Wolfstreet report – zombiebedrijven en wat ze veroorzaken
Het Wolfstreet report neemt deze week zombiebedrijven onder de loep, de groei van deze categorie en de risico’s die zij veroorzaken.
Zombiebedrijven zijn bedreigend voor de gezondheid van de economie. Ze zijn dood (of zouden het moeten zijn), maar door de ontstane omstandigheden worden er meer in leven gehouden dan ooit. Schijnbaar.
Meer en exacter definities over wat zombiebedrijven precies zijn vindt u hier.
Publicatie 23 augustus
Transcriptie
Through the first half of August – which is normally a quiet period for the bond market in the US – a total of $56 billion in junk bonds and leveraged loans were issued by junk-rated companies, according to S&P Global. That was nearly 50% higher than the prior records for the same period in 2012 and 2016, and more than double the amount issued in the entire month of August last year.
The Fed’s announcement on March 23rd that it would start buying corporate bonds and bond ETFs set off a huge rally in the bond market, including in the junk-bond market.
The rally started before the Fed ever actually bought the first bond. And then the Fed hardly bought anything by Fed standards. Through the end of July, it bought just $12 billion in corporate bonds and bond ETFs, including a minuscule $1.1 billion in junk bond ETFs. It’s not even a rounding error on its $7-trillion mountain of assets.
But the announcement was enough to trigger the biggest junk-debt chase in the shortest amount of time the world has likely ever seen. And it kept the zombies walking, and it generated a whole new generation of zombies too.
The junk-bond ETFs the Fed dabbled in hold junk-bonds issued by companies that have been taken over by Private Equity firms in leveraged buyouts, where the acquired company itself borrows the money to pay for its own acquisition. Leveraged buyouts produced the first big wave of bankruptcies among retailers that started years before the Pandemic, and included Toys R Us, now liquidated.
De rest van de transcriptie vindt u hier.
Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate. I appreciate it immensely. Click on the beer and iced-tea mug to find out how:
Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here.
Eerdere afleveringen van het Wolfstreet report vindt u hier.
Hetzelfde gebeurt in de eussr maar op een heel andere leest .Honderdduizenden bedrijven hadden allang moeten failleren maar worden kunstmatig ( oa groene soepsidie)op de been gehouden .Daar komt in de toekomst geen belastingcent van terug ,want productief worden ze nooit meer .Productieve en innovatieve kleine bedrijven worden daarintegen ontoegankelijk voor de financiële markt en gaan kopje onder .Het neomarxistische scenario,nml één centraal politburo ( ecb en “comitee”)dat dicteert,terwijl dat in de VS daarintegen niet als zodanig van toepassing zal zijn. De eussreconomie is toast.