While
the western world (and much of the eastern) has been preoccupied with
predicting the consequences of Trump's accelerating global trade/tech
war, Beijing has had its hands full with avoiding a bank run in the
aftermath of Baoshang Bank's failure, scrambling to inject massive
amounts of liquidity last week in the form of a 250 billion yuan net
open market operation to thaw the interbank market which was on the
verge of freezing, and sent overnight funding rates spiking and bond
yields and NCD rates higher.
Unfortunately for the PBOC, Beijing is now racing against time to
prevent a widespread panic after it opened the Pandora's box when it
seized Baoshang Bank two weeks ago, the first official bank failure in a
odd replay of what happened with Bear Stearns back in 2008, when
JPMorgan was gifted the historic bank for pennies on the dollar.
PBOCにとって残念なことに、北京政府は今や、２周間前のBaoshang Bank 吸収でパンドラの箱を開いた後の混乱拡大を収束させることで手一杯だ、公式に銀行倒産を認めたことが２００８年のベア・スターンズを思い起こさせる、当時JPMorgaは棚ぼたでこの伝統ある銀行を手中に納めた。
And with domino #1 down, the question turns to who is next, and will they be China's Lehman.
ドミノ＃１に伴い、問題は次に起こることだ、それは中国のレーマン銀行となるだろう。
This was the question we asked last Thursday,
when we published a list of regional banks that have delayed publishing
2018 reports, the biggest red flag suggesting an upcoming bank solvency
"event."
One day later we may have gotten our answer, when the Bank of
Jinzhou, a city commercial bank in Liaoning Province, the second name
in the list above, and with some $105 billion in assets, notably bigger
than Baoshang, announced that its auditors Ernst & Young Hua Ming
LLP and Ernst & Young had resigned, not long after the bank
announced it would delay the publication of its annual reports.
その翌日に我々は答えを得たかもしれない、それはBank of Jinzhou 錦州銀行、遼寧省の商業銀行だ、この表では二番目に書かれている、資産規模は＄１０５B、Baoshangよりもずっと大きい、この銀行の広報によると、監査法人Ernst & Young Hua Ming LLP and Ernst & Young が辞退した、当行が年次報告開示遅延を広報してからそう遅くない時期にだ。
For those confused, the delay of an annual report and the resignation of an auditor, means a bank failure is not only virtually certain but practically imminent.
As the bank - which first got in hot water in 2015 over its exposure to the scandal-ridden Hanergy Group -
writes in a filing on the Hong Kong Stock Exchange, E&Y was first
appointed as the auditors of the Bank at the last annual general meeting
of the Bank held on 29 May 2018 to hold office until the conclusion of
the next annual general meeting of the Bank. That never happened,
because on 31 May 2019, out of the blue, the board and its audit
committee received a letter from EY tendering their resignations as the
auditors of the Bank with immediate effect.
The reason for the resignation: the bank refused to provide E&Y
with documents to confirm the bank's clients were able to service loans,
amid indications that the use of proceeds of certain loans granted by
the Bank to its institutional customers were not consistent with the
purpose stated in their loan documents.
As a result, "after numerous discussions and as at the date of this announcement, no
consensus was reached between the Bank and EY on the Outstanding
Matters and the proposed timetable for the completion of audit." As a result, after a clear breakdown in relations with its own auditor, the
Board decided to appoint Crowe (HK) CPA Limited as the new auditors of
the Bank to fill the casual vacancy following the Resignation and to
hold the office until the conclusion of the 2018 annual general meeting
of the Bank (we are taking the under with lots of leverage as Crowe will
likewise quit in the coming weeks if not days).
And confirming that not even the bank's management believes this
"justification" will be enough to avoid a rout in the stock, the bank
reported that it has requested the trading in the H shares (which was
frozen on April 1) on The Stock Exchange of Hong Kong Limited to be
suspended until the publication of the 2018 Annual Results. For anyone
who hopes that these shares will ever be unfrozen for trading, there are
a few bridges in Brooklyn that are for sale.
The real question facing Beijing now is how quickly will Bank of
Jinzhou collapse, how will Beijing and the PBOC react, and what whether
the other banks on the list above now suffer a raging bank run, on which
will certainly not be confined just to China's small and medium banks.
当行取締役はこの出来事を「正当化」することで株価下落を回避するのに十分と考えている一方、香港証券取引所での売買は２０１８年次決算開示までサスペンドとされている（すでに４月１日から売買凍結となっている）。ただし株式売買再開は望み薄だ。現在北京政府が直面している疑念は、 Bank of Jinzhou 倒産までにどれだけの時間があるか、またその時如何に北京政府とPBOCが対応するかだ、そしてこの表の他の銀行も倒産となる銀行等産の嵐がおきるかどうか、どうなるかだ、さらにはそれが中小銀行にとどまるかも懸念される。
Amazonで買物をしてContrarianJを応援しよう Junk Bond Bubble In Pictures: Deflation Up Next by Tyler Durden Fri, 07/19/2019 - 14:37 Authored by Mike Shedlock via MishTalk, The widely discussed "everything bubble" is, in reality, a corporate junk bond bubble on steroids sponsored by the Fed ... 幅広く議論されている「everything bubble」は実際に企業ジャンク・ボンドバブルにも言えることであり、これはFEDによりドーピング注入されている・・・ The highest grade AAA corporate bonds yield 2.75%. BBB-rated corporate bonds, just one step above junk, 3.5%. BB-rated bonds yield just 4.28%. 最高級ランクAAA企業債権の金利は２．７５％だ。あとひとランク悪化でジャンク・ボンド入りするBBB債権金利は３．５％。BB格付け債権の金利でもわずか４．２８％でしかない。 Corporate Bond Spreads 企業債権金利のスプレッド The spread between Prime AAA bonds and lower-medium grade bonds (see chart below) is just 0.77 percentage points. 最上位AAA債権と低中ランク債権のスプレッドがわずか０．７７％しかない。 The spre...
Amazonで買物をしてContrarianJを応援しよう Silver Outperforming Gold 2 Adam Hamilton July 26, 2019 3232 Words Silver has blasted higher in the last couple weeks, far outperforming gold. This is certainly noteworthy, as silver has stunk up the precious-metals joint for years. This deeply-out-of-favor metal may be embarking on a sea-change sentiment shift, finally returning to amplifying gold’s upside. Silver is not only radically undervalued relative to gold, but investors are aggressively buying. Silver’s upside potential is massive. ここ２週シルバーは急騰した、ゴールドを遥かに凌ぐものだ。これは注目すべきことだ、もう何年もシルバーはひどいものだった。この極端に嫌われた金属が大きく心理を買えている、とうとうゴールド上昇を増幅するに至った。シルバーは対ゴールドで極端に過小評価されているだけでなく、投資家は積極的に買い進んでいる。シルバーの潜在上昇力は巨大なものだ。 Silver’s performance in recent years has been brutally bad, repelling all but the most fanatical contrarians. Historically silver prices have been mostly ...
Class 8 Heavy Truck Orders Crash 68% in January by Tyler Durden Wed, 02/06/2019 - 17:25 Among the latest dismal news about the strength of the US economy, on Tuesday ACT Research released preliminary truck orders for January 2019 which showed that Class 8 truck orders collapsed an astounding 68% for January. The decline is being attributed to a 300,000+ vehicle backlog potentially prompting fleets to halt purchases in the near term. 米国経済に関し最近憂鬱なニュースが多い中で、火曜にACT researchが２０１９年１月のトラック発注を開示した、１月にClass 8のトラック発注がなんと６８％も急落した。この発注減は短期的に３００，０００台超の潜在在庫を生み出す。 Specifically, in January Class 8 net orders were 15,800 units (14,700 SA; 176,400 SAAR), down 68% YoY and down 26% MoM. Class 5- 7 January net orders were 23,400...
最後の２段落だけ訳をいれておきました。 Fed’s Risky QE4 Stock Ramp Adam Hamilton January 31, 2020 3567 Words The US stock markets dramatically surged mostly in a straight line since mid-October. This extraordinary rally started when the Federal Reserve announced it would resume expanding its balance sheet for the first time in years. The deluge of new liquidity from that quantitative-easing bond buying has again acted like rocket fuel for stock markets. After shooting vertically they are in real trouble when the Fed pulls back. In early October the flagship US S&P 500 stock index (SPX) slumped to 2888. That was a mild 4.6% pullback from late July’s latest record high. The SPX was still having a great year though, up 15.2% year-to-date at that point thanks to extreme Fed easing . After the SPX had plunged 19.8% mostly in Q4’18 in a severe near-bear cor...
一定のエネルギーが外部から流入する系ではその流入量が普遍一定でも、散逸構造、自己組織化をすることが知られています。散逸構造では空間時間的な周期構造が生じます。たとえば隔離された無人島にうさぎときつねを放した場合、時間とともに均衡値に近づきますが、完全な定常状態にはならずその前後で周期的な変動が起きます、うさぎを捕食しすぎてが減るとキツネの食料が減りキツネの個体数上昇には限界が生じ、その後うさぎの個体数が増えます。うさぎの数もその島の植物総量に限界があります。 株式市場にも３０年前後のバリュエーション変動があります。管理人はこの原因はたぶん投資家の世代交代に起因するものだと感じています。多くの人の投資寿命は３０年前後です。私を含めて現在投資をしている人は英國や日本で政府債務解消のための金融抑圧など記憶にもないでしょう、学校の歴史でも教えてくれません。あの米国でも金本位制のなかで国民からゴールドを強制買い上げし、ゴールド価格を改定したり個人がゴールド保有を長年禁止していたことを多くの人は知らないでしょう。少なくとも私は学校の歴史で習った覚えがありません。 また大統領任期に関連した８年前後の変動があります、政党は政権を維持するために選挙に向けて財政刺激策を行いますが選挙後にはこれが息切れします。大統領選挙前数ヶ月の株価動向と選挙結果、民主共和転換、の相関は９０％を超えています。トランプのときもそうでした、YellenはFRB議長としては珍しい熱心な民主党員で、FEDバランスシート正常化の先送り、二回目の金利引き上げの先送りをしたのですが、２０１６年秋には株価が徐々に下落してしまいました。 次に短いのが１年の変動で気候に関する人の気分や新学期・新年度に関するものです。もっと短いのが週間の変動で、月曜や金曜は特異的な動きをします。こういう繰り返しは左の参考図書「市場のサイクルは永遠に」に解説されています。 Are We In A Secular Bull Market? Written by Lance Roberts | Jan, 7, 2019 Just recently, Jeff Saut from Raymond James made a very interesting statement with re...
