News · Macro · US · 7 May 2026
As hyperscalers push trillions of dollars off their balance sheets and into private credit structures, workers and pensioners in the U.S. and Britain are increasingly exposed to a new kind of investment risk — and most of them don't know it..
News · Banks · Hong Kong · 6 May 2026
The British bank, which began operations in Hong Kong in March 1865 to help finance the Empire's Asian trade -- including, historians have documented, its opium commerce with China -- has consistently washed away responsibility citing one-off charges. Its latest $400 million hit for the three-month period that ended in March is indicative of weak risk management and corporate governance standards.
News · Markets · US · 1 May 2026
Anthropic's pending IPO, China's open-weight price war, a $725 billion annual infrastructure bet, and a bifurcated economy — stress-tested for institutional portfolios.
News · Banks · India, Hong Kong · 29 Apr 2026
Regulators across five continents have sanctioned the firm for professional negligence, lapses in detecting fraud, and compromised independence over some two decades. But far from an apology, PwC's leaders haven't even…
News · Rates & FX · India · 27 Apr 2026
The Reserve Bank of India has spent the first months of 2026 defending the rupee, and the defense is costing more than the currency is worth protecting.
News · Credit · US · 1 Apr 2026
Two related but sequentially distinct transactions define Blue Owl Capital's credit positioning in 2025–2026. Project Beignet — a $30 billion off-balance-sheet data center financing for Meta Platforms — closed in October 2025, with PIMCO anchoring $18 billion. Five months later, an acute retail redemption crisis prompted Blue Owl's $400 million PIMCO bond placement. This note examines the deal mechanics, the accounting engineering under ASC 810 and ASC 842, and the structural risks the spread implies investors are pricing — but that S&P's preliminary rating may not fully capture.
News · Credit · Global · 1 Apr 2026
How higher rates and agentic AI hit the software industry at the same time — and what Tier-1 LPs should do about it. Three foundational assumptions underpinned every software buyout from 2015 to 2025. All three are gone simultaneously. This is not a valuation reset. It is a structural one.
News · Credit · US · 1 Apr 2026
Five primary sources tracked by Icarus Asia point to a credit market that has been systematically repriced against the interests of senior secured lenders. Bankruptcy recoveries in 2025 reached a decade low of 43 cents on the dollar. Moody's forward LGD sits 19 points below its own historical mean. Liability management transactions have wiped out recovery entirely in 14 documented cases.
News · Rates & FX · US · 31 Mar 2026
President Donald Trump wants interest rates at zero. His own foreign policy is making that impossible.
News · Markets · US · 18 Mar 2026
A joint interpretation ends a decade of regulatory limbo, establishes a five-part token taxonomy, and for the first time puts the concept of investment contract termination on firm legal footing.
News · Credit · Global · 10 Mar 2026
HPS Corporate Lending Fund capped withdrawals at 5% after exit requests nearly doubled the limit
News · Rates & FX · Hong Kong · 1 Mar 2026
The HKD peg has held for 40 years. In 2026, two developments demand fresh scrutiny: the first-ever withdrawal from the Exchange Fund for fiscal purposes, and HK$249 billion in Aggregate Balance swings over six weeks that transmitted directly to mortgage and SME funding costs.
News · Policy · US · 21 Jan 2026
The U.S. President's remarks at the World Economic Forum in Davos, Switzerland offer limited reassurance to markets after steep selloff; European allies face escalating trade tensions
News · Ideas · US · 16 Jan 2026
As harsh as it may sound, capitalist or for-profit organizations exist for the sole purpose of maximizing returns for their shareholders. Everything else is carefully crafted spin doctoring, in my opinion.
News · Ideas · India, US · 3 Jan 2026
When Ramalinga Raju struggled to maintain eye contact while defending Satyam Computer Services' improbable earnings in late 2008, I dismissed my unease as overthinking. Two months later, India's fourth-largest software…
