Cate Long

I lead a research service for Puerto Rico bondholders. Former contributor to Reuters.

[Cate Long @cate_long]

"We do have some high volatility but the forced selling isn't there yet," says Glendon Capital Holly Kim at the Bloomberg Global Credit Forum on distressed markets.

"What is unique in this industry, and in the first time in my career, is there is this 'pipeline of defaults' already baked into the system. Whether we have an economic cycle or have a recession or not we are going to have a default cycle. $2 trillion of LBOs in 2021 with some of the most highly levered balance sheets. There is about $165 billion of LME paper from 66 issuers that is the worst paper in the industry. And now even the senior paper is trading at distressed levels with average price in the 70s. That's about $90 billion and the rest is subordinated to that. And when you have that level of defaults you are going to have forced selling in the markets. In addition there is a additional $500 billion that faces a maturity wall but couldn't access refinancing in 2024/5."

[Credit cycles are like clockwork. Low rates, overly optimistic underwriting, rates strengthen, refinancing impossible, defaults increase and cleanse the system. All the flurried LMEs won't disrupt the cycle. They have just delayed it a bit. Clean up teams standing ready.]

https://t.co/bnEdNjaWW3

[Cate Long @cate_long]

@mthjwbgs oh brother.

[Cate Long @cate_long]

Is that an earthquake I hear on the west coast?

CA election results > https://t.co/uFCg4wkd2R

Hot Blooded, New Constellations > https://t.co/tVbNyWpG4d

[Cate Long @cate_long]

@saylordocs Just the facts

[Cate Long @cate_long]

Former New Jersey governor @ChrisChristie weighs in on the Puerto Rico bankruptcy debacle and recommends that Congress nominate additional members for President Trump to install a full membership. By statute the OBoard is unable to conduct business w/ only 4 members #muniland https://t.co/8LYrJxkZj6

[Cate Long @cate_long]

@Reuters @ErinBanco Pulte was not named acting head of the CIA > > Trump named Pulte acting director of national intelligence. https://t.co/Wff2DYf7FQ

[Jana Choukeir @ChoukeirJ]

TRUMP: IRAN'S AYATOLLAH IS INVOLVED IN NEGOTIATIONS WITH U.S.

TRUMP: THEY SAY AYATOLLAH IS GIVING APPROVAL IN TALKS

TRUMP: WILL PROBABLY MEET WITH IRAN'S AYATOLLAH AT SOME POINT

[Cate Long @cate_long]

The Federal Reserve chairman "has said that he believes the [dot plot] forecasts lead officials to cling to their views on the economy long after reality has shifted, resulting in policy errors."

Adios dot plots.

https://t.co/YOHdS2Hd51

[Cate Long @cate_long]

@SaysSimonson Thank you. I'm sick of government employees (current or former) who make anonymous denunciations.

[junkbondinvestor @junkbondinvest]

Cliffwater told you to ignore the wall of worry

17% of their own investors are now climbing it

[Cate Long @cate_long]

Title 3 court denies Luma's $PWR motion for a permanent stay on remand of Puerto Rico govt's case seeking termination of their contract until the 1st Circuit completes hearing $PWR appeal. T3 court does allow temporary 21 stay for $PWR to seek a stay from the circuit #muniland

https://t.co/PKMdhCXxfD

[Energy Intelligence @energyintel]

Loadings at Iran’s Jask terminal have stepped up to record volumes, but the US blockade has slowed flows at Kharg Island to a trickle. With minimal flexibility to switch terminals, Iran’s #crude exports are collapsing.

Access the full analysis: https://t.co/IW7yfvAbFD

[Cate Long @cate_long]

@EdwardGLuce "The same root that feeds flirtation with communism on the left is also fuelling antisemitism on the right." ????

[Reuters @Reuters]

In China’s rare earth town of Baotou, a whole ecosystem has been established to help create a circular chain to convert the critical minerals into magnets that power jet engines, electric vehicles and wind turbines https://t.co/jTUXGqotsg

[Suzanne Xie @suzannexie]

Set long-term capital gains tax rate on national security equities to 10% and stack QSBS with a new QNSS exclusion for nat sec startups 7/14

[Cate Long @cate_long]

@staunovo Ms. O'Neill moving fast.

[Cate Long @cate_long]

AI debt sales reshape global corporate bond markets.

Deals set records for euro, sterling, yen.

https://t.co/A6O28TdkKn

[Treasury Secretary Scott Bessent @SecScottBessent]

For too long, our political class treated efficiency as a substitute for resilience and consumption as a measure of prosperity.

Trade policy, industrial capacity, and national security are inseparable. And to allow foreign dependencies to degrade any one of those domains is to allow them to define America’s future. Under @POTUS’ leadership, we are rebuilding domestic production to restore American sovereignty.

[Cate Long @cate_long]

@profplum99 The nation is massive and needed development. The fedgovt gave away 100s of millions of acres in schemes after the Civil War. This was a one off and government sells or leases land now.