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November 5, 2007

Credit Markets Farce/Tragedy

Agree or disagree with him, but John Mauldin always pull together in his newsletter entertaining bears on the market. This time around it's one Michael Lewitt, who offers, at a BCA conference, a fairly apocalyptic view of credit markets.

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Mssr Lewitt would love this factoid from Dealogic today:

There have been only 11 bank bond deals since Monday last week - a third of the number of deals priced in the previous week as some financial institutions are forced to stay on the sidelines because of the tougher market conditions, according to Dealogic. A $1bn deal from Morgan Stanley last week highlighted the problems. The bank was forced to pay an extra $5m a year in interest rate charges to attract investors, compared with a similarly structured bond priced in February.

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