The rapid growth of private credit CLOs has prompted comparisons with subprime CDOs in the lead-up to the global financial crisis. However, while there are some similarities, namely their opacity, the...

The main impact of the rise in fertiliser prices on the global economy will come via higher food inflation. But this will take time to materialise and will be much smaller than the increase in...

We recently hosted an online Drop-In session to discuss private credit and the risks to the macroeconomy and financial markets. (Recording available here.) This Update provides answers to some of the...

The announcement that the Strait of Hormuz will be reopened has extended this month's dual rally in stocks and bonds. We think both rallies have further to run if things progress broadly in line with...