Journalist at Bloomberg. London➡New York➡Abu Dhabi➡Hong Kong. I like forensic accounting, financial crisis hindsight, and kittens. Ex-FT Alphaville and FT.
What a mess in the commercial real estate market. You can't just agree to skip three months rent. All this forbearance is going to take time & paperwork and by the time you've agreed on something the loan will probably have been transferred to special servicing already anyway.
Reopening the leveraged loan market and paying for the privilege with a 15% yield. by @dscigliuzzo
New paper from @IvanWerning looks at whether the coronavirus supply shock will morph into a demand shock and kinda turns standard perceptions of stimulus on its head. Fiscal might be less effective than usual, while monetary easing can have bigger impact.
Didn't realise the front-end of the muni bond curve inverted last month. Is that the first time ever?
COVID-19 cases are picking up in Hong Kong. This is not good for many reasons, but a big one is that it means places are likely to see multiple waves of infection (& containment efforts) as the virus ricochets back and forth around the globe.
In Wuhan, families of coronavirus victims were allowed to pick up their cremated ashes at local funeral homes beginning this week. Long lines and stacks of urns are spurring questions about the true scale of casualties.
Absolutely stunning moves in mortgage bonds. This bond comprised of Alt-A home loans originated by Citi went from trading above par to trading at 70 cents on the dollar in *less than 3 weeks* and it's not the only one.
A rare Resting Rees-Mogg pattern spotted in sterling. Bearish.