NYC sanitation department providing a nice PSA NYC Sanitation

US regional bank Huntington closes its hedge against rising rates in Q4, after sharp rally in Treasury yields. May reflect the large loss it was accruing due to the hedge, with the bank expecting a US$74 million mark-to-market loss in Q4 ir.huntington.com/regulatory-sec…

Rings true for US corporate bond issuers. In 2022, investment-grade companies would sell bonds ahead of CPI and then twiddle their thumbs for the rest of the week. At some point last year, the switch flipped and issuing on the same day as a CPI release became less of a problem

Good thing a lot of the regional banks issued bonds before this bloomberg.com/news/articles/…

Valley National $VNY and NYCB $NYCB do look like outliers in their high level of commercial real estate exposure. NYCB especially stands out as its the only Category 4 bank (assets of US$100n-$250bn) with that much CRE on the books. Chart from CreditSights

Companies are taking advantage of these spreads. Seeing another 15-16 investment-grade bond deals in the market today. Bankers unsure if these favorable conditions will persist in second half of the year, so they're telling issuers to make hay

Mnuchin does have a pretty good track record as a fixer-upper with IndyMac wsj.com/articles/steve…

Talk about a blast from the past. Chinese capital markets bankers 'volunteering' to be sent to the countryside. Can't make this stuff up reuters.com/world/asia-pac…

Funny to think that there was a Korean blockbuster movie earlier last year on the last time the country enacted martial law in 1979. Watching events in Seoul today makes the movie feel less like entertainment, and more of a harbinger en.wikipedia.org/wiki/12.12:_Th…

Inflation hedge suffers from inflation due to ... tariffs? Myra Saefong marketwatch.com/story/why-ther…

Fair play to FT for getting me to click into their gardening column

One of the ETFs used by Taiwan investors that track long-dated US Treasuries is down more than 7% today (denominated in $TWD). Proxy for what life insurers could be experiencing cathaysite.com.tw/ETF/detail/EA8

Not sure if NISA is the success that Larry Fink makes it out to be. The idea with those programs was to stimulate domestic investment, but a lot of the retail investors enrolled in those programs end up parking their cash in overseas stocks