Bonds With “Worst-Ever Covenants” Are 3x Oversubscribed

It wasn’t just the loans with the terrible covenants that got a preferential revision: yields on the bonds were also reduced, with the $1 billion portion of secured notes offered at 6.25% from an initial range of 7% to 7.25%. The $750 million of equivalent euro bonds were offered at 4.375 percent, down from an original range of low 5 percent. Another $1.95 billion unsecured-bond offering is being discussed at a price of 225 basis points above the secured bonds, making further pricing shifts likely.

All this takes place in a time when BBG’s Sebastian Boyd reports, junk, leveraged loans and CLOs have all come roaring back this year after an awful fourth quarter. And while flows have been more than supportive (unlike equities, at least until this week), supply just isn’t there.

https://www.zerohedge.com/news/2019-03-15/bonds-worst-ever-covenants-are-3x-oversubscribed

I am very disappointed in my then, now future! Who could have foretold how crappy our space would perform … for years and years.

How long can the riggers hold it together?

I guess Einstein thought that time travel was possible. Though not likely! 🙂

”
The theoretical underpinnings of time travel date back to 1905, when Albert Einstein wrote down his special theory of relativity that showed space and time are intimately linked, and to 1916, when Einstein’s general theory of relativity showed that space and time are malleable — that is, they respond to the presence of matter or energy by warping, bending, expanding, and contracting. By extension, this means if one can imagine space being filled with some exotic form of energy, then space and time could warp in a way so that time, as well as space, could bend back upon themselves like circles, allowing one to move forward in a straight line and still return to one’s starting point in both space and time.

But even after thinking about the time travel problem for more than a century, physicists haven’t advanced the ball very far. We recognize that while Einstein’s equations do allow for round-trip time travel (at least in principle), other physics considerations probably rule out creating the exotic forms of energy that would make it possible.”

https://www.nbcnews.com/storyline/the-big-questions/what-einstein-bill-gates-teach-us-about-time-travel-n757291

” I feel like taking a nap for a couple of years and wake up to see where we are.”

I distinctly remember you saying that sometime in the prior century.  Welcome to your (then) future!

We are all ‘time travelers’, you know.  🙁  Unfortunately it is a one-way trip.

https://youtu.be/gOikrDPgTyM

Maddog – kind of a no brainer that gold would be stuffed at 1300 and GLD @ $123. I’m sure the options were piled up at those levels.

Some of the shares probably the same. NEM 33 etc.

Ipso – yeah kind of interesting to see the actions amongst the commercials

FIRST MINING GOLD CORP (CA: FF)
Up over 15% today!
Anyone know why?

Didn’t check the strikes….but amazing how AU finished @ 1300.00…..good call…no pun intended.

Have a good ‘un all.

“Looks like scum vs. scum to me.”

LOL We should let the cretins fight it out! Maybe some big entities going long gold?

although the metals look week – to be expected on an OpEx day

The shares are catching a breeze, maybe some short covering.

We all know there are endless shorts to cover in pm shares…

Quadruple witching, the sun is shining, the moon comes out tonight. Whatever excuse we need, it’s right there.

COT Report is out and have to say I’ve never seen one like this for gold. Looks like scum vs. scum to me.

https://cftc.gov/dea/futures/deacmxlf.htm

Disappointing day in the shares (and metals) to say the least. Monday could be ugly…

Seems we have plenty to worry about. I feel like taking a nap for a couple of years and wake up to see where we are.

Five residents of New Mexico desert compound where remains of missing three-year-old were found are charged in ‘jihad’ conspiracy to kill cops, soldiers and government officials

https://www.dailymail.co.uk/news/article-6810385/New-Mexico-compound-suspects-face-new-conspiracy-charges.html

The darn shares have never led in this recent rally…..always a worry that.

You said it man! What a ridiculous day!

I guess we need to look out below on Monday.

Geesh

And the double standard. They are taking the empowerment away from citizens to decide what’s good for their cities. The empowerment to apply justice to foreign criminals. They pay them to do nothing but pro create and out birth the citizens while citizens having less kids because they can’t afford it. Now want to take up space in college for foreign students who get all sorts of grants the citizens don’t get. They don’t even warn them when criminals are running around but try to make excuses for them and cover it up.

Germany: Muslim migrant crimes concealed to prevent “prejudice”

Political correctness has spread to that Nation with the same results.The Prime Minister defends her actions by saying things like “Thats not who we are” just like the American Liberals do.They make Hugh mistakes on immigration and then defend their mistakes with Self Righteousness  ,political correctness and “Im a good person defence”…Its not my Fault  ! defence…..They wont take responsibility for their mistakes .   Policy mistakes.    !      Theres a big difference than attacking  Prime ministers or a Presidents personal  integrity .When they fail it becomes a personal attack and claim their integrity is being falsely attacked  by malevolent critics . NO thats not what the problem is …You made a Policy mistake by inviting Muslims  into a foreign environment that they wont assimilate into and having GOOD intentions wont fix that,because the ROAD to Hell is Paved with GOOD intentions.

Enjoy your ROAD trip !

I don’t think that too many that were surprised. There isn’t one religion Muslims can peacefully cohabit with. They can’t even get along with different sects of their own religion. Just awhile ago a Muslim women took her young son 6-8 to a mosque in Arabia. Men walked up asked what sect she was which was apparently the wrong one and then grabbed her son away from her and began cutting at the child’s neck with a broken bottle till they decapated him while she was helpless to stop them. Talking about uncivilized.

When do you see the Muslims apologizing for crimes against others or standing up saying that’s not who we are. So yes these open border pushers are catering to a mental disorder of violent non assimilating people. How can they possibly say they’re makinh a country better when they’re just enabling lawless and non assimilation to spread. They create no go zones, harass people on the street and rampid crimes. How can they expect Christians, Jews or even Buddists to want them around, to influence their kids, or feel safe around them.
If they don’t have to respect the rule of law for that country including simple right and wrong with little consequences don’t expect the people of that country to respect it either. Watch the double standard.
It’s kinda funny to see them worried about kids getting chicken pox or measles but allow open borders.

We need USD weakness to give pm’s some good upside fuel for a change.

I want my losses back from yesterday dammit!!

It’s time like this when I miss Wanka and his Voodoo, chicken legs prognostications. 🙂

Silver was looking great until about 5 minutes ago…

I’m investigating the use of Voodoo to influence my stocks. Just waiting for McEwen to send me a lock of his hair. 🙂

If I got back what I lost yesterday I’d be a happy camper!

Not counting on it …

Hope DB is right about that.

It sure felt like the trend was higher until yesterday’s drubbing.

So hard to figure out where we’re going – especially when conventional tools like charts and COT’s are useless in determining future moves.

There’s just no pleashing me… 🙂

Anglo American hands land to South Africans amid expropriation push

Gold has been on an upward trend since last August, when the metal hit a bottom of $1195.20. On February 20th, the asset reached a peak of $1,347.90, theoretically securing a positive outlook as past trends have $1,300 as the upside mark for gold. However, on the first day of March, gold futures fell below $1,300 levels, though they have rallied back to $1309.40, raising questions on whether gold’s rally is here to stay. Deutsche Bank argues that despite recent volatility, gold will continue to head higher. On a note published on March 11, Michael Hsueh, FX strategist at Deutsche, reiterated that the bank remains bullish on the asset.

cont. https://www.barrons.com/articles/golds-rally-is-not-over-according-to-deutsche-bank-51552559400