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Daily Bankruptcy Review (DBR): Popular Delusion

Daily Bankruptcy Review (DBR): Popular Delusion

By Anders J. Maxwell The arrival of fall and the change of season is a good time to take stock of business. The S&P Market Index is up 16% year-to-date and continues to climb. Junk issuance exceeds 2012's record-setting pace, averaging $28 billion a month through July. Even housing, at the epicenter of the great collapse of 2008, is ... Read More

Bloomberg Brief: Homebuilders: A ‘Double Bubble’?

Bloomberg Brief: Homebuilders: A ‘Double Bubble’?

By Anders Maxwell While there were notable home builder bankruptcies such as William Lyon Homes and Tousa Inc. in the latest downturn, defaults within this industry did not match the failure rate witnessed in the late 1980’s. Various indicators of credit risk – credit default swaps and bond yields – hinted that a larger number ... Read More

DBR: Beneficiaries of Failure

DBR: Beneficiaries of Failure

By Anders Maxwell A special supplement to The Financial Times on Sept. 21, 2012, questioned the major bond rating firms’ increasingly benign forecasts for default rates from the current trailing 12 month’s 2.8% to 3.7% by midyear 2013. These levels are substantially lower than the long- term average of 4.4%. The FT report was follow... Read More