In 2022, Bloomberg’s total return Tips index lost almost 12%, even though US inflation hit 6.45%
Move by Wall Street bank comes as increasing number of groups bypass traditional debt markets
Centre-right leader Friedrich Merz set to become Germany’s next chancellor
Sentiment among businesses and consumers cools sharply as tariffs and inflation take a toll
Also in today’s newsletter, Asian Development Bank unlocks billions for climate finance
Citi, HSBC, Morgan Stanley and Royal Bank of Canada agree to pay over £100mn
Fund managers and insurers say long-overdue reforms could unlock hundreds of billions of euros in financing
Tariffs, trade wars and plans for big tax cuts could all rattle investors in US Treasuries, but it’s a resilient market with few alternatives
Proposed new standards could reshape sharia-compliant bonds and hit growth of $1tn market
Regulator’s rules are part of broader effort to rein in power of largest fund managers
Sovereign debt yield curves at their steepest in more than two years as investors anticipate more supply
Britain aligns with EU and Switzerland on stock market modernisation project
Beijing has been seeking to hold American debt through lower-profile accounts and diversifying into other assets
Unclogging the pipes
No one expects the Ost-West Handelsbank! (Or do they?)
Also in today’s newsletter, JD Vance gives investors something other than tariffs to chew on for a change
Guy Hands’ Annington, Just Eat Takeaway and Tennet among borrowers under pressure from investors over asset sales
No one ¯\_(ツ)_/¯
Experts warn tariffs and stubbornly high interest rates could worsen debt distress in 2025
Debtholders committee says government finances boosted by jump in coffee and gold exports
Investor perception of debt has changed since Donald Trump’s election victory
Despite US president’s new executive order, companies still have incentives to retain safeguards against corruption
Not so fast
Insurance groups and pension funds threaten to dump those ‘misaligned’ with retiree objectives
Government should consider handing over inflation target to BoE and issue more index-linked gilts
