Linkfest 992014-9122014

Bubble forming in US middle market leveraged finance (Sober Look)

CLO roundup: Pipelines point to busy year-end for both US, Europe (LCD's

Source: S&P Capital IQ LCD via

Packaged credit bundles boom; Sales of CLOs soar in the U.S. (FT Video)

Despite Cautionary Guidance, Leveraged Loans Reach New High (Dallas Fed)

"ABSTRACT: Leveraged lending has grown significantly since 2010 as underwriting standards have loosened. Despite regulatory concerns, markets have reached new highs that may hint at a buildup of risk."

Source: Dallas Fed

Banks’ $85 Billion Loan Pipeline Meets Investor Unease (Bloomberg)

Leveraged-Loan Protections Deteriorating, Moody’s Says (Bloomberg)

Credit card debt nearing "tipping point"; Payments getting closer to becoming unsustainable (Housing Wire)

Leveraged-Loan Boom Rejected by David as Goliath Buyers Jump In (Bloomberg)

Junk-Bond Offerings Struggle as Buyers Return to Fleeing (Bloomberg)

Gundlach ‘Not Really Afraid Of Junk Bonds’ Now, Adds More (Barron's Income Investing)

Banker warns of '94-style bond crash (Business Spectator)

Mortgage applications plummet, down 7.2%; Refinancing share drops 11% (HousingWire)

A higher-ed bubble even bigger than student loans (CNBC)

BofA Warns "Risk Of Selloff" After September's FOMC (Zero Hedge)

Post-QE wave to break over fund managers (Mohamed El-Erian, FT)

Adam Johnson: Get Ready for a Pullback for Stocks (Bloomberg)

Farr Says Bullish Advisors May Signal Stocks Correction (Audio) (Bloomberg)

Another Top Wall Street Strategist Abandons Her Bearish Stock Market Call (Business Insider)

Market Gains Will Abide as Rates Rise in Goldman’s View (Bloomberg)

Why I'm Optimistic About the Markets: RBC's Golub (Bloomberg Video)

Here’s Why Wall Street Bulls Are Smiling: RBC's Golub (Bloomberg Video)


U.S. steps up sanctions on Russia over Ukraine (Reuters)

Office of Foreign Assets Control - Sectoral Sanctions Identifications List - September 12, 2014 (US Treasury PDF)

European Union Details Tightened Sanctions Against Russia (NYT)

Putin: New sanctions odd & ineffective – simply damage those who introduce them (RT)

Statement by President Obama on New Sanctions Related to Russia (WhiteHouse, 9/11)

Russia’s Central bank expects further slowdown of economic growth due to sanctions (ITAR-TASS)

Putin Sanctions Bite Again as Debt-Raising Plans Obscured (Bloomberg)

Special Report: Moscow stifles dissent as soldiers return in coffins (Reuters)


China Credit Gauge Misses Estimates as Growth Risks Escalate (Bloomberg)

Chinese Central Bank Adrift Without Policy Anchor Amid Credit Slump (Bloomberg)

China May Soon Go the Way of Japan, Says Merrill Lynch (Businessweek)

Goldman Calls End to Iron Age After ‘Dramatic’ Drop in Ore Price (Bloomberg)

China bank loans bounce back but more support measures may still be needed (Reuters)

Negative Yields Show BOJ Set to Override Markets: Japan Credit (Bloomberg)

Buying negative-yield bonds: Sign of trouble at the BOJ or no big deal? (Nikkei Asia Review)

After default, Argentina economy falling into deeper hole (Reuters)

Venezuelan Default Suggested by Harvard Economist (Bloomberg at Yahoo Finance)

Venezuela Threatens Harvard Professor for Default Comment (Bloomberg)

Venezuela's Shortages of Almost Everything (Businessweek)

Asset-backed indolence: The European Central Bank’s plan for economic revival is underwhelming (The Economist)

Central banks' balance sheets between 2007-2014, ECB's is lagging (Source: The Economist)

France and Germany oppose guarantees for ECB debt-buy plan: document (Reuters)

Over to you, ECB's Draghi tells euro zone governments (Reuters)

Dutch bonds drop with Germany's as Draghi damps stimulus bets (Bloomberg at ekathimerini)

Europe's Weak Because It's Uncompetitive (Bloomberg View)

German Businesses Hurt by Sanctions Imposed Against Russia (RIA Novosti)

"HaminaKotka, Finland’s largest export and container port, is focused on trade with Russia. Now import bans, EU sanctions and the decline of the ruble have left HaminaKotka foundering" (

Finland’s Economic Fate Hinges on Russia as Relations Worsen (Bloomberg)

France breaks 2015 deficit-cutting promise (Reuters)

Greek debt upgraded to ‘B’ by S&P; Recovery ‘weak’ (CNBC)


1.8 million people, 11 kilometer line: Catalonians stage their biggest independence rally (RT)

A Historic First: Bank Of Japan Monetizes Debt At Negative Rates (Zero Hedge)

Komileva Likens a Scots `Yes' Vote to Black Swan Event (Bloomberg)

Pound Seen Tumbling Up to 10% on Scottish Yes Vote (Bloomberg)

Bonds Showing ‘No’ Results in Scottish Vote, Credit Suisse Says (Bloomberg)

Polls put Scottish unionists a nose ahead as vote approaches (Reuters)

Scottish Independence Push Loses Ground as No Leads Poll (Bloomberg)

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