Research
Tokyo's Bridge Finance: Why This Yen Intervention Is Not 2024
The April 30 yen intervention is being read as a defensive stopgap. We disagree. With three BoJ dissenters and OIS pricing a 40% June hike, this is bridging fin
Research
The April 30 yen intervention is being read as a defensive stopgap. We disagree. With three BoJ dissenters and OIS pricing a 40% June hike, this is bridging fin
Research
Public BDCs are pricing in 10%+ default rates while realized losses sit at 0.7%. The retail wrapper is breaking, the underlying loan book is not. We see a generational entry point for selective BDC equity and a structural opening for institutional capital.