News · Markets · US · 26 May 2026
On the morning of May 20, a 277-page document landed on the Securities and Exchange Commission's servers, and for a few hours it triggered intense market speculation and commentary across financial media.
News · Markets · US · 25 May 2026
Nearly two decades after the financial crisis, Wall Street is rebuilding the same web of complex models and opaque instruments that nearly destroyed the system. History suggests the outcome will be identical.
News · Rates & FX · Hong Kong, US · 21 May 2026
A signal buried in market data is flashing again -- and this time, inflation isn't letting up.
News · Credit · US · 19 May 2026
Perpetual BDCs record their first-ever negative net flows in Q1 2026, as AI-driven fears over software collateral send redemptions past inflows — and managers scramble to shut the gates.
News · Credit · US · 19 May 2026
Ordinary investors were told they could access Wall Street's most exclusive loans, with a quarterly exit if they needed out. Now, as federal prosecutors circle and redemption gates snap shut, that promise is unraveling.
News · Macro · India, US · 17 May 2026
Three months after hostilities closed the Strait of Hormuz, roughly 15 percent of the world's oil supply remains offline. Even as Wall Street just had its best month in years, the crisis has remade daily life across the…
News · Macro · Japan, US · 14 May 2026
Scott Bessent flew to Tokyo to allegedly fix the yen. But the market crisis he used to make the case for Japanese culpability came not from Ginza but from a presidential threat about a Danish island. The evidence points in an inconvenient direction.
News · Policy · Japan, US · 13 May 2026
Treasury Secretary's Tokyo visit puts him at odds with Prime Minister Takaichi's economic program — and exposes how Japan's bond market instability lands directly on American borrowing costs.
News · Macro · US · 8 May 2026
By Kenan Machado, May 9, 2026
News · Macro · US · 7 May 2026
As hyperscalers push trillions of dollars off their balance sheets and into private credit structures, workers and pensioners in the U.S. and Britain are increasingly exposed to a new kind of investment risk — and most of them don't know it..
News · Markets · US · 1 May 2026
Anthropic's pending IPO, China's open-weight price war, a $725 billion annual infrastructure bet, and a bifurcated economy — stress-tested for institutional portfolios.
News · Credit · US · 1 Apr 2026
Two related but sequentially distinct transactions define Blue Owl Capital's credit positioning in 2025–2026. Project Beignet — a $30 billion off-balance-sheet data center financing for Meta Platforms — closed in October 2025, with PIMCO anchoring $18 billion. Five months later, an acute retail redemption crisis prompted Blue Owl's $400 million PIMCO bond placement. This note examines the deal mechanics, the accounting engineering under ASC 810 and ASC 842, and the structural risks the spread implies investors are pricing — but that S&P's preliminary rating may not fully capture.
News · Credit · US · 1 Apr 2026
Five primary sources tracked by Icarus Asia point to a credit market that has been systematically repriced against the interests of senior secured lenders. Bankruptcy recoveries in 2025 reached a decade low of 43 cents on the dollar. Moody's forward LGD sits 19 points below its own historical mean. Liability management transactions have wiped out recovery entirely in 14 documented cases.
News · Rates & FX · US · 31 Mar 2026
President Donald Trump wants interest rates at zero. His own foreign policy is making that impossible.
News · Markets · US · 18 Mar 2026
A joint interpretation ends a decade of regulatory limbo, establishes a five-part token taxonomy, and for the first time puts the concept of investment contract termination on firm legal footing.
