The US housing market has turned, abruptly. Despite a lack of inventory, the median price for existing homes is turning quickly. Ordinarily, this would signal a possible peak in US…
Local Government Financing Vehicles (LGFVs) initially bore the brunt of the deleveraging campaign in China and the crackdown on shadow financing. But since last year, local governments have once again…
The Citrix buyout debt sale is a warning for credit markets. Banks bore significant losses ($600 million) in a debt sale that will lead to a retrenchment in lending to…
The Gilt market operations are a specific measure to tackle a specific problem: prevent disorderly fallout from collateral calls on pension fund LDI strategies. The FPC action was not taken…
The decline in the Virtus Private Credit Strategy ETF has accelerated, down 17.47% YTD. Private equity was able to ride out the first stage of the bear market well: but…
The bond market has given a clear verdict on the new UK Government’s tax cuts and borrowing spree. The losses on Gilts have been outsized against a backdrop of a…
An earnings warning and withdrawal of full-year guidance sent shares of FedEx plummeting on Friday (-21.4%). That the global economy is slowing is not news, nor is the normalisation of…
