themselves unable to refinance debt, or - worse - rollover debt maturities, would lead to a wave of corporate defaults that starts at the lowest level of the capital structure and moves its way up.
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Перед нами сейчас - коварный и опасный мошенник, расист, лжец и фашист Дональд Трамп, порочный Конгресс, нацистские ФБР - ЦРУ, кровавые милитаристы США и НАТО >>> а также и лживые, вредоносные американские СМ»И».
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Правительство США жестоко нарушало мои права человека при проведении кампании террора, которая заставила меня покинуть свою родину и получить политическое убежище в СССР. См. книгу «Безмолвный террор — История политических гонений на семью в США» - "Silent Terror: One family's history of political persecution in the United States» - arnoldlockshin.wordpress.com
Правительство США еще нарушает мои права, в течении 14 лет отказывается от выплаты причитающейся мне пенсии по старости. Властители США воруют пенсию!!
ФСБ - Федеральная служба «безопасности» России - вслед за позорным, предавшим страну предшественником КГБ, мерзко выполняет приказы секретного, кровавого хозяина (boss) - американского ЦРУ (CIA). Среди таких «задач» - мне запретить выступать в СМИ и не пропускать большинства отправленных мне комментариев. А это далеко не всё...
Арнольд Локшин, политэмигрант из США
BANNED – ЗАПРЕЩЕНО!!
ЦРУ - ФСБ забанили все мои посты и комментарии в Вконтакте!
… и в Макспарке!
Default Wave As $1.3 Trillion In Debt Is Set To Mature
ZeroHedge, Sept. 23, 2018
The financial elite is obsessed with what will send the world spiraling into the next financial crisis. The most likely catalyst to emerge is corporate debt.
What would be the trigger for corporate meltdown?
The most likely precipitating factor would be rising interest rates which after the next major round of debt rollovers over the next several years in an environment of rising rates would push corporate cash flows low enough that debt can no longer be serviced effectively.
While low rates in the past decade have been a boon to capital markets, pushing investors into stocks, a dangerous side-effect of this decade of rate repression has been companies eagerly taking advantage of low rates to more than double their debt levels since 2007. Companies have also been able to take advantage of lower borrowing rates to drive their average interest costs lower each year this cycle.... until now.
Interest expenses will flip from a tailwind for growth to a headwind on a go-forward basis. There is a substantial amount of debt coming due over the next few years: according to the bank's estimates there is over $1.3 trillion of debt for our non-financials coverage maturing through 2020, roughly 20% of the total debt outstanding.
As rates are finally rising - as this debt comes due, it is unlikely that companies will be able to roll to lower rates than they are currently paying. While rising rates has already become a theme in several sectors such as Utilities and Real Estate, this has the potential to be more widespread.
There has been a sharp pickup in the “Recession 2020” narrative as of late. Specifically, along with the growth of the fiscal deficit which will see US debt increase by over $1 trillion next year, the fact that debt growth has outpaced earnings growth this cycle has implications.
Which brings us round circle to the potential catalyst of the next crisis: record debt levels: net debt has increased while cash levels have declined.
Many on Wall Street have highlighted the deterioration in the investment grade space, i.e., the universe of "near fallen angels", or companies that could be downgraded from BBB to junk,
As for the worst case scenario, it should be self-explanatory: a sharp slowdown in the economy, coupled with a major repricing of bond market risk could result in a crash in the bond market, which together with the stock market has been the biggest beneficiary of the Fed's unorthodox monetary policies. Furthermore, should companies suddenly find themselves unable to refinance debt, or - worse - rollover debt maturities, would lead to a wave of corporate defaults that starts at the lowest level of the capital structure and moves its way up.
/////////////////////////////////////////////
Перед нами сейчас - коварный и опасный мошенник, расист, лжец и фашист Дональд Трамп, порочный Конгресс, нацистские ФБР - ЦРУ, кровавые милитаристы США и НАТО >>> а также и лживые, вредоносные американские СМ»И».
/////////////////////////////////////////////
Правительство США жестоко нарушало мои права человека при проведении кампании террора, которая заставила меня покинуть свою родину и получить политическое убежище в СССР. См. книгу «Безмолвный террор — История политических гонений на семью в США» - "Silent Terror: One family's history of political persecution in the United States» - arnoldlockshin.wordpress.com
Правительство США еще нарушает мои права, в течении 14 лет отказывается от выплаты причитающейся мне пенсии по старости. Властители США воруют пенсию!!
ФСБ - Федеральная служба «безопасности» России - вслед за позорным, предавшим страну предшественником КГБ, мерзко выполняет приказы секретного, кровавого хозяина (boss) - американского ЦРУ (CIA). Среди таких «задач» - мне запретить выступать в СМИ и не пропускать большинства отправленных мне комментариев. А это далеко не всё...
Арнольд Локшин, политэмигрант из США
BANNED – ЗАПРЕЩЕНО!!
ЦРУ - ФСБ забанили все мои посты и комментарии в Вконтакте!
… и в Макспарке!