I saw the Jude *Law* one

For US followers who like nerdy debt stories on a Friday

French companies’ borrowing costs fall below government’s as debt fears intensify Lower yields for groups including L’Oréal, Airbus and Axa shake up typical order and signal Paris’s loss of ‘risk-free’ status

Bond markets do funny things like this from time to time, eg France in the political crisis last year
www.ft.com/content/be40...

One commonality is supply: constrained issuance from agencies/corporates are increasing their allure vs governments "issuing bonds like they’re going out of fashion"

Perhaps tellingly, issuers say demand ramped up after Liberation Day.

Evidence one banker said to me of a bit of "deTreasurisation" going on with international investors.

(perhaps not a term that is going to catch on, that one)
as.ft.com/r/1e74cc34-2...

Foreign development banks are borrowing at levels near-equivalent with the world's largest economy, in its own currency, despite its advantages in servicing its debts.

Specialists say it reflects concerns on US policy and low supply while gov debt ⬆️. w. Elettra Ardissino
as.ft.com/r/9bd3956f-6...

Thumb war champion

UK economy beat expectations to grow by 0.5% in February Data relates to period before Middle East war triggered jump in energy prices

*Barmy Army strikes up the Great Escape*
www.ft.com/content/06ba...

UK gas prices dip below pre-Iran war levels in boost for Reeves Concerns about a full-blown supply crisis recede as Asia cuts consumption

Gas prices recede, in what one fund manager said was "a clear positive for the gilt market”, as it would both “cap the near-term inflation spike and reduce the risk of second-round effects”
www.ft.com/content/d645...

US stocks race back to a record high 🚀
www.ft.com/content/7d30...

Investors again take the lesson that threats can be ignored.

As a banker put it to me the other month, there is an increasing focus on the modal outcome. so BTD. But does it leave the market more vulnerable to the one that sticks?

www.ft.com/content/218e... 🙅‍♂️

just needs the bearish Europeans to disappear for the day

The S&P 500 is outrageously flirting with 7,000. Outrageous

Fiscal interventions to insulate consumers from energy shock "something to watch very closely", Pimco investor tells journalists

www.ft.com/content/4021...

Also, the manager's CIO earlier said it was "not thrilled" with its gilts overweight, but felt broader market was tending to the pessimistic

Biff Tannen - Wikipedia

one fund manager text me "there’s a whole Back to the Future path we can go down if this theme catches on"

en.wikipedia.org/wiki/Biff_Ta...

Other acronyms are available 😂

bsky.app/profile/domw...

‘Bifs’ replace ‘Piigs’ as Europe’s bond market whipping boys Britain, Italy and France have borne the brunt of a sovereign debt sell-off sparked by the Iran war

Spend more on defence, spend to insulate businesses and consumers, spend on energy independence

Investors bet this pressure will "increase fiscal strain" for European economies with bad starting points on debt, such as Britain, Italy, France, dubbed the Bifs
giftarticle.ft.com/giftarticle/...

Private credit exposure turns investors away from US life insurers Inflated private ratings could mask credit risks and leave insurance companies undercapitalised

“if any one of those has problems, the whole sector will widen out"

I spoke to an investor betting against US life insurers (via CDS) over their private credit exposure. A snippet in this story led by NY colleague Michelle Chan
www.ft.com/content/14cf...

we really do have world-beating lead times. getting ships with the right gear somewhere, having trials, there is nothing we can't do slowly

so our choices were either being nuked or having our economy wrecked? lovely stuff

making waves today

Trump nominates Pimco executive to lead international affairs at the US Treasury department Bond giant’s head of asset allocation tapped to conduct negotiations with organisations such as the G7

SCOOP: Pimco's Erin Browne is heading to the Treasury department for a role held by the likes of Tim Geithner, Larry Summers and Lael Brainard www.ft.com/content/b42b...

can't believe this hug-a-hoodie stuff from the pope
www.ft.com/content/d3ba...

Middle East war live: Iran threatens to hit back against Middle East ports ahead of US blockade Donald Trump tells US navy to ‘interdict’ ships that pay Iran to pass through Strait of Hormuz

Iran-affected markets are worse today, but not big moves. seems there is still optimism out there that there can be a deal

live blog: www.ft.com/content/2324...?

Donald Trump lashes out at Pope Leo on social media for criticism of Iran war [FREE TO READ] The head of the Catholic Church has emerged as a leading voice of opposition against US foreign policy

this story is reminding me of one of Catholicism's best quotes

"When I give food to the poor, they call me a saint. When I ask why they are poor, they call me a communist"
as.ft.com/r/3e3af84e-c...

au revoir mes amis

Fund managers snap up bonds on growth threat from Iran war After sharp market sell-off, debt investors shift focus from inflation fears to likely damage to economies

“We think the market is underpricing the probability that central banks will have to cut interest rates further out, in order to offset the growth shock"

Big fund managers going back in the water... betting focus will shift from bad news on inflation to bad news on growth
www.ft.com/content/397d...

👇🏻

UK borrowers coming off five-year fixes face biggest mortgage ‘shock’ Those refinancing a five-year fix face paying an extra £395 a month on average — but will still be paying less than those who fixed two years ago

🫠
www.ft.com/content/5c92...

seems a great idea: it's well known Iranians very much like the British and there is no bad blood there at all

Iran war shock is intensifying risks to financial system, says BoE Central bank warns conflict likely to hit economic growth as Keir Starmer insists UK ‘well placed’ to weather crisis

Read our fin reg editor Martin Arnold's take on the broader report here: including that hedge fund repo borrowing fell by a fifth in the deleveraging www.ft.com/content/132a...