Markets

Guarantees

The guarantee has a price. Nobody can quote it

Some of the largest guarantees ever written carry no fee — the guarantor is paid in exclusivity, not basis points.

21 Sep 2026

Global rates

Three central banks moved one way. Your funding diversification moved with them

The Fed, the ECB and the BoJ all tightened in a fortnight — every intercompany leg reprices at once.

18 Sep 2026

Benchmarks

Norway has stopped picking sovereigns. Your risk-free rate just changed shape

Norway is swapping Treasuries for agency MBS and weighting bonds by debt, not GDP.

7 Sep 2026

US rates

Duration costs money again. Shortening your intercompany debt is not the fix

The 30-year Treasury is at 5.24% — shortening tenor won't fix the price.

21 Aug 2026

Japan rates

Japan's cheap money is over. Your intercompany rates have not noticed

The BoJ looks set to move to 1.25% on 18 September — cheap yen funding is ending.

21 Aug 2026

Private credit

The market moved to private credit. Your comparables did not

Private credit is $3.8tn and its terms are unpublished — comparables haven't caught up.

6 Aug 2026