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The Tweet of the day goes to Bloomberg's Tracy Alloway.

In contrast to 2015, this is not just oil-related. Let's fill in all the missing pieces.

First Time Since Lehman

The Financial Times reports US Credit Markets Dry Up as Volatility Rattles Investors.

Not a single company has borrowed money through the $1.2tn US high-yield corporate bond market this month. If that drought persists, it would be the first month since November 2008 that not a single high-yield bond priced in the market, according to data providers Informa and Dealogic.

Junk Bond Spreads

Bianco Research

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Bloomberg reports High-Grade Credit Weakens Most Since February on GE Angst.

Leveraged Loan Deals

Not Isolated

Recession Odds

Contrary Indicators "No Recession in Sight"

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This one is either downright funny or ironically serious, depending on your point of view.

Top White House economic adviser Larry Kudlow says 'Recession is so far in the distance I can't see it'.

Piling On

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Looming Maturity Wall

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The preceding two charts are from the MarketWatch report U.S. Corporate Debt Party is Getting Out of Hand.

Not Just US

It's not just the US either: [Europe Is Ground Zero for Global Credit Fears](Europe Is Ground Zero for Global Credit Fears)

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Capitulation Silliness

The above Bloomberg chart notes "capitulation". I disagree.

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On a short-term basis the Bloomberg chart does indeed look like a serious selloff.

Long-term, we are not even close.

An asset-bubble, credit-bust recession is on the way.

Mike "Mish" Shedlock