Oliver Shah: These jitters signal the end of the cycle – The Times

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Oliver Shah: These jitters signal the end of the cycle – The Times

TS Eliot offered to show readers of his epic poem The Waste Land “fear in a handful of dust”. In the past fortnight, debt markets have shown us fear in a handful of dog food, potash and spark plugs.

Metro Bank, chaired by the pooch-loving, governance-shy tycoon Vernon Hill II, failed to raise £250m of senior bonds, even at a yield of 7.5% — sending its shares crashing by a third. Sirius Minerals, which has been digging for fertiliser beneath the North Yorkshire moors, admitted it had been unable to lay hands on $500m (£406.8m), also prompting a collapse in its share price. Aston Martin, the car-maker that confuses itself with a luxury brand, managed to secure $150m, but was forced to pay 12% — which will…

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