Debt buybacks boom as companies cut borrowing
costs - (www.ft.com) Klépierre, a French commercial real estate
company on Monday joined a growing list of entities taking advantage of low
borrowing costs and buying back their existing debt. Companies are replacing
existing bonds with new debt, offering investors less interest despite holding
on to their money for longer. The practice reflects central bank policies that have pushed down the cost of long-term
borrowing, giving companies the chance to refinance at some of the lowest rates
on offer ever, and the limits of a policy when many businesses do not need
fresh capital. “Companies are taking the view that new issue market conditions
are extremely good and not to be missed,” said Vijay Raman, head of liability
management at Société Générale.
SEC charges hedge fund manager Leon Cooperman,
Omega Advisers with insider trading - (www.cnbc.com) Billionaire
Leon Cooperman and his Omega Advisors hedge fund were charged Wednesday with
insider trading, the Securities and Exchange Commission announced. The
SEC accused Cooperman of buying into Atlas Pipeline Partners ahead of a deal,
using his status as one of its largest shareholders to acquire nonpublic
information about an upcoming transaction. "We allege that hedge fund
manager Cooperman, who as a large APL shareholder obtained access to
confidential corporate information, abused that access by trading on this
information," said Andrew J. Ceresney, director of the SEC's Division of
Enforcement. "By doing so, he allegedly undermined the public confidence
in the securities markets and took advantage of other investors who did not
have this information."
Mexican
Peso Plunges against Dollar, in Toxic Cocktail of Forces - (www.wolfstreet.com) On
Monday morning the world’s tenth most traded currency, the Mexican peso, set a
historic precedent that few Mexicans will welcome. For the first time ever, one
US dollar fetched as many as 20 Mexican pesos in some of the nation’s banks,
including its biggest, Bancomer, following eight consecutive days of losses. Of
all the international currencies tracked by Bloomberg, only the Surinamese
dollar fell more against the U.S. dollar last week. The peso also holds the
dubious distinction of being the worst performing major emerging market
currency of 2016, having lost close to 12% of its value.
$195
Billion Asset Manager: "The Time Has Come To Leave The Dance Floor" - (www.zerohedge.com) "When
the supposed solutions to the Fed’s dilemma are merely new “problems,” you
know you are approaching the cycle’s end... long-term investing is predicated
on not just knowing where the happening parties are during the reflationary
parts of the cycle but more importantly, knowing when the time has come to
leave the dance floor. In our view, that time has already come."
US
election: Are we in for an October Surprise? (opinion) - (www.cnn.com) As
September comes to an end, presidential-election observers are beginning to
wonder if there will be an October Surprise. In a campaign where the unexpected
has become normalized, both parties -- but particularly Democrats -- suspect
that the next month could bring a shocking revelation. The notion of an October
Surprise gained widespread popularity in the 1980 election, when Ronald
Reagan's campaign feared that President Jimmy Carter would announce a
resolution to the Iran hostage crisis only weeks or days before Americans went
to vote. While Carter was in fact working on an end to the crisis, irrespective
of the election, the Iranians did not release the hostages until after Reagan's
inauguration.
Mexico’s Central Bank Tested by Traders as Peso Falls to Record
- (www.bloomberg.com)
Long Trade in Corporates Brings Pain as Central Banks Deliberate - (www.bloomberg.com)
Gold Seen Entering Long-Term Bull Market as Asset Bubbles Burst - (www.bloomberg.com)
Calm descends before central bank storm - (www.ft.com)
Why China's Experiment in Direct Democracy Was Doomed to Fail - (www.bloomberg.com)
Long Trade in Corporates Brings Pain as Central Banks Deliberate - (www.bloomberg.com)
Gold Seen Entering Long-Term Bull Market as Asset Bubbles Burst - (www.bloomberg.com)
Calm descends before central bank storm - (www.ft.com)
Why China's Experiment in Direct Democracy Was Doomed to Fail - (www.bloomberg.com)
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