Takeaway Tuesday #6

After last week's post and just limping in to what felt awfully bad Sunday night futures (Emergency Fed Meeting, rumors on CS, etc) the relief rally came right in the nick of time. Does anyone else feel like we are in the beginning of the beginning though? 

Reorg Content (subscription required)

• Performing/High Yield Credit - Sector Insights: European Supermarkets, Food Retailers Wrestle With Inflation Hit on Customer Purchasing Power, Balance Passing on Food Inflation With Protecting Market Share, Focus on Cost Initiatives to Offset Margin Squeeze; No Significant Near-Term Maturities Except for Casino - The consumer is weak and inflation is skyrocketing not just on this side of the pond but in Europe as well. Across European food retailers margins are declining, leverage is increasing and liquidity is running tight. 

• Distressed Credit - LATAM Airlines - LATAM Airlines Anticipates Emerging From Bankruptcy in Q4; Proposed $1.5B Bond Debt Secured by Frequent Flier Program, Cargo Business, IP, Slots in US, UK - Feels like the end of an era on this one. I know its only been a couple lifetimes since the company filed but given where we thought we would be at petition data- its interesting to see this one come closer to exit

Other Content You May Find Interesting

• America's Throwaway Spies: How the CIA failed Iranian informants in its secret war with Tehran: This was a fascinating piece by Reuters Investigates. Given how much clandestine operations have been in the news combined with extraordinary reporting, I think you'll enjoy this one

• Mobile Homes, the Last Affordable Housing Option for Many California Residents, Are Going Up in Smoke (disclaimer: My wife works at Inside Climate News - you should read it!) - This is a harrowing piece and given our community and knowledge of PGE it sorta gave me the feels / anger

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