Deutsche Bank: Defaults have already spread outside commodities

Crux note: Regular readers are familiar with Porter Stansberry’s prediction that we’re approaching a “vast wave of credit defaults.” In short, Porter believes that credit stress in the commodity sector, namely oil, will spread throughout the economy and markets… and create what he calls the “greatest legal transfer of wealth in history.” Today, we share a report from Deutsche Bank that indicates credit stress in the commodity space is already reaching other areas of the market…

From Bloomberg:

Bond investors appear to have placed their faith in commodities exceptionalism, with many positing that the recent pick-up in U.S. default rates will defy historical trends and remain confined to that industry.

New research from Deutsche Bank AG pours cold water on that idea, arguing that there are already signs of contagion in junk-rated debt outside of the commodities space.

A look at previous peaks in default rates shows the potential for…



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