The three month euro/dollar basis swap was traditionally called the bully of the curve because it controlled the rest, but there is no doubt who’s the boss now — dirty old oil. As the US and Iran traded blows, Houthi threats to close the Gulf of Aden made... See more
A basis point might always be the same quantity, but is it a lot or a little? It depends whom you ask, and when. For supranational, sovereign and agency bond issuers in the dollar market, 1.7bp over Treasuries and 1.9bp over are two different things. Reco... See more
Gary Admans has been one of the most admired practitioners in the corporate bond market over the past 25 years. As head of capital markets and liquidity at BP, Admans was, in the words of one banker, “the standout reference point for UK corporate funding”... See more
Like four of the five previous UK prime ministers, Keir Starmer was forced to resign, rather than being voted out. Last time — Liz Truss in 2022 — it was the bond market that did the forcing. Gilt investors hated her fiscally expansive mini-Budget, and sh... See more
The US Treasury is facing a lawsuit demanding that it reveal whether it used its influence to ensure the Asian Development Bank would continue to allow financing of some uses of fossil fuels. The ADB adopted a revised Energy Policy and a list of Prohibite... See more
