Jenga-like structure builds in credit markets
17 Jan, 2021 08:13 PM
5 minutes to read
Global markets are precariously balanced. Photo / Getty Images
Financial Times
By: Joe Rennison
For one influential watcher of the credit world, conditions in the corporate bond market are starting to look unnerving. Matt Mish, who heads up UBS s credit strategy team, likens the current state of the market to a tower of Jenga blocks. At the moment, crucial support is being provided by central bank buying across the globe, holding borrowing costs low and providing a backstop if investor demand falls. As that support is removed, piece by piece, the tower could begin to wobble.
Debutant Sundar and Thakur, who were brought in as replacements to injured regulars in India s bowling lineup, ended up scoring half-centuries and their 123-run partnership for the seventh wicket helped India reduce Australia s lead to just 33 runs. Indi
Houston Wire & Cable Co. to sell Southwest Wire Rope division
HOUSTON â Houston Wire & Cable Co. announced that it has entered into a definitive asset purchase agreement for the sale of its Southwest Wire Rope business for a purchase price of $5 million, subject to a working capital adjustment.
The sale excludes about $2.6 million of trade accounts receivable, which HWCC will retain. HWCC expects to use the net sales proceeds and accounts receivable collections to further reduce Revolver debt. HWCC has already reduced Revolver debt to about $21.4 million as of Jan. 13 from a peak of $95.2 million in first quarter 2020.
The transaction is subject to customary closing conditions and is expected to close in the first quarter.