Interest rates

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2023
Bank rate
The Reserve Bank of Australia announced a reduction in board meeting frequency from eleven to eight times per year, removing meetings in April, July, and October.
2022
Interest rate
Conclusion of the second zero interest-rate policy period in the United States, marking the end of the monetary response to the COVID-19 pandemic.
2021
Corporate debt bubble
Full impact of new financial regulations from the Financial Stability and Development Committee is expected.
March 31 2021
Corporate debt bubble
Commercial Paper Funding Facility established by the Federal Reserve ceases purchasing commercial paper.
March 12 2021
Corporate debt bubble
CNBC published a short video discussing the corporate debt/bond bubble
2020
Interest rate
United States reintroduces zero interest-rate policy (ZIRP) in response to the economic challenges caused by the COVID-19 pandemic.
2020
2000s United States housing bubble
Adam J. Levitin and Susan M. Wachter published 'The Great American Housing Bubble: What Went Wrong and How We Can Protect Ourselves in the Future', a comprehensive academic analysis of the housing bubble phenomenon.
August 5 2020
Corporate debt bubble
Virgin Atlantic filed for bankruptcy
May 22 2020
Corporate debt bubble
The Hertz Corporation filed for Chapter 11 bankruptcy, seeking to continue operations while negotiating with creditors
May 15 2020
Corporate debt bubble
J.C. Penney filed for bankruptcy, becoming the largest U.S. retailer to do so during the pandemic
May 12 2020
Corporate debt bubble
The Federal Reserve began buying corporate bond ETFs for the first time in its history, signaling intentions to buy bonds directly in the near future
May 4 2020
Corporate debt bubble
J.Crew filed for bankruptcy protection, converting $1.6 billion in debt to equity and becoming the first U.S. retailer to go bankrupt during the COVID-19 downturn
April 2020
Corporate debt bubble
ANZ Bank reports rising corporate debt in Asia, particularly in China, South Korea, and Singapore, with energy and real estate sectors being over-leveraged.
April 2020
Corporate debt bubble
U.S. corporations sold over $300 billion in debt, setting a new record. Notable issues included Boeing ($25 billion), Apple ($8.5 billion), Starbucks ($3 billion), Ford ($8 billion in junk-rated bonds), and Carnival ($4 billion)
April 24 2020
Corporate debt bubble
S&P Global Ratings downgrades car rental companies Avis and Hertz to 'highly speculative', with Hertz bonds showing a 78% chance of default within 12 months and 100% chance within five years.
April 22 2020
Corporate debt bubble
The New York Times reports potential widespread bankruptcy for smaller U.S. oil companies, with $86 billion in oil production debt and $123 billion in oil pipeline debt due between 2020 and 2024.
April 21 2020
Corporate debt bubble
Virgin Australia enters voluntary administration, unable to manage $4.59 billion in debt, and names Deloitte as its administrator.
April 21 2020
Corporate debt bubble
The iShares iBoxx $ High Yield Corporate Bond ETF falls 3%, with junk-rated U.S. shale oil companies comprising 12% of the benchmark.
April 20 2020
Corporate debt bubble
West Texas Intermediate crude oil futures contracts collapse to -$37.63 per barrel, highlighting severe economic stress in the U.S. oil sector with uninterrupted supply meeting collapsing demand.
April 9 2020
Corporate debt bubble
Lotte Food Co issued the first won-denominated debt in three weeks following South Korea's liquidity support measures.
April 8 2020
Corporate debt bubble
South Korea initiated won-denominated debt purchases up to $16 billion to provide liquidity to investment-grade firms.
April 7 2020
Corporate debt bubble
NCR Corporation and Wynn Resorts successfully raised $1 billion in unsecured junk-rated debt, signaling increased investor risk tolerance.
March 2020
Corporate debt bubble
Corporate debt for non-financial companies worldwide reaches approximately $13 trillion, with $9.6 trillion in the U.S.
March 2020
Corporate debt bubble
By March, one-sixth of all publicly-traded U.S. companies did not make enough profit to cover the interest on their issued debt.
March 31 2020
Corporate debt bubble
Commercial Paper Funding Facility established by the Federal Reserve ceased purchasing commercial paper.
March 30 2020
Corporate debt bubble
Moody's downgraded the U.S. corporate debt outlook from stable to negative, highlighting risks in sectors like air travel, lodging, cruise ships, automobiles, oil and gas, and banking.
March 30 2020
Corporate debt bubble
Kenneth Rogoff revised his earlier assessment, suggesting the economic situation could be as severe as any seen in the last century and a half.
March 26 2020
Corporate debt bubble
The Federal Reserve provided $687 billion in support, primarily focused on maintaining corporate liquidity for higher-credit-rated companies.
March 23 2020
Corporate debt bubble
Investment-grade firms in the US issued $73 billion in debt, 21% higher than the previous 2013 record, with companies like Nike and Home Depot borrowing $6 billion and $5 billion respectively to build cash reserves before the recession's full impact.
March 23 2020
Corporate debt bubble
The People's Bank of China (PBOC) resumed open market operations for the first time since 17 February, lowering interest rates and supporting corporate bond markets.
March 19 2020
Corporate debt bubble
European Central Bank announces a 750 billion euro Pandemic Emergency Purchase Programme to stabilize European debt markets.
March 16 2020
Corporate debt bubble
U.S. analyst warns that prolonged pandemic could trigger a financial crisis with potential chain of corporate defaults similar to the 2008 subprime mortgage crisis.
March 12 2020
Corporate debt bubble
Kenneth Rogoff of Harvard University initially stated he did not believe the situation would be comparable to the 2008 or 1929 financial crises.
March 12 2020
Corporate debt bubble
Junk bond spread over U.S. Treasuries increases to 7.42%, the highest level since December 2015, indicating severe market stress.
March 11 2020
Corporate debt bubble
Boeing draws down its entire $13.825 billion credit line to preserve cash, resulting in an 18% stock drop, exemplifying corporate financial strain.
March 9 2020
Corporate debt bubble
Yield spread for junk bonds rapidly increases to 6.68%, signaling growing economic uncertainty during the COVID-19 pandemic and oil price war.
February 2020
Corporate debt bubble
The Organisation for Economic Co-operation and Development warned about the low credit quality and potential risks of the current corporate bond market, highlighting the possibility of significant negative economic impacts during a potential downturn.
February 2020
Corporate debt bubble
Bloomberg News publishes a critical analysis warning about the potential risks of widespread cov-lite debt markets, suggesting potential severe consequences in a future credit cycle downturn.
February 2020
Corporate debt bubble
Kraft Heinz had its credit rating downgraded to BBB− (junk status) due to low earnings expectations, with $22.9 billion in total debt and only $2.3 billion in cash assets.
January 6 2020
Corporate debt bubble
Junk bond yield spread reaches a low of 3.49%, before subsequent economic turbulence.
January 1 2020
Corporate debt bubble
Beginning of a record period of corporate bond issuance, with $807.1 billion of U.S. investment-grade corporate bonds issued between January 1 and May 3
2019
Corporate debt bubble
McKinsey Global Institute expressed doubt about potential systemic collapses in the corporate debt market, suggesting the situation might not mirror the subprime mortgage crisis.
December 2019
Corporate debt bubble
Moody's Analytics described Chinese corporate debt as the 'biggest threat' to the global economy.
December 2019
Corporate debt bubble
Fitch reported that the majority of Chinese companies listed on A-share markets were unable to repay their debt with operational cash flow.
November 2019
Corporate debt bubble
U.S. Federal Reserve notes rapid growth in leveraged loans and corporate bonds for companies with poor credit histories.
November 2019
Corporate debt bubble
U.S. Federal Reserve noted record corporate debt reaching 47% of the entire U.S. economy.
November 2019
Corporate debt bubble
U.S. Federal Reserve reports that mutual funds are acquiring one-fifth of new leveraged corporate loans, despite holding only one-sixth of outstanding corporate debt.
August 2019
Corporate debt bubble
Bloomberg News identifies negative bond yields in Switzerland, the United Kingdom, and the US, suggesting a potential bond market bubble and distorted economic incentives.

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