Our deepdive on banks' exposure to private credit Bankers are mounting a staunch defence of their financing exposures in the face of scary headlines on private credit tl;dr - Banks argue various structural/legal protections mean they're built to withstand stress 🧵 www.ifre.com/topic-codes/...

Bobby, Bobby, Bobby, Bobby Davison

Happy birthday to the Peak District National Park, designated #otd 13 April 1951. Originally 555 square miles of moor and valley, the 'great north roof of England.' It would never have happened but for one woman... 1/4

The north-south divide runs through the Old Red Lion in Litchborough, Northants. While I was there yesterday two young men asked the landlady to take the sparkler off the Bass, which means - brace yourselves - this pub serves Bass three ways! Can anywhere else say the same? 🤔

Best try of the tournament! #irevwal

To mark 4 years since the full invasion, @ifrsteves.bsky.social talked to the guy who runs Citi in #Ukraine. He has to decide who to protect from the draft. https://www.ifre.com/people-and-markets/2386962/missiles-mobilisation-and-cold-citi-ukraine-chief-juggles-risks-after-four-years-of-war

If you have any interest in the City or its history, read this - one of @johngapper.bsky.social’s best columns: on the sale of Schroders and the denouement to an era when German-born bankers drove the City’s postwar growth. Gift link here as.ft.com/r/bd49bd14-0...

Alphabet to sell US dollar, Swiss franc and sterling bonds. Including century bond in sterling! Have to tap every source of liquidity to pay for all them data centres. Story to follow

NEW: Electronic revolution hits banks’ credit trading revenues Banks' corporate bond trading revenues have halved since 2021 to their lowest level in over a decade E-trading is changing the face of these markets for good - and eroding trading profits 🧵 www.ifre.com/people-and-m...

Blimey. Nessun Dorma AND Franco Baresi ... There's not a dry eye in this house

Greetings from the first battery-powered train in service in the UK. Where there is a scattering of bemused people who simply want to go from West Ealing to Greenford among the railway geeks

Just spotted this bit of #localhistory. Mad Sir Arthur Conan Doyle laid the foundation stone of the Kingston Spiritualist Church

OpenAI faces a $20bn black hole in its accounts this year, as a series of buy now, pay later deals with suppliers start to come due It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments www.ifre.com/people-and-m...

Top deck, front seat, driver’s side. The only way to travel. 472 to Abbey Wood

NEW: No prop, no problem: bank trading revenues hit record high Banks generated $271bn of global markets revenues last year, says BCG Expand That’s $11bn above their previous record haul from 2009 when looking at comparable client-focused, marketmaking revenues www.ifre.com/people-and-m...

A quick peek inside the West India Dock impounding station. Just one pump currently keeping enough water in the Canary Wharf docks, apparently (and therefore keeping the foundations of the many skyscrapers stable)

NEW: Ardagh controversy exposes CDS flaws A contentious saga over the treatment of credit default swaps on packaging firm Ardagh has exposed longstanding flaws in these controversial derivatives, legal experts say Some are now calling for reforms to the $11trn market🧵 www.ifre.com/topic-codes/...

Personally think it is time for @dcfc.co.uk to start posting on #Bluesky Who agrees? #wwrams #dcfc #dcfcfans

It's getting to the point where I chose which #rugby game to watch based on whether Luke Pearce is reffing. So good #clegla

Top deck, front seat, driver’s side. The only way to travel. Number 2 to Marylebone

It's only Lady Mountbatten's underwear made of silk escape maps (at the British Library)

Merry Christmas from Megawatt Valley

A credit derivatives market emerging hot on the heels of a debt binge that’s become the focal point of investor concerns over a financial bubble Sound familiar? NEW: AI debt frenzy gives birth to new CDS markets w/ the inimitable @garethgore.bsky.social 👇 www.ifre.com/people-and-m...

RIP Martin Parr

Until recently, the idea of Meta going bust seemed so fanciful that no CDS market really existed But not any more, with banks now offering protection against Meta — and several other AI companies once considered bulletproof Is this the new Big Short? www.ifre.com/people-and-m...

A more in-depth obituary of Hans-Joerg Rudloff. By @alexchambers.bsky.social https://www.ifre.com/people-and-markets/2351130/hans-joerg-rudloff-a-swashbuckling-pioneer-who-shaped-modern-banking

Sad news that Hans-Joerg Rudolf died yesterday. A legend in the bond markets www.ifre.com/people-and-m...

Oracle raised $18bn in the bond market amid much fanfare at the end of September Eight weeks on, investors are now sitting on $750m of losses from the deal Are the wheels coming off the great AI financing wave before it has even properly begun? www.ifre.com/bonds/234852...

I cannot remember a worse sporting day. Enland losing the first Ashes test (and surely also the Ashes), Derby losing 3-2 at home to Watford after being 2-0 up, Forest winning at Anfield and Wales (unsurprisingly) being stuffed by the All Blacks. Absolutely bleeding miserable

The definitive account of the First Brands collapse helluva piece of work 👏👏👏 www.ft.com/content/8373...

NEW: Banks ride gold rush trading bonanza Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich On track for their best year in over a decade “This is the most interest and enthusiasm for gold I’ve seen in my entire career" www.ifre.com/topic-codes/...

Happy Derbyshire Day. The flag of Derbyshire is flying in New Palace Yard today to mark this historic county day. Did you know that Derbyshire has featured in the official titles of more than 200 Commons debates?

Top deck 😀, front seat 😁, non-drivers side 🙄. *Nearly* the best way to travel. 213 to Kingston

NEW: Societe Generale gains ground in fixed income trading push SocGen's drive to expand in fixed income starting to bear fruit: spot FX volumes up 70-80% this year Part of broader push to diversify its trading division beyond structured equity derivatives www.ifre.com/people-and-m...

NEW: Bank trading bonanza continues in second quarter Banks' trading revenues set to rise 10-15% in Q2, Coalition Greenwich says Equities trading leading the way again - up 20-25% Fixed income up 5-10% on the back of strong FX trading results www.ifre.com/topic-codes/...

Fretting over IPO market share is just atavistic mercantilism - superb Long View column from the ever wise John Plender www.ft.com/content/ae0c...

NEW: How Goldman Sachs turned financing into a $9bn powerhouse Goldman's financing revenues now outstrip investment banking fees after >doubling since 2020 Profile of how the age-old business of lending money is transforming the investment bank 🧵 www.ifre.com/topic-codes/...

Top deck, front seat, driver’s side. The only way to travel. 172 to Aldwych

Somewhat surprising declaration of admiration for New Malden from an NYT tech reporter. Must be the Korean food

NEW: Humans + machines join forces in Morgan Stanley’s credit trading revolution MS has rolled out its bond trading algo across its entire credit franchise Traders + computers share risk books, balance sheet, P&L - a radical departure for this human-centric business www.ifre.com/people-and-m...

For what it's worth (and this is not my area of expertise), I've just seen an Evergreen container ship (the Ever Lovely) in Hong Kong's East Lamma Channel with zero containers visible. Don't remember ever seeing that before

My multi-year campaign for IFR flags has finally come to fruition!

NEW: Traders start buying euros as US dollar loses its lustre Investors are slightly bearish on the US dollar for the first time since October, according to a BNP Paribas market-wide gauge Sharpest jump ever in euro positioning, according to BofA client survey www.ifre.com/story/517832...

Credit investors dump US bonds and buy Europe European credit trading at a premium to the US for the first time in 3 years US CDS hedging activity at highest levels since Silicon Valley Bank collapse in 2023 👇 www.ifre.com/story/518380...

NEW: Contrarians bet against “sea change” in European bond markets Some investors have been scooping up European bonds following last week's historic market selloff "I’m sceptical we will see debt issuance to the extent that’s being talked about" www.ifre.com/story/517433...

Continuing my on-and-off pilgrimage to drink in the great Ian Nairn’s favoured pubs, I’m in the Three Kings on the North End Road. ‘A door is not just a door, any more than a pint of bitter (which is very good here) is just alcohol,’ he wrote. Well. At least there’s still a door.

James Murdoch in Atlantic story (based on some cozy chats): I won't give up stake in family trust because I care about democracy James Murdoch in NYT story (based on papers submitted to court/evidence under oath): I won't give up stake in family trust unless I'm paid a shitload more money Hmmm

IPOs on life support Does private capital represent an existential threat? www.ifre.com/story/511914...

Upstairs, front seat, driver’s side. The only way to travel. 213 to Kingston

Much-needed rally in gilts, led by the front end, after a softer than expected UK inflation print