Markets & Finance
Is Japan about to loosen its grip on bonds?
Band flexibility raises JGB term premium
Markets & Finance
Bonds, stocks, currencies, credit and commodities: the latest analysis of financial markets.
Markets & Finance
Banks passed the stress test. Now comes the real test
Endgame RWA inflation vs buyback capacity
World
Why British homeowners feel rate rises faster than anyone
Short fixed terms transmit rates fast
Markets & Finance
The Treasury refills its account, and markets pay
TGA rebuild sourced from RRP vs reserves
Special Report
Memorial Day: The debt deal is done. Now comes the bill
Ceiling resolution reprices bills
Markets & Finance
Why regional banks lost a third of their value
Factor exposure to deposit and CRE risk
Markets & Finance
Markets start pricing an American default
Technical default priced in 1Y contracts
Markets & Finance
First Republic has been rescued. It hasn't been saved
Liquidity support without solvency fix
Markets & Finance
Why Credit Suisse bondholders lost everything before shareholders
Write-down ahead of equity breaks capital stack
Markets & Finance
The Fed's quiet bailout of banks' bad bond bets
Par collateral valuation removes fire-sale loss
Markets & Finance
After SVB, the biggest bond rally since 1987
Flight to quality meets policy repricing
Markets & Finance
How a bank run happens at the speed of an app
Uninsured, concentrated deposits run digitally
Markets & Finance
America's banks are sitting on $620bn of hidden losses
Unrealised losses hidden by accounting
Markets & Finance
Short-term bonds are having a terrible month
Front end reprices terminal, long end anchored
Special Report
Valentine's Day: Markets still love rate cuts. The Fed doesn't love them back
Markets price cuts Fed won't deliver
Markets & Finance
How the Treasury is quietly pumping cash into markets
Treasury cash release offsets QT
Markets & Finance
Germany's bond shortage is finally easing
Collateral scarcity drives Bund swap spreads
Special Report
New Year's Eve: The year the classic portfolio failed
Stock-bond correlation turns positive
Special Report
Christmas: Why markets go quiet — and fragile — at year-end
Year-end balance-sheet constraints
Business
The debt bill companies have pushed to 2024
Closed HY market pushes refinancing into 2024–25
Markets & Finance
Japan surprises everyone, and bonds everywhere feel it
YCC band widening releases JGB repatriation
Special Report
Black Friday: Shop now, pay later, default sooner
Revolving credit funds holiday spend
Markets & Finance
FTX spent its customers' money. That was the business
Commingled deposits funded affiliate risk
Business
Meta's spending spree just cost it a quarter of its value
Capex guide without revenue path crushes multiple
Markets & Finance
Is the world's safest market becoming hard to trade?
Dealer balance-sheet limits thin Treasury depth
Special Report
Diwali: India's gold habit is weighing on the rupee
Festive gold imports widen current-account deficit
Markets & Finance
Bond investors want to be paid for waiting again
Affine model decomposition of long yields
Markets & Finance
The Bank of England takes away the safety net
Backstop expiry tests market-clearing price
Markets & Finance
Banks are stuck holding Elon Musk's Twitter debt
Committed underwriting marked below par