Matt Wirz’s Post

Calling all #bond nerds. And #SRT nerds. And #NAVloan nerds. Goldman Sachs sold last week the first public and rated $475 million #ABS bond backed by fund #capitalcall lines. The pool includes over 4000 LPs and 150 GPs including Ares Management Corporation Apollo Global Management, Inc. and KKR. Blackstone bought a $25 million equity piece. More info -TK-. #assetbackedsecuritization #CLO #fundfinance #privateequity #privatecredit #alts

Great explainer by Angus Berwick and Ben Foldy of how use of Tether.io is proliferating through the #emergingmarkets for uses good and not so good. I have questions. If the spread continues, does the Mundell-Fleming model still matter? Can U.S. Department of the Treasury U.S. Department of Justice somehow put the genie back in the bottle?

I started thinking about this story two years ago when I noticed more and more of my sources moving to #Miami, #Austin and points south, citing quality of life and taxes as the reason. When I brought up #climatechange they mostly said they had other homes elsewhere and would move away when it got unbearable. My immediate internal reaction was "Yeah, but what about everybody else?" It took me a year to find and cross reference census data (thank you tax payers) and geospatial climate data (thank you Evan Kodra and ICE) to identify boomtowns in particularly vulnerable ecosystems. That's how I found Kyle, Texas -- just another exurb off the I-35 south of Austin a decade ago, it has doubled in size over the past decade to a population of almost 70,000. People are moving there for sensible reasons: they want to own an affordable home, they want good paying jobs, they want their families to grow up somewhere safe with decent education. That is increasingly difficult in much of the Northeast and California. And, Kyle has a particularly tough mix of high heat and humidity, combined with water scarcity. Right now those conditions are uncomfortable for most residents and dangerous for a few. Over time, the balance seems likely to tilt with more people moving to the endangered category. People and policy makers living there know this. They are adapting, building new water pipelines to tap far-off aquifers and mini-desalination plants to turn brackish water potable. Local policy and entrepreneurship may be enough to to counter the global and national economic, political and ecological forces at play. Or not. Thanks to everyone who spent many hours talking to me and helping me understand what it's like to live in the booming sunbelt these days. Enjoy the read!

#goodjournalism from Andrew Restuccia and Nick Timiraos on #Trump consistently messaging interventionist tilt toward the Federal Reserve Board and #monetarypolicy

Hallelujah! So grateful that Evan is finally free from his illegal and unjust imprisonment in #Putin's #Russia. Love and support to his family. And praise to The Wall Street Journal for all the work from the masthead on down to bring him home. #Istandwithevan