Mind the gap: Is high yield paid for the jump? Mind the gap: Is high yield paid for the jump?

To add to the assortment of scary things going on in the world at the moment, here we are with our annual set of spooky charts. From consumption and the price of diesel to the housing market, credit spreads, the capex boom and the recent repricing in France, we hope you agree that some of these are worth keeping a close eye on. Viewer discretion advised.

With Halloween just around the corner, there is no shortage of scary stories. Private credit has faced its share of ominous headlines this year, but look beyond them and investors may find more treats than tricks.

Earlier this year I posted a couple of blogs exploring the mechanics of rolling down yield and credit curves.

Distortions in the index-linked market have created the most compelling relative-value opportunity we have ever seen. The 10–15-year sector sits at the heart of this opportunity.

When talking about the right or left in Latin America we need to make an important differentiation between what Latinos define as right or left versus Europeans. This is because, in Latam, the “right vs. left” debate is largely associated with the approach to governments’ fiscal stances, security, and corruption, and much less with immigration, sovereignty, and regional integration which are more common topics in the European discussion.

Anyone who spent too much time on YouTube in the early 2010s will probably remember the Honey Badger. The Honey Badger is part of the Mustelidae family which includes Wolverines, Otters and, you guessed it, Badgers. They live mostly in Africa, the Middle East and India…and oh, they are super cute too.

Across much of the developed world, governments are spending an increasing share of their tax revenues servicing debt.

The bond market has taken control from Warsh and Bessent, and in some ways is now testing or even tormenting them.

For those who follow bank returns for a living, Japan’s push toward low-to-mid-teen RoE/RoTE (return on equity/return on tangible equity) over the medium term is one of the most striking re-ratings in the sector – a genuine regime change against the mid-to-high single digits of the past few decades.

For most of the euro’s existence, investors have operated under an implicit assumption: Germany would always be there.