Chris Whittall
@chriswhittall.bsky.social
Associate Editor, derivatives and secondary markets, at IFR. Views all mine.
"It's just soul crushing, trying to tell someone [they're being called up for military service]"
Missiles, mobilisation and cold: Citigroup's Ukraine chief on the risks he's juggling after four years of war
fascinating profile from @ifrsteves.bsky.social
www.ifre.com/people-and-m...
Missiles, mobilisation and cold: Citigroup's Ukraine chief on the risks he's juggling after four years of war
fascinating profile from @ifrsteves.bsky.social
www.ifre.com/people-and-m...
Missiles, mobilisation and cold: Citi Ukraine chief juggles risks after four years of war | IFR
People & Markets
Alex McWhorter, Citi's chief country officer in Ukraine, explains what it's like to run a bank in a warzone
www.ifre.com
February 19, 2026 at 3:20 PM
"It's just soul crushing, trying to tell someone [they're being called up for military service]"
Missiles, mobilisation and cold: Citigroup's Ukraine chief on the risks he's juggling after four years of war
fascinating profile from @ifrsteves.bsky.social
www.ifre.com/people-and-m...
Missiles, mobilisation and cold: Citigroup's Ukraine chief on the risks he's juggling after four years of war
fascinating profile from @ifrsteves.bsky.social
www.ifre.com/people-and-m...
Reposted by Chris Whittall
To mark 4 years since the full invasion, @ifrsteves.bsky.social talked to the guy who runs Citi in #Ukraine. He has to decide who to protect from the draft.
https://www.ifre.com/people-and-markets/2386962/missiles-mobilisation-and-cold-citi-ukraine-chief-juggles-risks-after-four-years-of-war
https://www.ifre.com/people-and-markets/2386962/missiles-mobilisation-and-cold-citi-ukraine-chief-juggles-risks-after-four-years-of-war
Missiles, mobilisation and cold: Citi Ukraine chief juggles risks after four years of war | IFR
People & Markets
Alex McWhorter, Citi's chief country officer in Ukraine, explains what it's like to run a bank in a warzone
www.ifre.com
February 19, 2026 at 3:02 PM
To mark 4 years since the full invasion, @ifrsteves.bsky.social talked to the guy who runs Citi in #Ukraine. He has to decide who to protect from the draft.
https://www.ifre.com/people-and-markets/2386962/missiles-mobilisation-and-cold-citi-ukraine-chief-juggles-risks-after-four-years-of-war
https://www.ifre.com/people-and-markets/2386962/missiles-mobilisation-and-cold-citi-ukraine-chief-juggles-risks-after-four-years-of-war
"Well at least I got £2.34 off an order once. Not a bad return for £500."
www.theguardian.com/business/202...
www.theguardian.com/business/202...
BrewDog sale plan leaves some ‘equity punk’ investors steaming
About 220,000 people could be left empty-handed if a deal prioritises the company’s private equity backer
www.theguardian.com
February 18, 2026 at 12:40 PM
"Well at least I got £2.34 off an order once. Not a bad return for £500."
www.theguardian.com/business/202...
www.theguardian.com/business/202...
HSBC goes risk on:
"Our machine learning based indicators do not suggest this is the start of a broader risk-off pivot. Instead, our multi-asset and equity models have turned decisively bullish."
"Our machine learning based indicators do not suggest this is the start of a broader risk-off pivot. Instead, our multi-asset and equity models have turned decisively bullish."
February 18, 2026 at 9:34 AM
HSBC goes risk on:
"Our machine learning based indicators do not suggest this is the start of a broader risk-off pivot. Instead, our multi-asset and equity models have turned decisively bullish."
"Our machine learning based indicators do not suggest this is the start of a broader risk-off pivot. Instead, our multi-asset and equity models have turned decisively bullish."
Futures markets have the biggest net speculative long euro position since 2020 - Societe Generale
February 18, 2026 at 9:29 AM
Futures markets have the biggest net speculative long euro position since 2020 - Societe Generale
NEW: UBS bags hefty trading gain in Europe’s sleepiest bond markets
UBS doubled its revenues in SSAs/covered bonds to >$80m in 2025
Notable bc UBS only recently started rebuilding SSAs after a high-profile 2012 exit
Now it's one of the largest banks by revenue
www.ifre.com/people-and-m...
UBS doubled its revenues in SSAs/covered bonds to >$80m in 2025
Notable bc UBS only recently started rebuilding SSAs after a high-profile 2012 exit
Now it's one of the largest banks by revenue
www.ifre.com/people-and-m...
UBS bags hefty trading gain in Europe’s sleepiest bond markets | IFR
People & Markets
Revenue increase follows recent SSA rebuild
www.ifre.com
February 17, 2026 at 11:57 AM
NEW: UBS bags hefty trading gain in Europe’s sleepiest bond markets
UBS doubled its revenues in SSAs/covered bonds to >$80m in 2025
Notable bc UBS only recently started rebuilding SSAs after a high-profile 2012 exit
Now it's one of the largest banks by revenue
www.ifre.com/people-and-m...
UBS doubled its revenues in SSAs/covered bonds to >$80m in 2025
Notable bc UBS only recently started rebuilding SSAs after a high-profile 2012 exit
Now it's one of the largest banks by revenue
www.ifre.com/people-and-m...
Great Robert Duvall quote on westerns and his favourite role in Lonesome Dove
RIP
www.wsj.com/arts-culture...
RIP
www.wsj.com/arts-culture...
February 17, 2026 at 8:39 AM
Great Robert Duvall quote on westerns and his favourite role in Lonesome Dove
RIP
www.wsj.com/arts-culture...
RIP
www.wsj.com/arts-culture...
NEW: UBS bags hefty trading gain in Europe’s sleepiest bond markets
UBS ~doubled its revenues in SSAs/covered bonds to >$80m in 2025, making it one of the largest banks in this space
Quite a bounceback: UBS exited SSAs in 2012 before starting a rebuild in recent years
www.ifre.com/people-and-m...
UBS ~doubled its revenues in SSAs/covered bonds to >$80m in 2025, making it one of the largest banks in this space
Quite a bounceback: UBS exited SSAs in 2012 before starting a rebuild in recent years
www.ifre.com/people-and-m...
UBS bags hefty trading gain in Europe’s sleepiest bond markets | IFR
People & Markets
Revenue increase follows recent SSA rebuild
www.ifre.com
February 16, 2026 at 8:58 AM
NEW: UBS bags hefty trading gain in Europe’s sleepiest bond markets
UBS ~doubled its revenues in SSAs/covered bonds to >$80m in 2025, making it one of the largest banks in this space
Quite a bounceback: UBS exited SSAs in 2012 before starting a rebuild in recent years
www.ifre.com/people-and-m...
UBS ~doubled its revenues in SSAs/covered bonds to >$80m in 2025, making it one of the largest banks in this space
Quite a bounceback: UBS exited SSAs in 2012 before starting a rebuild in recent years
www.ifre.com/people-and-m...
Reposted by Chris Whittall
This newsletter has many ways to access the client wallet. www.bloomberg.com/opinion/news...
Bond Trading Gets Cheaper
Also Bithumb fat finger, Alphabet century bond and California blackjack.
www.bloomberg.com
February 10, 2026 at 7:18 PM
This newsletter has many ways to access the client wallet. www.bloomberg.com/opinion/news...
Google bond update:
"The century bond has the biggest order book [of Google's sterling bonds], at £9.5bn."
www.ifre.com/bonds/238264...
"The century bond has the biggest order book [of Google's sterling bonds], at £9.5bn."
www.ifre.com/bonds/238264...
Update: Alphabet to print biggest ever sterling corporate deal | IFR
www.ifre.com
February 10, 2026 at 2:47 PM
Google bond update:
"The century bond has the biggest order book [of Google's sterling bonds], at £9.5bn."
www.ifre.com/bonds/238264...
"The century bond has the biggest order book [of Google's sterling bonds], at £9.5bn."
www.ifre.com/bonds/238264...
Springwatch, city of London edition
February 10, 2026 at 2:03 PM
Springwatch, city of London edition
Reposted by Chris Whittall
Picking up this thread on an underappreciated change in corporate bond markets
Electronification has been great for investors, making it easier and cheaper to reshuffle positions
But it's crushing the profitability of banks' credit trading desks, one of the last bastions of the human trader
Electronification has been great for investors, making it easier and cheaper to reshuffle positions
But it's crushing the profitability of banks' credit trading desks, one of the last bastions of the human trader
February 10, 2026 at 9:24 AM
Picking up this thread on an underappreciated change in corporate bond markets
Electronification has been great for investors, making it easier and cheaper to reshuffle positions
But it's crushing the profitability of banks' credit trading desks, one of the last bastions of the human trader
Electronification has been great for investors, making it easier and cheaper to reshuffle positions
But it's crushing the profitability of banks' credit trading desks, one of the last bastions of the human trader
Reposted by Chris Whittall
NEW: Electronic revolution hits banks’ credit trading revenues
Banks' corporate bond trading revenues have halved since 2021 to their lowest level in over a decade
E-trading is changing the face of these markets for good - and eroding trading profits
🧵
www.ifre.com/people-and-m...
Banks' corporate bond trading revenues have halved since 2021 to their lowest level in over a decade
E-trading is changing the face of these markets for good - and eroding trading profits
🧵
www.ifre.com/people-and-m...
Electronic revolution hits banks’ credit trading revenues | IFR
People & Markets
E-trading boom leads to greater volumes but lower profitability
www.ifre.com
February 9, 2026 at 11:49 AM
NEW: Electronic revolution hits banks’ credit trading revenues
Banks' corporate bond trading revenues have halved since 2021 to their lowest level in over a decade
E-trading is changing the face of these markets for good - and eroding trading profits
🧵
www.ifre.com/people-and-m...
Banks' corporate bond trading revenues have halved since 2021 to their lowest level in over a decade
E-trading is changing the face of these markets for good - and eroding trading profits
🧵
www.ifre.com/people-and-m...
Reposted by Chris Whittall
Woof - record demand today at an auction of conventional gilts.
Investors placed bids worth 3.94 times the £3.75 billion pounds of gilts due in 2031 offered today.
Highest such ratio since Debt Management Office records began in 1998.
DMO staff said to be considering half pint of shandy at lunch.
Investors placed bids worth 3.94 times the £3.75 billion pounds of gilts due in 2031 offered today.
Highest such ratio since Debt Management Office records began in 1998.
DMO staff said to be considering half pint of shandy at lunch.
February 10, 2026 at 10:50 AM
Woof - record demand today at an auction of conventional gilts.
Investors placed bids worth 3.94 times the £3.75 billion pounds of gilts due in 2031 offered today.
Highest such ratio since Debt Management Office records began in 1998.
DMO staff said to be considering half pint of shandy at lunch.
Investors placed bids worth 3.94 times the £3.75 billion pounds of gilts due in 2031 offered today.
Highest such ratio since Debt Management Office records began in 1998.
DMO staff said to be considering half pint of shandy at lunch.
Books open on Google's five-tranche debut sterling bond
Including a 100-year tranche, marketed at 145bp-150bp over Gilts, per IFR
Comes after they raised $20bn in dollars yesterday on a $94bn order book
www.ifre.com/bonds/238274...
Including a 100-year tranche, marketed at 145bp-150bp over Gilts, per IFR
Comes after they raised $20bn in dollars yesterday on a $94bn order book
www.ifre.com/bonds/238274...
AI jitters fail to stymie Alphabet’s US$20bn bond binge | IFR
www.ifre.com
February 10, 2026 at 9:01 AM
Books open on Google's five-tranche debut sterling bond
Including a 100-year tranche, marketed at 145bp-150bp over Gilts, per IFR
Comes after they raised $20bn in dollars yesterday on a $94bn order book
www.ifre.com/bonds/238274...
Including a 100-year tranche, marketed at 145bp-150bp over Gilts, per IFR
Comes after they raised $20bn in dollars yesterday on a $94bn order book
www.ifre.com/bonds/238274...
Andrew Sheets, Morgan Stanley's head of fixed income research, still has a knack for summarising markets in a cartoon
February 9, 2026 at 3:31 PM
Andrew Sheets, Morgan Stanley's head of fixed income research, still has a knack for summarising markets in a cartoon
Reposted by Chris Whittall
February 9, 2026 at 2:55 PM
Google also lining up a debut sterling five-tranche bond offering as early as tomorrow, alongside today's $$$ seven trancher, per IFR
GBP offering set to include a 100-year (!) tranche
www.ifre.com/bonds/238258...
GBP offering set to include a 100-year (!) tranche
www.ifre.com/bonds/238258...
February 9, 2026 at 12:57 PM
Google also lining up a debut sterling five-tranche bond offering as early as tomorrow, alongside today's $$$ seven trancher, per IFR
GBP offering set to include a 100-year (!) tranche
www.ifre.com/bonds/238258...
GBP offering set to include a 100-year (!) tranche
www.ifre.com/bonds/238258...
NEW: Electronic revolution hits banks’ credit trading revenues
Banks' corporate bond trading revenues have halved since 2021 to their lowest level in over a decade
E-trading is changing the face of these markets for good - and eroding trading profits
🧵
www.ifre.com/people-and-m...
Banks' corporate bond trading revenues have halved since 2021 to their lowest level in over a decade
E-trading is changing the face of these markets for good - and eroding trading profits
🧵
www.ifre.com/people-and-m...
Electronic revolution hits banks’ credit trading revenues | IFR
People & Markets
E-trading boom leads to greater volumes but lower profitability
www.ifre.com
February 9, 2026 at 11:49 AM
NEW: Electronic revolution hits banks’ credit trading revenues
Banks' corporate bond trading revenues have halved since 2021 to their lowest level in over a decade
E-trading is changing the face of these markets for good - and eroding trading profits
🧵
www.ifre.com/people-and-m...
Banks' corporate bond trading revenues have halved since 2021 to their lowest level in over a decade
E-trading is changing the face of these markets for good - and eroding trading profits
🧵
www.ifre.com/people-and-m...
Ten questions for multi-asset investors early in 2026 - Goldman Sachs
February 9, 2026 at 9:29 AM
Ten questions for multi-asset investors early in 2026 - Goldman Sachs
Reposted by Chris Whittall
On the “huge vibe divergence” between tech and finance on AI:
Enhanced AI tools are much more to the world, but AI is also much more of investors. sherwood.news/markets/why-...
Enhanced AI tools are
February 6, 2026 at 3:17 PM
On the “huge vibe divergence” between tech and finance on AI:
Enhanced AI tools are much more to the world, but AI is also much more of investors. sherwood.news/markets/why-...
Enhanced AI tools are
Goldman Sachs on the tech wreck:
"After the selloff, Software & IT Services trade on 16.8x forward P/E, a 9% premium to the market—its lowest since the GFC..."
A year ago, the premium was > 70%
"After the selloff, Software & IT Services trade on 16.8x forward P/E, a 9% premium to the market—its lowest since the GFC..."
A year ago, the premium was > 70%
February 6, 2026 at 9:48 AM
Goldman Sachs on the tech wreck:
"After the selloff, Software & IT Services trade on 16.8x forward P/E, a 9% premium to the market—its lowest since the GFC..."
A year ago, the premium was > 70%
"After the selloff, Software & IT Services trade on 16.8x forward P/E, a 9% premium to the market—its lowest since the GFC..."
A year ago, the premium was > 70%
Societe Generale's sentiment indicator showing its most "risk averse" reading since last September
(indicator looks at Vix, rates and FX vol, credit spreads and other gauges)
(indicator looks at Vix, rates and FX vol, credit spreads and other gauges)
February 5, 2026 at 10:16 AM
Societe Generale's sentiment indicator showing its most "risk averse" reading since last September
(indicator looks at Vix, rates and FX vol, credit spreads and other gauges)
(indicator looks at Vix, rates and FX vol, credit spreads and other gauges)
