sick piece by María Elena Vizcaíno and sydney maki on the showdown looming for Russia bondholders at the end of May bloomberg.com/news/articles/…

OK but I actually want a Bloomberg Terminal-shaped wedding cake now

New w/ Libby Cherry: the UK’s Crest settlement system went down today, triggering the Bank of England’s fallback plan to avoid the nation’s financial plumbing getting clogged up. Euroclear is working with the BOE to get it back up for Monday: news.bloomberglaw.com/securities-law…

How Lagarde galvanized colleagues to quell a nascent bond crisis in the periphery -- from a London hotel basement. Via Jana Randow bloomberg.com/news/articles/…

One of the next big questions about Russia defaulting on its debts; how will the swaps be settled? Piece here from last week with Giulia Morpurgo, Daniel Flatley, Libby Cherry bloomberg.com/news/articles/… via Bloomberg Markets

Remarkable that German two-year yields barely reacted to the ECB's historic 75-basis-point hike... Only to soar as soon as Lagarde mentioned there would be a statement about government remuneration. Financial plumbing matters! Steven Arons Libby Cherry bloomberg.com/news/articles/…

SUCH A BRILLIANT STORY by Tasos Vossos and Irene García Pérez 👇 bloomberg.com/news/articles/…

Woah

But at a guess, the moron risk premium has now been priced in. I guess I don't see the mechanism for a continuing sterling crisis. What am I missing? 10/

Incredible moves in UK markets. Here's a highlight reel: Just a day after the biggest rise in UK long-term yields on record comes the biggest fall after a huge Bank of England intervention. Hard to capture scale of swing in one chart but here's my effort: bloomberg.com/news/articles/…

Liz Truss has been prime minister for less than 30 days. Britain’s self-inflicted financial crisis — years in the making — is now coming to a boil -- > from Philip Aldrick Libby Cherry & @_Davidgoodman for Bloomberg Politics bloomberg.com/news/articles/… via Bloomberg

One number that is in there is £65 billion, the amount the BOE *signalled* it was prepared to spend on bond purchases by Oct. 14 if necessary. To reiterate, the actual intervention has only been £3.6 billion so far, and the final amount is likely to be well short of £65b

$GBP

the bloomberg Bloomberg Markets team may have won second place at the FT Alphaville quiz, but we got all the chart questions right and *that’s what matters*

European governments have so far set aside a combined €159 billion to underwrite loans for energy companies Many traders have made record profits during the energy crisis and have borrowed a ton of cash already So why do they need more? (1/4) bloomberg.com/news/articles/…

Protests in China are not rare. What *is* rare, are multiple protests over the same issue, at the same time, across the country. The protest below, apparently in central Beijing’s liangmaqiao, is astounding #China #protests

We wrote an ode to lapse risk Sonia Sirletti Michael Tobin bloomberg.com/news/newslette…

NEW: Pimco has filed a suit against Finma and is considering joining hundreds of investors in challenging the Swiss regulator’s decision to wipe out about $17 billion of Credit Suisse bonds bloomberg.com/news/articles/… via Bloomberg Markets

NEW: The latest in the twists and turns of the SBB tale. Bondholders are demanding sweeping changes by the troubled Swedish landlord as it struggles to find ways to raise funds. With Giulia Morpurgo bloomberg.com/news/articles/… via Bloomberg Markets

first time in edinburgh for fringe and i absolutely love it✨ watched pleading stupidity and struggled to contain my laughter because it was honestly so funny (a 10/10 rec from Libby Cherry)