Skip to document
Welcome to StudocuSign in to access the best study resources
Guest user
0followers
Upload
HomeMy LibraryAsk AI
  • You don't have any recent items yet.
My Library
  • You don't have any courses yet.
  • You don't have any books yet.
  • You don't have any Studylists yet.

Inside the World’s Most Elite (and Secret) Traders’ Club - Bloomberg

this is a description of a fake bookthis is a description of a fake bo...
Course

Corporate Finance (BA(BBA-FIN)-662)

83 Documents
Students shared 83 documents in this course
Academic year: 2018/2019
Uploaded by:
Student
Shahbaz Syed
University of Karachi
0followers
12Uploads
2upvotes

Recommended for you

Comments

Please sign in or register to post comments.

Students also viewed

Related documents

Preview text

Bloomberg the Company & Its Products Menu Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request Bloomberg Search You have 3 free articles remaining. Get unlimited access for $1/mo. Sign In View Subscription Offers Sign in T Bloomberg Anywhere clients get free access Illustration: Isabel Seliger Inside the World’s Most Elite (and Secret) Traders’ Club The nameless group confers “a hunting license” that lets an investor sit at the “big boy table and make high-level trades not available to stupid amateurs.” By Alastair Marsh May 3, 2018, 9:01 AM GMT+5 From In an industry where power and influence are measured in SHARE THIS ARTICLE dollars and cents, this may be the most exclusive club in finance: The price Share of admission is at least $25 million. Tweet Post It has no name and no board of directors but has a roster drawn from the Email world’s wealthiest and most successful traders. Members essentially become their own one-person firms, even firms within firms, by gaining a seal of approval to deal in the complex products typically reserved for institutions that manage hundreds of billions of dollars. And all without drawing the attention of Wall Street’s everyday millionaires. Their ranks are getting more selective. While no one keeps count, people in the industry guesstimate that the total peaked at no more than 3,000 a decade ago and has shrunk considerably since the financial crisis. Months of interviews have yielded the identities of just 12 individuals who held the prize: an ISDA master agreement. They have included hedge fund titans Chris Rokos and Michael Platt, as well as whales at Deutsche Bank AG and Goldman Sachs Group Inc., which became clients of their own employers. In the $542-trillion market for over-the-counter derivatives, ISDA agreements set out the trading terms between two parties. In the vernacular of Adam McKay’s adaptation of Michael Lewis’s The Big Short, they represent “a hunting license” that lets an investor sit at the “big boy table and make high-level trades not available to stupid amateurs.” The firms that hand them out gain access to the most desirable customers possible. “Banks do this business because they can charge two or three times more than they would a company,” said Manuel de Souza-Girao, a former senior wealth manager at Deutsche Bank and Credit Suisse Group AG. “And it’s a good way of attracting valuable clients.” World's Most Elite Traders Club Has a $25 Million Minimum World's Most Elite Traders Club Has a $25 Million Minimum People such as Rokos, 47, who has a net worth of $1 billion, according to the Bloomberg Billionaires Index. The British co-founder of Brevan Howard Asset Management, who now runs his own hedge fund, was personally the counterparty on ISDA agreements in 2013 when he set up a family office. That meant Rokos himself was on the hook if the trades went against him. Platt, 49, who runs BlueCrest Capital Management, also previously had a personal ISDA agreement, said people familiar with the matter. Platt’s net worth is estimated at $2 billion by the Bloomberg Billionaires Index. “This is not a product rolled out to your average trader earning $2 to $5 million a year,” said Nelson Rangel, a former credit trader who is now the chief investment officer of Raven Capital BV, an investment-management firm for wealthy individuals. “It would be something for famous traders or investors with significant personal wealth who would have no trouble posting large amounts of collateral.” Rokos declined to comment for this article, while Platt did not respond to multiple emails seeking comment. ISDAs are not only for celebrity investors. A cohort of lesserknown senior bankers and fund managers who don’t appear on the front pages have used the wealth and connections they’ve built up in the finance industry to gain access. Sofiane Gharred, 39, made his fortune trading credit derivatives. When serving out a non-compete period in 2014 before starting his hedge fund Selwood Asset Management, he signed an ISDA with Citigroup Inc. and traded the riskiest portions of credit default swap indexes, according to people familiar with the matter. Gharred, who was born in Tunisia and studied in Paris, declined to comment on his personal investments. He said he has not placed any personal trades since starting Selwood in London in mid-2015 and that managing his own capital “has never been a final aim.” Selwood grew its assets under management to $1 billion in its first two years. To trade swaps and other OTC contracts with Citigroup, an individual must have a net worth of at least $25 million, $5 million or more of which must be deposited in an account with the bank, according to people familiar with the matter. Goldman Sachs and JPMorgan Chase & Co. require greater wealth, the people said, although in most cases the guidelines can be tweaked for long-term clients. A spokeswoman for Citigroup declined to comment on the firm’s derivatives dealings with individuals. Pasi Hamalainen, a former managing director at Pacific Investment Management Co. in California who retired in 2008 at 41 to raise his son and race Bugattis, had ISDA agreements with Citigroup and Goldman Sachs, according to a person familiar with the matter. The Finnish native, who was a member of Pimco’s investment committee and head of global risk oversight at the company, traded interest-rate swaps and currency derivatives with the U. banks between leaving Pimco and joining Capital Group Cos. in 2012, the person said. Hamalainen died in 2014. Kieran Goodwin, the former head trader at King Street Capital Management, traded with an ISDA between leaving the fund in 2010 and starting his own firm in 2012, New York-based Panning Capital Management, according to a person familiar with the matter. Hedge fund manager David Peacock also previously had an ISDA, according to people familiar with the matter. A spokeswoman for Peacock, who started his career in JPMorgan’s pioneering credit-derivatives business in the 1990s and is now a partner and co-head of corporate credit at Cheyne Capital Management in London, declined to comment. Wealthy individuals were something of an afterthought for the bankers and lawyers that created the agreement for the International Swaps & Derivatives Association, or ISDA, according to Jeff Golden, a former senior partner at the law firm Allen & Overy. He was among the authors of the original 1987 agreement and all subsequent updates. Illustration: Isabel Seliger Derivatives are not just for speculation, though. After taking out a floating-rate mortgage on a house in Kensington, London’s most expensive borough, Guido Filippa signed an ISDA contract with Goldman Sachs to protect against rising interest rates. Filippa, 45, said he obtained the agreement via Goldman’s private-wealth management unit while working as a managing director in the bank’s London office. He entered into a 10-year interest rate derivative that required him to pay an upfront premium of about 4 percent of the value of the mortgage, while the bank is required to pay him every quarter that a benchmark of interbank borrowing costs is above a pre-defined level. Filippa, who left the bank in 2016, declined to comment on how much he paid for his home. He said Goldman expected its staff to conduct their personal investments with the bank for compliance reasons, and that the firm allowed him to tailor the contract to his specific requirements. Goldman declined to comment for this article, as did JPMorgan. “I bought insurance against the leverage I took on against my house,” said Filippa. “Only time will tell how much benefit I will get from the protection I bought, but it allows me to sleep well, whatever happens to interest rates.” It’s never been easy to get a personal ISDA agreement, but before the financial crisis banks gave them out more freely, according to people familiar with the matter. Rules created to prevent another crisis have increased capital costs for lenders trading derivatives that are not processed through a clearinghouse; what’s more, lawsuits that focused on mis-selling of derivatives prodded banks to be more selective with whom they are willing to trade. Billionaire real-estate investor Jeff Greene, who bet against U. subprimemortgage bonds, says he was told in 2006 by Merrill Lynch that he was the firm’s first client to ever get a personal ISDA to trade credit-default swaps wagering on a collapse in that market. Spurning an offer to invest with his friend, hedge-fund honcho John Paulson, Greene put on his own trades and said he made a profit of about $800 million on a portfolio of credit-default swaps protecting against declines in about $1 billion of mortgage bonds. Management subsequently ruled against a broader rollout because it was almost impossible to track an individual’s total exposure to privately negotiated derivatives trades, according to Cliff Lanier, a former director at the firm who ran a team tasked with marketing fixed-income structured products to high-net-worth individuals. In some cases, bank employees have been able to obtain ISDAs to trade with their employers, an arrangement typically facilitated by the bank’s wealthmanagement unit. That was the case at Deutsche Bank, where senior executives, including Raj Bhattacharyya and Boaz Weinstein, had ISDAs with the bank while employed by the firm. Bhattacharyya, who remains with the German lender and heads its emerging-markets debt and foreign-exchange franchise in the Americas, declined to comment, as did Weinstein, who left in 2009 to set up his own hedge fund, Saba Capital Management. “Deutsche Bank has strict personal-account dealing controls and procedures in place to prevent conflicts of interest,” said Olayinka Fadahunsi, a spokesman for the bank in New York. Goldman Sachs has also traded OTC derivatives with a number of its senior staff. John Wang, a former managing director in New York who ran the bank’s market-making business for products tied to the VIX volatility index, is one such example. Wang, who now runs a macro fund in San Marino, California, said he was one of a number of staffers to have ISDAs with the bank before he left. He said he used the ISDA, which is still active, for equity-index and interest-rate option trades. “I got the ISDA because I’m a prop trader at heart and needed to be able to invest and was pretty restricted on the desk in terms of what I was allowed to invest in,” said Wang, who signed a separate agreement with Bank of America Corp. The set-up whereby a bank trades with its staff can create potential conflicts of interest, such as when junior colleagues are leaned on to give their seniors a good price on personal trades, which can be processed through the same desk as client orders, according to people familiar with the matter. Former employees can also use their institutional knowledge and relationships to get an ISDA agreement. Simon Morris, who was Goldman Sachs’s head of credit trading for Europe and the Asia-Pacific region until the end of 2016, is one such example. He set up a company in January last year to trade with his own money. Boltons Place Capital Management Ltd., which shares the name of a street in Kensington, has an ISDA with Goldman Sachs, according to a person familiar with the matter. Morris declined to comment. “It’s only the very upper echelons of the finance world that get this royal treatment,” said Tze Tung Chong, a former derivatives executive at firms, including Citadel LLC, who now invests in the contracts for his clients at London investment firm Mons Capital Ltd. “You must be very wealthy; you must be financially sophisticated. But perhaps most important of all, you need to know the right people in the banks.”   ➞ The FIX The Bloomberg Fixed Income Exchange The Weekly Fix Sign up to get the latest fixed income news, charts, and insights, right in your inbox each Friday. Enter your email Sign Up Trend-Following Quants Taste Comeback Powered by Bond Mania The Basics 1 Trade War Optimism Sees Bond ETF Investors Buy Corporate Debt 2 Deutsche Bank’s Running Tab of Investigations 3 A Third of Goldman Sachs' Clients Sat Out China Index Inclusion Central Banks Are Thinking Greener as Climate Change Hits Policy France's Villeroy Urges Fiscal Stimulus in Germany, Netherlands All the Reasons to Fret About the Global Economy, in Charts Podcast Voice Assistants Offer Huge Potential For Advertising (Radio) Why Italy’s Debts Are Europe’s Big Problem 4 Charting GE’s Historic Rise and Tortured Downfall Europe's Shrinking High-Yield Market May Narrow Spreads Further Draghi Multitasking, Greece Repayment, U. Sees Slump: Eco Day The Case for Staying Bullish on European Markets: Taking Stock Five Things You Need to Know to Start Your Day Hyflux's Shocking Fall Adds to the Roster of Singapore Business Stumbles Traders Are Betting the Swiss Franc Will Keep Rallying 'Real Yield Roundup': Next Week It's Trade and Data That Matters 'Real Yield Roundup': Next Week It's Trade and Data That Matters BlackRock’s Marilyn Watson, PGIM’s Greg Peters and Wells Fargo Investment Institute's George Rusnak join Bloomberg’s Jonathan Ferro to breakdown the economic data to watch next week and preview another round of pivotal trade talks coming to Washington D. (Source: Bloomberg) The Growing Love for BBB Corporate Debt The ‘Buy Everything’ Bond Rally 'Bloomberg Real Yield' Full Show (03/29/2019) 'Real Yield Roundup': Global Central Bank Chiefs Dominate Next Week Draghi Marks 50 Days of Multitasking at Empty-Chair ECB Watchdog by Nicholas Comfort | Australia Keeps Rates on Hold at 1% Ahead of Federal Budget by Michael Heath | JPMorgan Asset Management Opts for Full China Bond Inclusion by Christopher Anstey | China's Brightening Economy Calls PBOC Easing Path Into Question by Bloomberg News | Wildfires Turn Thailand’s Air Into the Planet's Most Toxic by Siraphob Thanthong-Knight | Greece Mulls Early IMF Repayment as Aid Tranche Nears by Sotiris Nikas and Viktoria Dendrinou | Feature The Man Who Bet on Chinese Debt by Carrie Hong and Chris Anstey Terms of Service Trademarks Privacy Policy ©2019 Bloomberg L. All Rights Reserved Careers Made in NYC Advertise Ad Choices Contact Us Help Subscribe

Was this document helpful?

Inside the World’s Most Elite (and Secret) Traders’ Club - Bloomberg

Course: Corporate Finance (BA(BBA-FIN)-662)

83 Documents
Students shared 83 documents in this course

University: University of Karachi

Was this document helpful?
SHARE THIS
ARTICLE
Illustration: Isabel Seliger
Illustration: Isabel Seliger
Inside the World’s
Most Elite (and
Secret) Traders’ Club
The nameless group confers “a hunting
license” that lets an investor sit at the “big
boy table and make high-level trades not
available to stupid amateurs.”
By
May 3, 2018, 9:01 AM GMT+5
From
In an industry where power and influence are measured in
dollars and cents, this may be the most exclusive club in finance: The price
of admission is at least $25 million.
It has no name and no board of directorsbut has a roster drawn from the
world’s wealthiest and most successful traders. Members essentially become
their own one-person firms, even firms within firms, by gaining a seal of
approval to deal in the complex products typically reserved for institutions
that manage hundreds of billions of dollars. And all without drawing the
attention of Wall Street’s everyday millionaires.
Their ranks are getting more selective. While no one keeps count, people in
the industry guesstimate that the total peaked at no more than 3,000 a
decade ago and has shrunk considerably since the financial crisis. Months of
interviews have yielded the identities of just 12 individuals who held the
prize: an ISDA master agreement.
They have included hedge fund titans Chris Rokos and Michael Platt, as well
as whales at Deutsche Bank AG and Goldman Sachs Group Inc.,
whichbecame clients of their own employers.
In the $542-trillion marketfor over-the-counter derivatives, ISDA
agreementsset out the trading terms between two parties. In the vernacular
of Adam McKay’s adaptation of Michael Lewis’s The Big Short,they
represent “a hunting license” that lets an investor sit at the “big boy table
and make high-level trades not available to stupid amateurs.” The firms that
hand them out gain access to the most desirable customers possible.
“Banks do this business because they can charge two or three times more
than they would a company,” said Manuel de Souza-Girao, a former senior
wealth manager at Deutsche Bank and Credit Suisse Group AG. “And it’s a
good way of attracting valuable clients.”
World's Most Elite Traders Club Has a $25 Million Minimum
People such asRokos, 47, who has a net worth of $1.2 billion, according to
the Bloomberg Billionaires Index. The British co-founder of Brevan Howard
Asset Management, who now runs his own hedge fund, was personally the
counterparty on ISDA agreements in 2013 when he set up a family office.
That meant Rokos himself was on the hook if the trades went against him.
Platt, 49, who runs BlueCrest Capital Management, also previously had a
personal ISDA agreement, said people familiar with the matter. Platt’s net
worth is estimated at $2.9 billion by the Bloomberg Billionaires Index.
“This is not a product rolled out to your average trader earning $2 to $5
million a year,” said Nelson Rangel, a former credit trader who is now the
chief investment officer of Raven Capital BV, an investment-management
firm for wealthy individuals. “It would be something for famous traders or
investors with significant personal wealth who would have no trouble
posting large amounts of collateral.”
Rokos declined to comment for this article, while Platt did not respond to
multiple emails seeking comment.
ISDAs are not only for celebrity investors. A cohort of lesser-
known senior bankers and fund managers who don’t appear on the front
pages have used the wealth and connections they’ve built up in the finance
industry to gain access.
Sofiane Gharred, 39, made his fortune trading credit derivatives. When
serving out a non-compete period in 2014 before starting his hedge fund
Selwood Asset Management, he signed an ISDA with Citigroup Inc. and
traded the riskiest portions of credit default swap indexes, according to
people familiar with the matter.
Gharred, who was born in Tunisia and studied in Paris, declined to
comment on his personal investments. He said he has not placed any
personal trades since starting Selwood in London in mid-2015 and that
managing his own capital “has never been a final aim.” Selwood grew its
assets under management to $1 billion in its first two years.
To trade swaps and other OTC contracts with Citigroup, an individual must
have a net worth of at least $25 million, $5 million or more of which must be
deposited in an account with the bank, according to people familiar with
the matter. Goldman Sachs and JPMorgan Chase & Co. require greater
wealth, the people said, although in most cases the guidelines can be
tweaked for long-term clients.
A spokeswoman for Citigroup declined to comment on the firm’s derivatives
dealings with individuals.
Pasi Hamalainen, a former managing director at Pacific Investment
Management Co.in Californiawho retired in 2008 at 41 to raise his son and
race Bugattis, had ISDA agreements with Citigroup and Goldman Sachs,
according to a person familiar with the matter. The Finnish native, who was
a member of Pimco’s investment committee and head of global risk
oversight at the company, traded interest-rate swaps and currency
derivatives with the U.S. banks between leaving Pimco and joining Capital
Group Cos. in 2012, the person said. Hamalainen died in 2014.
Kieran Goodwin, the former head trader at King Street Capital Management,
traded with an ISDA between leaving the fund in 2010 and starting his own
firm in 2012, New York-based Panning Capital Management, according to a
person familiar with the matter.
Hedge fund manager David Peacock also previously had
an ISDA, according to people familiar with the matter. A
spokeswoman for Peacock, who started his career in
JPMorgan’s pioneering credit-derivatives business in the
1990s and is now a partner and co-head of corporate
credit at Cheyne Capital Management in London,
declined to comment.
Wealthy individuals were something of an afterthought
for the bankers and lawyers that created the agreement
for the International Swaps & Derivatives Association,
or ISDA, according to Jeff Golden, a former senior
partner at the law firm Allen & Overy. He was among
the authors of the original 1987 agreement and all
subsequent updates.
Derivatives are not just for speculation, though. After
taking out a floating-rate mortgage on a house in
Kensington, London’s most expensive borough, Guido
Filippa signed an ISDA contract with Goldman Sachs to protect against
rising interest rates.
Filippa, 45, said he obtained the agreement via Goldman’s private-wealth
management unit while working as a managing director in the bank’s
London office. He entered into a 10-year interest rate derivativethat
required him to pay an upfront premium of about 4 percent of the value of
the mortgage, while the bank is required to pay him every quarter that a
benchmark of interbank borrowing costsis above a pre-defined level.
Filippa, who left the bank in 2016, declined to comment on how much he
paid for his home. He said Goldman expected its staff to conduct their
personal investments with the bank for compliance reasons, and that the
firm allowed him to tailor the contractto his specific requirements.
Goldman declined to comment for this article, as did JPMorgan.
“I bought insurance against the leverage I took on against my house,” said
Filippa. “Only time will tell how much benefit I will get from the protection I
bought, but it allows me to sleep well, whatever happens to interest rates.”
It’s never been easy to get a personal ISDA agreement, but before the
financial crisis banks gave them out more freely, according to people
familiar with the matter. Rules created to prevent another crisis have
increased capital costs for lenders trading derivatives that are not processed
through a clearinghouse; what’s more, lawsuits that focused on mis-selling
of derivatives prodded banks to be more selective with whom they are
willing to trade.
Billionaire real-estate investor Jeff Greene, who bet against U.S. subprime-
mortgage bonds, says he was told in 2006 by Merrill Lynch that he was the
firm’s first clientto ever get a personal ISDA to trade credit-default swaps
wagering on a collapse in that market.
Spurning an offer to invest with his friend, hedge-fund honcho John
Paulson, Greene put on his own trades and said he made a profit of about
$800 million on a portfolio of credit-default swaps protecting against
declines in about $1 billion of mortgage bonds.
Management subsequently ruled against a broader rollout because it was
almost impossible to track an individual’s total exposure to privately
negotiated derivatives trades, according to Cliff Lanier, a former director at
the firm who ran a team tasked with marketing fixed-income structured
products to high-net-worth individuals.
In some cases, bank employees have been able to obtain ISDAs to trade with
their employers, an arrangement typically facilitated by the bank’s wealth-
management unit. That was the case at Deutsche Bank, where senior
executives, including Raj Bhattacharyya and Boaz Weinstein, had ISDAs
with the bank while employed by the firm.
Bhattacharyya, who remains with the German lender and heads its
emerging-markets debt and foreign-exchange franchise in the Americas,
declined to comment, as did Weinstein, who left in 2009 to set up his
own hedge fund, Saba Capital Management.
“Deutsche Bank has strict personal-account dealing controls and
procedures in place to prevent conflicts of interest,” said Olayinka
Fadahunsi, a spokesman for the bank in New York.
Goldman Sachs has also traded OTC derivatives with a number of its senior
staff. John Wang, a former managing director in New Yorkwho ran the
bank’s market-making business for products tied to the VIX volatility index,
is one such example.
Wang, who now runs a macro fund in San Marino, California, said he was
one of a number of staffers to have ISDAs with the bank before he left. He
said he used the ISDA, which is still active, for equity-index and interest-rate
option trades.
“I got the ISDA because I’m a prop trader at heart and needed to be able to
invest and was pretty restricted on the desk in terms of what I was allowed
to invest in,” said Wang, who signed a separate agreement with Bank of
America Corp.
The set-up whereby a bank trades with its staff can create
potential conflicts of interest, such as whenjunior colleagues are leaned on
to give their seniors a good price on personal trades, which can be
processed through the same desk as client orders, according to people
familiar with the matter.
Former employees can also use their institutional knowledge and
relationships to get an ISDA agreement. Simon Morris, who was Goldman
Sachs’s head of credit trading for Europe and the Asia-Pacific region until
the end of 2016, is one such example.
He set up a company in January last year to trade with his own money.
Boltons Place Capital Management Ltd., which shares the name of a street in
Kensington, has an ISDA with Goldman Sachs, according to a person
familiar with the matter. Morrisdeclined to comment.
“It’s only the very upper echelons of the finance world that get this royal
treatment,” said Tze Tung Chong, a former derivatives executive at firms,
including Citadel LLC, who now invests in the contracts for his clients at
London investment firm Mons Capital Ltd. “You must be very wealthy;you
must be financially sophisticated. But perhaps most important of all, you
need to know the right people in the banks.”
Terms of Service
Trademarks Privacy Policy
©2019 Bloomberg L.P. All Rights Reserved
Careers Made in NYC Advertise Ad Choices Contact Us
Help
Alastair Marsh
Share
Tweet
Post
Email
➞
World's Most Elite Traders Club Has a $25 Million MinimumWorld's Most Elite Traders Club Has a $25 Million MinimumWorld's Most Elite Traders Club Has a $25 Million Minimum
1
2
3
4
The FIX
The Bloomberg Fixed Income Exchange
The Weekly Fix
Sign up to get the latest fixed income news,
charts, and insights, right in your inbox each
Friday.
Sign Up
The Basics
'Real Yield
Roundup': Next
Week It's Trade and
Data That Matters
BlackRock’s Marilyn Watson, PGIM’s Greg
Peters and Wells Fargo Investment
Institute's George Rusnak join
Bloomberg’s Jonathan Ferro to
breakdown the economic data to watch
next week and preview another round of
pivotal trade talks coming to Washington
D.C. (Source: Bloomberg)
Draghi Marks 50 Days of Multitasking at Empty-Chair ECB
Watchdog
by Nicholas Comfort |
Australia Keeps Rates on Hold at 1.5% Ahead of Federal Budget
by Michael Heath |
JPMorgan Asset Management Opts for Full China Bond Inclusion
by Christopher Anstey |
China's Brightening Economy Calls PBOC Easing Path Into Question
by Bloomberg News |
Wildfires Turn Thailand’s Air Into the Planet's Most Toxic
by Siraphob Thanthong-Knight |
Greece Mulls Early IMF Repayment as Aid Tranche Nears
by Sotiris Nikas and Viktoria Dendrinou |
Trend-Following Quants Taste
Comeback Powered by Bond
Mania
Enter your email
Trade War Optimism
Sees Bond ETF
Investors Buy
Corporate Debt
Deutsche Bank’s
Running Tab of
Investigations
Why Italy’s Debts Are
Europe’s Big Problem
Charting GE’s
Historic Rise and
Tortured Downfall
A Third of Goldman
Sachs' Clients Sat Out
China Index Inclusion
Central Banks Are
Thinking Greener as
Climate Change Hits
Policy
France's Villeroy Urges
Fiscal Stimulus in
Germany, Netherlands
All the Reasons to Fret
About the Global
Economy, in Charts
Europe's Shrinking
High-Yield Market May
Narrow Spreads
Further
Draghi Multitasking,
Greece Repayment,
U.K. Sees Slump: Eco
Day
The Case for Staying
Bullish on European
Markets: Taking Stock
Five Things You Need
to Know to Start Your
Day
Hyflux's Shocking Fall
Adds to the Roster of
Singapore Business
Stumbles
Traders Are Betting the
Swiss Franc Will Keep
Rallying
Podcast
Voice Assistants Offer Huge
Potential For Advertising
(Radio)
The Growing Love for BBB Corporate
Debt
The ‘Buy Everything’ Bond Rally 'Bloomberg Real Yield' Full Show
(03/29/2019)
'Real Yield Roundup': Global Central Bank
Chiefs Dominate Next Week
Feature
The Man Who Bet on
Chinese Debt
by Carrie Hong and Chris Anstey
'Real Yield Roundup': Next Week It's Trade and Data That Matters'Real Yield Roundup': Next Week It's Trade and Data That Matters'Real Yield Roundup': Next Week It's Trade and Data That Matters
Bloomberg the Company & Its Products Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request
Bloomberg
Menu Search Sign In Subscribe
You have 3 free articles remaining. Get unlimited access for $1.99/mo. View Subscription Offers Sign in Bloomberg Anywhere
clients get free access
T

Students also viewed

Related documents