Sunny Oh

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 https://t.co/X2vBtMqcMV

Talk about a blast from the past. Chinese capital markets bankers 'volunteering' to be sent to the countryside. Can't make this stuff up https://t.co/pNnvT6zFdE https://t.co/5D7gNrD4m1

Mnuchin does have a pretty good track record as a fixer-upper with IndyMac https://t.co/yWokCs7Uln

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

Gunjan Banerji @GunjanJS

Corporate bond spreads are hovering around some of the lowest levels since the 2008 financial crisis https://t.co/AnJ9iABgOA

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 https://t.co/4mkaQPzJw1

Arpit Gupta @arpitrage

The regional banking distress we are seeing now is different from before in that it's not about the flight of uninsured depositors, but instead insolvency resulting from commercial real estate $NYCB had a low uninsured deposit share; $VLY also struggling (high NYC CRE) https://t.co/E25lYY08VW

Good thing a lot of the regional banks issued bonds before this https://t.co/H5l0IcG01w

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

Gunjan Banerji @GunjanJS

The Fed and CPI days are becoming less consequential for markets--Citi https://t.co/fAtXl0xuLO

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 https://t.co/59IpVVBQdg https://t.co/OEfbciXRf2

NYC sanitation department providing a nice PSA @NYCSanitation https://t.co/4sGX24izRp