Corporate Deleveraging Archives - MacroPolo Corporate Deleveraging Archives - MacroPolo

Analysis

Corporate Deleveraging
 
Commercial Paper
 
October 1, 2018

In 2016, a spate of fraud involving bankers’ acceptance drafts (BADs) and commercial acceptances drafts (CADs)—which are collectively called commercial paper or corporate bills—led to a major contraction in both their issuance and the volume of bills that are discounted. While that has seemingly helped erase the worst abuses, the fallout is still being felt in the real economy. Commercial… READ MORE


Creditors’ Committees
 
Corporate Deleveraging
 
June 25, 2018

China’s financial system is a little like the Island of Misfit Toys.[1] From a distance everything looks familiar, but up close it becomes apparent that things aren’t built the way you might expect. Take the country’s money-market funds: they aren’t managed by institutional investors like Vanguard and Fidelity but by internet giants Alibaba and Tencent. Meanwhile, trusts don’t help preserve… READ MORE