Toby Nangle
@tobyn.bsky.social
FT Alphaville reporter. Ex-“veteran” fund manager. Resolution Foundation Assoc. Baring Foundation Trustee.
A lot of the messiness is due to small sample sizes. Marimekko charting makes this clearer:
November 10, 2025 at 10:36 AM
A lot of the messiness is due to small sample sizes. Marimekko charting makes this clearer:
How does the 10yr record look across agencies?
Messy?
Messy?
November 10, 2025 at 10:33 AM
How does the 10yr record look across agencies?
Messy?
Messy?
Looking at S&P's default study, cumulative default rates for lower ratings have been higher over both short and long time horizons, which is exactly what you’d hope
November 10, 2025 at 10:32 AM
Looking at S&P's default study, cumulative default rates for lower ratings have been higher over both short and long time horizons, which is exactly what you’d hope
How many analysts does each agency have, and how many issuers does each analyst rate?
November 6, 2025 at 6:23 PM
How many analysts does each agency have, and how many issuers does each analyst rate?
Global HQs of the 4 largest raters of corporations
November 6, 2025 at 6:21 PM
Global HQs of the 4 largest raters of corporations
#1 rater of corporate issuers in the world? S&P
#2? Egan-Jones
#2? Egan-Jones
November 6, 2025 at 6:19 PM
#1 rater of corporate issuers in the world? S&P
#2? Egan-Jones
#2? Egan-Jones
Boston Fed reckons disconnect of realised and expected inflation is the fault of Other
November 6, 2025 at 3:22 PM
Boston Fed reckons disconnect of realised and expected inflation is the fault of Other
Kind of wild how far 1yr ahead expectations of US inflation are from historic inflation www.bostonfed.org/publications...
November 6, 2025 at 3:20 PM
Kind of wild how far 1yr ahead expectations of US inflation are from historic inflation www.bostonfed.org/publications...
Despite the slowdown in European PE deals, a lot more going in the pipe than coming out the other side 74n5c4m7.r.eu-west-1.awstrack.me/L0/https:%2F...
November 6, 2025 at 11:10 AM
Despite the slowdown in European PE deals, a lot more going in the pipe than coming out the other side 74n5c4m7.r.eu-west-1.awstrack.me/L0/https:%2F...
Govt bends to gilt market's will ... so ... giLt mArKeT sAyS dEpOrT iMmIgRaNtS according to new Reform UK affiliated think tank.
Can't think that everyone at BlueBay will be thrilled to find their leader's name attached to it. www.ft.com/content/db1e...
Can't think that everyone at BlueBay will be thrilled to find their leader's name attached to it. www.ft.com/content/db1e...
November 6, 2025 at 8:36 AM
Govt bends to gilt market's will ... so ... giLt mArKeT sAyS dEpOrT iMmIgRaNtS according to new Reform UK affiliated think tank.
Can't think that everyone at BlueBay will be thrilled to find their leader's name attached to it. www.ft.com/content/db1e...
Can't think that everyone at BlueBay will be thrilled to find their leader's name attached to it. www.ft.com/content/db1e...
Bitcoin not happy about its new champion.
November 4, 2025 at 6:05 PM
Bitcoin not happy about its new champion.
Lai articulates how money is not a unit of success.
Sure, basic stuff. But I find his bravery profoundly moving.
Sure, basic stuff. But I find his bravery profoundly moving.
November 1, 2025 at 5:30 PM
Lai articulates how money is not a unit of success.
Sure, basic stuff. But I find his bravery profoundly moving.
Sure, basic stuff. But I find his bravery profoundly moving.
After assassination attempts and having his house firebombed, Jacob Goldstein asks why he didn’t just leave.
November 1, 2025 at 5:25 PM
After assassination attempts and having his house firebombed, Jacob Goldstein asks why he didn’t just leave.
Can’t calculate a breakeven inflation rate without an inflation index.
In its absence, $7tn of bonds and swaps takes one of two paths.
In its absence, $7tn of bonds and swaps takes one of two paths.
October 30, 2025 at 9:42 AM
Can’t calculate a breakeven inflation rate without an inflation index.
In its absence, $7tn of bonds and swaps takes one of two paths.
In its absence, $7tn of bonds and swaps takes one of two paths.
🚨 Monster new BIS report out on the systemic risks and policy challenges in the life insurance industry. Really worth a read. Here's the @alphaville.ft.com checklist on.ft.com/47Jc8hR
October 27, 2025 at 2:10 PM
🚨 Monster new BIS report out on the systemic risks and policy challenges in the life insurance industry. Really worth a read. Here's the @alphaville.ft.com checklist on.ft.com/47Jc8hR
Here’s the Google Maps shot of the global HQ of Egan Jones, a 4-bed in a suburb just outside of Philadelphia
October 24, 2025 at 7:12 AM
Here’s the Google Maps shot of the global HQ of Egan Jones, a 4-bed in a suburb just outside of Philadelphia
But how much of this insurance-owned private credit uses private letter ratings?
October 24, 2025 at 7:07 AM
But how much of this insurance-owned private credit uses private letter ratings?
How much of insurers assets are even in private credit though?
October 24, 2025 at 7:06 AM
How much of insurers assets are even in private credit though?
How do ratings compare to designations given by US insurance supervisors?
October 24, 2025 at 7:05 AM
How do ratings compare to designations given by US insurance supervisors?
Insurers need their private credit rated to avoid penal capital penalties.
A boon for Moody’s, S&P, Fitch? Nope.
A boon for Moody’s, S&P, Fitch? Nope.
October 24, 2025 at 7:02 AM
Insurers need their private credit rated to avoid penal capital penalties.
A boon for Moody’s, S&P, Fitch? Nope.
A boon for Moody’s, S&P, Fitch? Nope.
Learn to code, they said.
October 22, 2025 at 10:55 AM
Learn to code, they said.
🚨 Why has US jobs growth been so anaemic? Parsing Goldman's latest paper, and taking the opportunity to wrap in the Dallas Fed's scary blog.
on.ft.com/48COxQY
on.ft.com/48COxQY
October 22, 2025 at 9:49 AM
🚨 Why has US jobs growth been so anaemic? Parsing Goldman's latest paper, and taking the opportunity to wrap in the Dallas Fed's scary blog.
on.ft.com/48COxQY
on.ft.com/48COxQY
Had it in mind that gilts have been an absolute *dog* this year. But checked the data and ...
October 20, 2025 at 9:01 AM
Had it in mind that gilts have been an absolute *dog* this year. But checked the data and ...
Kinda interesting chart from IMF GFSR arguing that during proper turmoil, USTs now start to sell off as VIX spikes higher www.imf.org/en/Publicati...
October 20, 2025 at 8:55 AM
Kinda interesting chart from IMF GFSR arguing that during proper turmoil, USTs now start to sell off as VIX spikes higher www.imf.org/en/Publicati...