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The Fed Is Now The Proud Owner Of Bankrupt Hertz Bonds

The Fed Is Now The Proud Owner Of Bankrupt Hertz Bonds Tyler Durden Mon, 05/25/2020 – 11:55 On March 23 – the day the S&P dropped to its cycle low of 2,237 –  the Fed stunned capital markets when it announced it would purchase investment grade corporate bonds, traversing a Rubicon into secondary market intervention that not even  Ben Bernanke had dared to cross. A few weeks later, on April 9, the Fed doubled down by announcing it would purchase not only junk bonds from “fallen angel” issuers (an announcement which came just days after a quarter in which a record $150BN in investment grade bonds were downgraded to junk, starting the long awaited tsunami of “fallen angels”), but would also buy junk bond ETFs such as HYG and JNK. This is what the Fed’s Secondary Market Corporate Credit Facilities term sheet said on this topic: The Facility also may purchase U.S.-listed ETFs whose investment objective is to provide broad exposure to the market for U.S. corporate bonds. The preponderance of ETF holdings will be of ETFs whose primary investment objective is exposure to U.S. investment-grade corporate bonds, and the remainder will be in ETFs whose primary investment objective is exposure to U.S. high-yield corporate bonds Naturally, the news cheered beaten down markets, and was enough to send junk bond ETFs such as JNK and HYG soaring. One month...

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“They Shall Grow Not Old, As We That Are Left Grow Old”

“They Shall Grow Not Old, As We That Are Left Grow Old” Tyler Durden Mon, 05/25/2020 – 11:45 The fourth stanza of Laurence Binyon’s poem “For the Fallen” published in The Times newspaper on 21st September 1914, was written to honor the young Englishmen who had fallen in the war that had begun seven weeks earlier. The horror would continue for another 1812 days. They shall grow not old, as we that are left grow old: Age shall not weary them, nor the years condemn. At the going down of the sun and in the morning, We will remember them. This stanza is read at the Menin Gate as the “Ode of Remembrance” every evening at 8 p.m. to honor the 90,000 dead in and around Ypres who have no known grave. It is now used as a tribute to all casualties of war, irrespective of nationality. The above copy was handwritten by Mr. Binyon while he was on duty as a medical orderly in France in 1915 or 1916 and auctioned at Bonham’s as Lot 50, April 10, 2013 h/t Climateer...

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Wayback Machine Latest Victim Of Big Tech Consolidation And Censorship

Wayback Machine Latest Victim Of Big Tech Consolidation And Censorship Tyler Durden Mon, 05/25/2020 – 11:20 Authored by Raul Diego via MintPressNews.com, In what is turning out to be something of a latter-day dot com bust, many small to medium-sized tech startups are teetering on the edge of oblivion as the deliberate economic shutdown eats away at their capitalization and opens the door for the biggest fish in the tech space and others to pick the ripest fruit from the tech start up tree. As opposed to the original, this start up bust is accompanied by a very precise view of market opportunities for interested buyers and investors, brought on by an equally deliberate reshaping of workplace conditions and societal interactions which are driving companies like Microsoft to “aggregate capabilities” in “cloud computing, collaboration, access management, and other business continuity tools that saw a surge in demand during regional lockdowns.” The ride-share behemoth, Uber, for example, is reportedly in talks to acquire Grubhub and expand its food-delivery operations, while Microsoft just completed its purchase of robotic automation company, Softomotive. One global research and advisory firm that focuses on IT and finance has even put out a guide “on how tech startups can best prepare for being acquired by a larger company,” revealing that just 13 companies accounted for a full 60 percent of the $150 billion raised by tech startups between...

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Kim Jong Un Oversees Meeting To Increase NK’s ‘Nuclear War Deterrence’

Kim Jong Un Oversees Meeting To Increase NK’s ‘Nuclear War Deterrence’ Tyler Durden Mon, 05/25/2020 – 11:00 Still on his public appearance ‘return’ tour after last month’s ‘where’s Kim?’ false alarm, North Korean leader Kim Jong Un hosted a meeting of top generals on the country’s nuclear policy Sunday — the first appearance since his May 1st tour of a factory quashed persistent rumors about his health. State media asserted Pyongyang would continue to bolster its nuclear capabilities undeterred, amid stalled nuclear talks with the White House, at the meeting of the Workers’ Party of Korea Central Military Commission (CMC). KCNA reported the meeting was aimed at efforts to “reliably contain the persistent big or small military threats from the hostile forces,” according to Reuters. The report emphasized the country would increase its “nuclear war deterrence”.  During Sunday’s nuclear meeting, via Korean Central News Agency. “Set forth at the meeting were new policies for further increasing the nuclear war deterrence of the country and putting the strategic armed forces on a high alert operation,” the state media outlet continued. The state-run outlet noted that officials also took “crucial measures for considerably increasing the firepower strike ability of the artillery pieces.” Kim is said to have signed seven related orders:  The orders concerned “enhancing” the responsibility and roles of major military educational institutions, reorganizing the military command system “to meet the mission and...

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Rabobank: “Quite A Market Disconnect Has Formed: We May Be Just Weeks Away From The Levee Breaking”

Rabobank: “Quite A Market Disconnect Has Formed: We May Be Just Weeks Away From The Levee Breaking” Tyler Durden Mon, 05/25/2020 – 10:35 Submitted by Michael Every of Rabobank Arrogant And Offensive “Arrogant and offensive”. Not today’s Daily. Well not deliberately and/or any more than usual. Rather those three words, followed by “Can you imagine having to work with these truth twisters?” were tweeted out by the British civil service on its official account yesterday before being deleted. This was in reference to the UK government lining up to bend over backwards to support PM Johnson’s advisor Dominic Cummings, who stands accused of having broken the virus lockdown rules that he helped draw up. Listen to UK radio and read the press: the sense of public anger is palpable when just weeks ago people were genuinely concerned for BoJo’s health. The lockdown was already fraying: now it may be undermined by a perceived “one rule for them and another for us”. Which we have a whole lot of globally on many fronts. What an era we are living in when a tweet like that can go out in he UK: and yet I must confess I wasn’t sure exactly which government this was referring to when a screenshot of it was first shared with me. “Arrogant and offensive” and “truth twisters” is certainly what the US and China are...

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Bayer Shares Jump On “Progress” In ‘Roundup’ Settlement Talks

Bayer Shares Jump On “Progress” In ‘Roundup’ Settlement Talks Tyler Durden Mon, 05/25/2020 – 10:15 Shares in Bayer AG surged on Monday morning following a report the German life science company reached a verbal agreement to resolve most of its lawsuits related to its glyphosate-based Roundup weedkiller, sources told Bloomberg. Bayer shares jumped 8.4% to EUR 62.50 on Bloomberg’s report of significant headway has been made in settling lawsuits.  The report said the deal would cover an estimated 50,000 to 85,000 lawsuits, which would end the expensive legal battle and force the company to shell out upwards of $10 billion.  “We’ve made progress in the Roundup mediation discussions under the auspices of Ken Feinberg, but in keeping with the confidentiality of this process, the company will not speculate about settlement outcomes or timing,” a Bayer spokesman said. Bayer is expected to formally announce the settlements in June once it receives approval from the supervisory board. The settlement deal has yet to be signed, but plaintiffs’ lawyers are expected to do so on the day of the official announcement.  Bayer has been locked in a heated battle with an estimated 125,000 lawsuits claiming its Roundup Brand Products causes cancer. In April, the company said it was served with 52,500 US lawsuits, up from 46,600 in February.  The Bayer spokesman said the rise in lawsuits, along with the expectation of more suits, comes as lawyers have heavily advertised across the country on television. Here are some...

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UK to Explore Self Sufficiency to End Reliance on China

https://media.breitbart.com/media/2020/01/boris-china.pngThe British government will make plans to reduce the United Kingdom’s reliance on imports from foreign countries like China after a study revealed that the UK is reliant on the communist country for the supply of 71 “critical goods” including pharmaceuticals, personal protective equipment (PPE), and...

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