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Every week for the last 4 weeks we have written about the coming recession in Asia and Europe as well as what we believed was a weaker housing market than was being perceived by the 'crowd'.  Only today did market decide to start worrying about the obvious.  This, of course, is why markets are unpredictable---good is bad and bad is…

Scorpio Bulkers (ticker:SALT), a Norwegian dry bulk ship owner (although incorporated in the Marshall Islands), has announced an offering of Senior Notes.  The notes have a 7.50% coupon and have a maturity of 2019.  They are optionally redeemable in 2016.Scorpio is a new company and has a relatively modest sized fleet--15 ships--that has a HUGE new build program underway.  This…

Date Issued 9/22/2014    Notes Issued  2,600,000   Overallotment Notes 390,000 S&P Rating   NR   Moodys Rating   NRSecurity Ticker Symbol   SLTBMarket Traded ON   NYSEInterest Payment Paid on the 15th of March, June, September and December beginning on 12/15/2014Quarterly Interest   .469   Annual Interest   1.875Securities may be redeemed prior to maturity, at the issuers option on or after 9/15/2016 at par plus…

After yesterdays FOMC announcement it became clear that it is unlikely the FED will move rates higher anytime soon.  One has to remember that the biggest debt instrument holder in the world is the FED and as rates move higher the value of their portfolio moves lower (although contrary to all banks the FED DOES NOT have to 'mark to…

Yesterday was a good day for both stocks and bonds as the silly folks on Wall Street decided that maybe the FOMC statement would contain the words 'considerable time' after all--so for no real reason 'let's party'.We seldom argue with a rally of any sort that helps us--why turn down a 'gift'--so we happily take the gains.  On the other…