Trieste is exactly as Jan Morris describes it - complete with an overhanging air of melancholy that rather adds to its dilapidated beauty. I highly recommend reading her book whilst visiting, it really added to my appreciation of the place.

Buonasera

Keep walking past this place and I can’t look at it without thinking “we’ve got the…”

Castello di Miramare

Are the BBC tennis commentators…ok?

NB it's not *just* about the volume but *where* the new supply is hitting the curve and the price discounts issuers are having to offer to get these mega-deals off their books

And, umm, on that last point

The further out the curve you go the more that an increase in that volatility assumption impacts pricing and therefore the wider the gap to asset swaps become. Think of this as the reverse of the convenience yield phenomenon, that drove the opposite pricing dynamic in the past.

But, well, all is not really as it first appears. Because (as I've been through in a previous thread) not all spreads are telling the same story. OAS (spreads over duration-matched government bonds adjusted for embedded options) are indeed extremely tight, but asset swap spreads are tight...ish

Credit spreads are tight! And they've stayed near all time tights for multiple years. That's...not what we've tended to see in the historical data - spreads should be mean-reverting and drift with the macro through the cycle

OK, I'm going to revisit my credit strategist rabbit hole to try to answer the question "can US IG spreads stay trading at the 10th percentile forever?" so bear with me (I'll try to keep this brief)

ETF options implied spread distributions across US corporate credit getting close to extremes

The entirety of Trump’s second term in office has basically been everyone involved taking this to heart

Cake secured

Tfw you’re sure someone is watching you

I mean, I fully endorse this conclusion!

One doesn't want to be too mean, but the genius strategist of his generation really said this?

Wells-next-the-Sea

Oof this is Paris right now

Last night chez Boston

Captures the vibe well

I’m legit! Got my license and everything kojira.github.io/bluesky-lice...

You can also have it in 3D space

For the absolute sickos that we’re asking for it, I added a third dimension

This picture taken in Panama some years back

Heading to the river today and always brings this to mind