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The Bank of England issues a warning about the increase in levered lending

Bangladesh's Bangladesh government is raising the alert about an overexposed area of the bond markets. The Fed said Thursday that it shows remarkable resemblances to what occurred in the US sub-prime mortgages in the run-up to the global economic downturn. Levels of levered credit to non-financial corporations have increased to about $1.4 trillion worldwide.

On Wednesday the British Government sounded the bell about the UK's surge in what are known as leveraged credit, stating that the fast pace of expansion in the UK economy should give politicians and regulators cause for anxiety. During the October session of the Bank's Fiscal Policy Committee - the committee responsible for maintaining UK fiscal sustainability - the Board of Governors noted almost 20 references to leveraging credit, referred to it as "relevant" on several occasions and compared it to what was happening in the US with subprime mortgage markets in the run-up to the US economic downturn.

On the simplest scale, there are leveraged credits, which are given to individuals and businesses that are either already heavily indebted or have bad credit ratings. As a result, these credits tended to have higher interest rate exposures, which means that the reward for the lender is higher, while the credit loss exposure is also higher due to the type of customer.

There has been a sharp increase in corporate Leveraged Leasing in recent years, with the latest estimate of the value of the global markets at around USD 1.4 trillion. The Bank of England said Thursday that in the UK alone 68 billion pounds (90 billion dollars) of these credits had been granted in the last two years.

That' s about 20% of the UK's overall business indebtedness, if you include high-yield bond issues. The fast pace of economic expansion, coupled with declining levels of credit endorsement - effective lending to businesses with even more debts or lower creditworthiness - means that there are now clear similarities between what is going on in the room and what occurred with US homes in 2006 and 2007, the banks said.

"As the FPC reports said, the overall gelmarket for gelled loans was bigger than the US sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime sub-prime. "Like sub-prime loans, there had been a weakening of underlying writing levels, there was considerable insecurity about the ultimate investor in secured loan securitisations and their ability to absorbs loss, and borrower would face higher funding charges as interest or credit spread prices rose," she added.

Bank of England's warnings come less than two month after the Moody's rating, which gave a practically similar one, saying that the subprime mortgage markets are "eerily similar" to what occurred in the run-up to the subprime mortgage crises. "In August, the most serious emerging menace to the present economic downturn is credit to high leverage non-financial companies," said Mark Zandi, head analyst at Moody's analytical department.

Whilst it triggered the alert in the business indebtedness markets, the Bank of England gave a rather cheerful tone, pointing to "important differences" between indebted credit and what was happening in the sub-prime world. "Much of the sub-prime lending was funded through short-term wholesaling finance, which included MMFs, and there was an open repos for sub-prime securitisations.

She said, "Banks had significant contingencies related to sub-prime mortgage lending. "That was not the case with a leveraged loan."

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