Matthew Davies
@matthewjdavies.bsky.social
Editor of IFR. Man v Fat five-a-side incompetent, ale-supper, cyclist, Derby County sufferer, man of the hills, undercover Welshman
Top deck, front seat, driver’s side. The only way to travel. Number 2 to Marylebone
Top deck, front seat, driver’s side. The only way to travel. 172 to Aldwych
January 7, 2026 at 1:12 PM
Top deck, front seat, driver’s side. The only way to travel. Number 2 to Marylebone
It's only Lady Mountbatten's underwear made of silk escape maps (at the British Library)
December 31, 2025 at 5:35 PM
It's only Lady Mountbatten's underwear made of silk escape maps (at the British Library)
Merry Christmas from Megawatt Valley
December 25, 2025 at 10:20 AM
Merry Christmas from Megawatt Valley
Reposted by Matthew Davies
A credit derivatives market emerging hot on the heels of a debt binge that’s become the focal point of investor concerns over a financial bubble
Sound familiar?
NEW: AI debt frenzy gives birth to new CDS markets
w/ the inimitable @garethgore.bsky.social 👇
www.ifre.com/people-and-m...
Sound familiar?
NEW: AI debt frenzy gives birth to new CDS markets
w/ the inimitable @garethgore.bsky.social 👇
www.ifre.com/people-and-m...
December 8, 2025 at 11:57 AM
A credit derivatives market emerging hot on the heels of a debt binge that’s become the focal point of investor concerns over a financial bubble
Sound familiar?
NEW: AI debt frenzy gives birth to new CDS markets
w/ the inimitable @garethgore.bsky.social 👇
www.ifre.com/people-and-m...
Sound familiar?
NEW: AI debt frenzy gives birth to new CDS markets
w/ the inimitable @garethgore.bsky.social 👇
www.ifre.com/people-and-m...
Reposted by Matthew Davies
Reposted by Matthew Davies
Until recently, the idea of Meta going bust seemed so fanciful that no CDS market really existed
But not any more, with banks now offering protection against Meta — and several other AI companies once considered bulletproof
Is this the new Big Short?
www.ifre.com/people-and-m...
But not any more, with banks now offering protection against Meta — and several other AI companies once considered bulletproof
Is this the new Big Short?
www.ifre.com/people-and-m...
Taking a position: AI debt frenzy gives birth to new CDS markets | IFR
People & Markets
Liquid markets for Meta, Nvidia and CoreWeave CDS have emerged in recent weeks
www.ifre.com
December 5, 2025 at 1:40 PM
Until recently, the idea of Meta going bust seemed so fanciful that no CDS market really existed
But not any more, with banks now offering protection against Meta — and several other AI companies once considered bulletproof
Is this the new Big Short?
www.ifre.com/people-and-m...
But not any more, with banks now offering protection against Meta — and several other AI companies once considered bulletproof
Is this the new Big Short?
www.ifre.com/people-and-m...
A more in-depth obituary of Hans-Joerg Rudloff. By @alexchambers.bsky.social
https://www.ifre.com/people-and-markets/2351130/hans-joerg-rudloff-a-swashbuckling-pioneer-who-shaped-modern-banking
https://www.ifre.com/people-and-markets/2351130/hans-joerg-rudloff-a-swashbuckling-pioneer-who-shaped-modern-banking
December 5, 2025 at 8:10 PM
A more in-depth obituary of Hans-Joerg Rudloff. By @alexchambers.bsky.social
https://www.ifre.com/people-and-markets/2351130/hans-joerg-rudloff-a-swashbuckling-pioneer-who-shaped-modern-banking
https://www.ifre.com/people-and-markets/2351130/hans-joerg-rudloff-a-swashbuckling-pioneer-who-shaped-modern-banking
Sad news that Hans-Joerg Rudolf died yesterday. A legend in the bond markets
www.ifre.com/people-and-m...
www.ifre.com/people-and-m...
Bond market titan Hans-Joerg Rudloff dies | IFR
www.ifre.com
December 2, 2025 at 5:12 PM
Sad news that Hans-Joerg Rudolf died yesterday. A legend in the bond markets
www.ifre.com/people-and-m...
www.ifre.com/people-and-m...
Reposted by Matthew Davies
Oracle raised $18bn in the bond market amid much fanfare at the end of September
Eight weeks on, investors are now sitting on $750m of losses from the deal
Are the wheels coming off the great AI financing wave before it has even properly begun?
www.ifre.com/bonds/234852...
Eight weeks on, investors are now sitting on $750m of losses from the deal
Are the wheels coming off the great AI financing wave before it has even properly begun?
www.ifre.com/bonds/234852...
AI financing boom begins to show cracks as investors baulk at debt binge | IFR
Bonds
Oracle bonds sold just a few weeks ago sell off and CDS spike as worries mount
www.ifre.com
November 28, 2025 at 1:03 PM
Oracle raised $18bn in the bond market amid much fanfare at the end of September
Eight weeks on, investors are now sitting on $750m of losses from the deal
Are the wheels coming off the great AI financing wave before it has even properly begun?
www.ifre.com/bonds/234852...
Eight weeks on, investors are now sitting on $750m of losses from the deal
Are the wheels coming off the great AI financing wave before it has even properly begun?
www.ifre.com/bonds/234852...
I cannot remember a worse sporting day. Enland losing the first Ashes test (and surely also the Ashes), Derby losing 3-2 at home to Watford after being 2-0 up, Forest winning at Anfield and Wales (unsurprisingly) being stuffed by the All Blacks. Absolutely bleeding miserable
November 22, 2025 at 10:39 PM
I cannot remember a worse sporting day. Enland losing the first Ashes test (and surely also the Ashes), Derby losing 3-2 at home to Watford after being 2-0 up, Forest winning at Anfield and Wales (unsurprisingly) being stuffed by the All Blacks. Absolutely bleeding miserable
Reposted by Matthew Davies
The definitive account of the First Brands collapse
helluva piece of work 👏👏👏
www.ft.com/content/8373...
helluva piece of work 👏👏👏
www.ft.com/content/8373...
The secretive First Brands founder, his $12bn debt and the future of private credit
Patrick James borrowed billions — even after presiding over a string of failed businesses
www.ft.com
October 15, 2025 at 3:19 PM
The definitive account of the First Brands collapse
helluva piece of work 👏👏👏
www.ft.com/content/8373...
helluva piece of work 👏👏👏
www.ft.com/content/8373...
Reposted by Matthew Davies
NEW: Banks ride gold rush trading bonanza
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Banks ride gold rush trading bonanza | IFR
People & Markets
“The most interest and enthusiasm for gold I’ve seen in my entire career”
www.ifre.com
September 29, 2025 at 9:27 AM
NEW: Banks ride gold rush trading bonanza
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Reposted by Matthew Davies
Happy Derbyshire Day. The flag of Derbyshire is flying in New Palace Yard today to mark this historic county day.
Did you know that Derbyshire has featured in the official titles of more than 200 Commons debates?
Did you know that Derbyshire has featured in the official titles of more than 200 Commons debates?
September 22, 2025 at 1:29 PM
Happy Derbyshire Day. The flag of Derbyshire is flying in New Palace Yard today to mark this historic county day.
Did you know that Derbyshire has featured in the official titles of more than 200 Commons debates?
Did you know that Derbyshire has featured in the official titles of more than 200 Commons debates?
Top deck 😀, front seat 😁, non-drivers side 🙄. *Nearly* the best way to travel. 213 to Kingston
September 7, 2025 at 3:40 PM
Top deck 😀, front seat 😁, non-drivers side 🙄. *Nearly* the best way to travel. 213 to Kingston
Reposted by Matthew Davies
NEW: Societe Generale gains ground in fixed income trading push
SocGen's drive to expand in fixed income starting to bear fruit: spot FX volumes up 70-80% this year
Part of broader push to diversify its trading division beyond structured equity derivatives
www.ifre.com/people-and-m...
SocGen's drive to expand in fixed income starting to bear fruit: spot FX volumes up 70-80% this year
Part of broader push to diversify its trading division beyond structured equity derivatives
www.ifre.com/people-and-m...
July 7, 2025 at 1:38 PM
NEW: Societe Generale gains ground in fixed income trading push
SocGen's drive to expand in fixed income starting to bear fruit: spot FX volumes up 70-80% this year
Part of broader push to diversify its trading division beyond structured equity derivatives
www.ifre.com/people-and-m...
SocGen's drive to expand in fixed income starting to bear fruit: spot FX volumes up 70-80% this year
Part of broader push to diversify its trading division beyond structured equity derivatives
www.ifre.com/people-and-m...
Reposted by Matthew Davies
NEW: Bank trading bonanza continues in second quarter
Banks' trading revenues set to rise 10-15% in Q2, Coalition Greenwich says
Equities trading leading the way again - up 20-25%
Fixed income up 5-10% on the back of strong FX trading results
www.ifre.com/topic-codes/...
Banks' trading revenues set to rise 10-15% in Q2, Coalition Greenwich says
Equities trading leading the way again - up 20-25%
Fixed income up 5-10% on the back of strong FX trading results
www.ifre.com/topic-codes/...
Bank trading bonanza continues in second quarter | IFR
People & Markets
Equities trading powers markets divisions
www.ifre.com
July 7, 2025 at 1:26 PM
NEW: Bank trading bonanza continues in second quarter
Banks' trading revenues set to rise 10-15% in Q2, Coalition Greenwich says
Equities trading leading the way again - up 20-25%
Fixed income up 5-10% on the back of strong FX trading results
www.ifre.com/topic-codes/...
Banks' trading revenues set to rise 10-15% in Q2, Coalition Greenwich says
Equities trading leading the way again - up 20-25%
Fixed income up 5-10% on the back of strong FX trading results
www.ifre.com/topic-codes/...
Reposted by Matthew Davies
Fretting over IPO market share is just atavistic mercantilism - superb Long View column from the ever wise John Plender www.ft.com/content/ae0c...
Fretting over IPO market share is just atavistic mercantilism
The central role of equity raisings is to raise capital for companies that are already quoted
www.ft.com
June 14, 2025 at 9:08 AM
Fretting over IPO market share is just atavistic mercantilism - superb Long View column from the ever wise John Plender www.ft.com/content/ae0c...
Reposted by Matthew Davies
NEW: How Goldman Sachs turned financing into a $9bn powerhouse
Goldman's financing revenues now outstrip investment banking fees after >doubling since 2020
Profile of how the age-old business of lending money is transforming the investment bank 🧵
www.ifre.com/topic-codes/...
Goldman's financing revenues now outstrip investment banking fees after >doubling since 2020
Profile of how the age-old business of lending money is transforming the investment bank 🧵
www.ifre.com/topic-codes/...
How Goldman Sachs turned financing into a US$9bn powerhouse | IFR
People & Markets
Heady growth means financing now generates more revenue than investment banking
www.ifre.com
June 9, 2025 at 10:47 AM
NEW: How Goldman Sachs turned financing into a $9bn powerhouse
Goldman's financing revenues now outstrip investment banking fees after >doubling since 2020
Profile of how the age-old business of lending money is transforming the investment bank 🧵
www.ifre.com/topic-codes/...
Goldman's financing revenues now outstrip investment banking fees after >doubling since 2020
Profile of how the age-old business of lending money is transforming the investment bank 🧵
www.ifre.com/topic-codes/...
Top deck, front seat, driver’s side. The only way to travel. 172 to Aldwych
June 2, 2025 at 4:09 PM
Top deck, front seat, driver’s side. The only way to travel. 172 to Aldwych
Somewhat surprising declaration of admiration for New Malden from an NYT tech reporter. Must be the Korean food
I luv KT3
May 25, 2025 at 4:12 PM
Somewhat surprising declaration of admiration for New Malden from an NYT tech reporter. Must be the Korean food
Reposted by Matthew Davies
NEW: Humans + machines join forces in Morgan Stanley’s credit trading revolution
MS has rolled out its bond trading algo across its entire credit franchise
Traders + computers share risk books, balance sheet, P&L - a radical departure for this human-centric business
www.ifre.com/people-and-m...
MS has rolled out its bond trading algo across its entire credit franchise
Traders + computers share risk books, balance sheet, P&L - a radical departure for this human-centric business
www.ifre.com/people-and-m...
May 12, 2025 at 8:10 AM
NEW: Humans + machines join forces in Morgan Stanley’s credit trading revolution
MS has rolled out its bond trading algo across its entire credit franchise
Traders + computers share risk books, balance sheet, P&L - a radical departure for this human-centric business
www.ifre.com/people-and-m...
MS has rolled out its bond trading algo across its entire credit franchise
Traders + computers share risk books, balance sheet, P&L - a radical departure for this human-centric business
www.ifre.com/people-and-m...
For what it's worth (and this is not my area of expertise), I've just seen an Evergreen container ship (the Ever Lovely) in Hong Kong's East Lamma Channel with zero containers visible. Don't remember ever seeing that before
The freight guys have really started freaking out over the past 48-72 hours:
April 18, 2025 at 4:23 AM
For what it's worth (and this is not my area of expertise), I've just seen an Evergreen container ship (the Ever Lovely) in Hong Kong's East Lamma Channel with zero containers visible. Don't remember ever seeing that before
My multi-year campaign for IFR flags has finally come to fruition!
March 17, 2025 at 3:17 PM
My multi-year campaign for IFR flags has finally come to fruition!
Reposted by Matthew Davies
NEW: Traders start buying euros as US dollar loses its lustre
Investors are slightly bearish on the US dollar for the first time since October, according to a BNP Paribas market-wide gauge
Sharpest jump ever in euro positioning, according to BofA client survey
www.ifre.com/story/517832...
Investors are slightly bearish on the US dollar for the first time since October, according to a BNP Paribas market-wide gauge
Sharpest jump ever in euro positioning, according to BofA client survey
www.ifre.com/story/517832...
March 17, 2025 at 10:55 AM
NEW: Traders start buying euros as US dollar loses its lustre
Investors are slightly bearish on the US dollar for the first time since October, according to a BNP Paribas market-wide gauge
Sharpest jump ever in euro positioning, according to BofA client survey
www.ifre.com/story/517832...
Investors are slightly bearish on the US dollar for the first time since October, according to a BNP Paribas market-wide gauge
Sharpest jump ever in euro positioning, according to BofA client survey
www.ifre.com/story/517832...
Reposted by Matthew Davies
Credit investors dump US bonds and buy Europe
European credit trading at a premium to the US for the first time in 3 years
US CDS hedging activity at highest levels since Silicon Valley Bank collapse in 2023 👇
www.ifre.com/story/518380...
European credit trading at a premium to the US for the first time in 3 years
US CDS hedging activity at highest levels since Silicon Valley Bank collapse in 2023 👇
www.ifre.com/story/518380...
March 17, 2025 at 9:26 AM
Credit investors dump US bonds and buy Europe
European credit trading at a premium to the US for the first time in 3 years
US CDS hedging activity at highest levels since Silicon Valley Bank collapse in 2023 👇
www.ifre.com/story/518380...
European credit trading at a premium to the US for the first time in 3 years
US CDS hedging activity at highest levels since Silicon Valley Bank collapse in 2023 👇
www.ifre.com/story/518380...