EM Corporations Are Feigning Cash, Tap Capital Markets As Alternative Lifeline Now That Banks Won't Lend

Looks as if Credit Suisse may be ahead of its bigger competitors by deciding to bail as a Primary Dealer in the European Bond market. While the others are busy rigging Libor and “errantly” transferring $6 billion to a reported US Fund overnight with no interest, Credit Suisse analyzed and saw months ago what Barclays highlighted on Friday. In its US Credit note Barclays notes the collapsing market lending market in LatAm/EEMEA which is presenting itself in the aftermath of a slew of 144A/Reg S bond offerings.