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English analysis

Page 3 of 21. English editions of sourced l0g investigations, newest first.Back to the latest →

19 min readSoftBankSoftBank’s OpenAI bet: debt maturities and liquidityThe bridge is repaid and bonds run to 2034. An investigation into cash triggers, portfolio values and the freedom to choose when to sell.19 min readcopperCopper: conditions for US stockpiles to return overseasA smaller US premium need not send copper back overseas. Six figures explain the price thresholds, warrants, customs status and physical flows.17 min readHumanaHumana and BlackRock: the promise behind the clinicsHumana’s planned venture with BlackRock would replace a put with return protections. An investigation into exit rights, liabilities and medical risk.18 min readinternational tradeWorld trade is moving to the rhythm of AI ordersChina’s exports, Taiwan’s trade and NVIDIA’s customers reveal why more trade routes can still depend on the same AI investment cycle.20 min readnatural gasEuropean gas: bridging the gap between cargoesLower storage levels, replacement cargoes and the 2027 refill season: ENTSOG scenarios assess Europe’s gas supply risks for winter 2026/27.20 min readartificial intelligenceAI and wages: the power to walk awayAI can lift output while narrowing workers’ job options. Evidence on hiring, wage bargaining and the distribution of productivity gains in Europe.17 min readcybersecurityDanfoss and the business drama of cyber defrostingFrom refrigeration controls to spoiled stock: the Danfoss case exposes the handovers between product security, maintenance, food safety and insurance.19 min readenergyThe dollar inside Europe’s energy billFrom dollar-priced oil to a euro-denominated bill: how currency and fuel hedges, margin calls and pricing power redistribute corporate risk.19 min readsovereign debtSovereign debt: the buyer of last resortFed, Bank of England, ECB: emergency bond purchases, secured lending and public risk. The final chapter of our sovereign-debt investigation.21 min readgovernment debtGovernment debt: the price of getting outFrom urgent sales to new sovereign issuance: how market prices become borrowing costs and gradually enter government interest bills. Episode 6 of 7.22 min readgovernment debtGovernment debt: the margin-call deadlineFrom the LDI crisis to clearing-house payment schedules: how margin calls mobilise portfolios and shift selling pressure into other markets.24 min readgovernment debtGovernment debt: the collateral chainWho supplies the cash behind leveraged bond buyers? An investigation into collateral reuse, funding maturities and FICC’s Collateral-in-Lieu service.24 min readgovernment debtGovernment debt: the buyers who borrowHow hedge funds buy government debt with borrowed money: futures, capital, cash requirements and diverging strategies in April 2025.24 min readGovernment debtGovernment debt: the price of a dealer’s balance sheetA dealer can sell government bonds and still finance the buyer. Follow inventory risk, repo funding and bank capital across France, the US and the UK.24 min readSovereign debtGovernment debt: the first buyerFollow French OATs and US Treasuries from auction to payment: bidding channels, bond prices, face value and the limits of identifying the final buyer.20 min readdevelopment aidForeign aid cuts reach beyond government budgetsFrom Somalia to Malawi, aid cuts affect incomes, imports and health services. Six infographics trace the funding routes and the scope for replacement.18 min readinsurancePensions in Bermuda: the cost of bringing risk homeUK funded reinsurance links pension promises to Bermuda. An investigation into collateral, capital, cash access and the risks when liabilities return.18 min readUnited StatesWho bears the risk of America’s 3% mortgages?America’s 3% mortgages protect homeowners. Explore how prepayments, mortgage securities, hedges and repo affect investors’ funding and liquidity risks.18 min readUkraineThe cost of waiting for Russia’s reparationsThe EU’s Ukraine loan can reach €90bn. An investigation into the budget guarantee, the sharing of reparations and the cost of financing while awaiting recovery.23 min readEl NiñoEl Niño: when the backup depends on the same rainCrops, reservoirs and foreign currency: the 2026 episode puts shared dependencies to the test, despite still-abundant global cereal supply.